💡Choosing the right business structure is crucial for contractors.
🔒Maintain the formalities of the company to protect personal assets.
💰Find lenders that offer loans without personal guarantees.
📄Handle disputes with subcontractors by filing claims in bankruptcy court.
⛔Avoid predatory lenders that charge exorbitant interest rates.
How should contractors handle disputes with subcontractors?
—File claims in bankruptcy court and consider liens on property.
What should contractors do to protect personal assets?
—Maintain the formalities of the company and avoid commingling personal and company funds.
Are there lenders that offer loans without personal guarantees?
—Yes, find local lenders who are willing to fund without personal guarantees.
How should contractors avoid predatory lenders?
—Shop around for banks that offer better loan terms and avoid signing personal guarantees.
What is the importance of choosing the right business structure?
—Choosing the right structure, such as LLC, helps protect personal assets in case of lawsuits.
00:00The video discusses the biggest mistakes contractors make.
00:32Choosing the right business structure is crucial for contractors.
01:35Maintain the formalities of the company to protect personal assets.
01:56Find lenders that offer loans without personal guarantees.
03:26Handle disputes with subcontractors by filing claims in bankruptcy court.
05:00Avoid predatory lenders that charge exorbitant interest rates.
