5 Legal Considerations For Pinterest VA Businesses
There is so much excitement around starting a Pinterest virtual assistant business. Choosing your business name, creating your brand elements, and marketing your Pinterest services can be really amazing, and you probably can’t wait to chat with potential clients. But, there are some legal steps to take when starting a VA business.
Here are 5 legal considerations for a VA starting a Pinterest marketing business:
Choose A Business Structure
The options may differ depending on the country and/or state you’re operating in, but for many people, you can run your VA business as a sole proprietor or a Limited Liability Company (LLC).
What’s Sole Proprietorship?
This is basically the default option when you start your business as a freelancer. It means that you’re the sole owner and all profits come to you, and you, personally, are responsible for all debts.
Virtual Assistant Mavericks points out one of the pros of opting for this, “With this business structure, the owner is self-employed, so you don’t have to worry about formation or paperwork. This can be beneficial at the start of a business when there’s little need for funding.”
The con of operating as a sole proprietor is that you’re personally responsible for any debt or legal consequences.
What’s An LLC?
An LLC is a business structure and legal entity that separates you personally from your business. This means that your personal assets are protected in case of legal trouble in your business.
One of the cons of starting an LLC is all the paperwork – you’ve got to do a lot of it to register as an LLC in your state. Forbes lists the steps to take to start an LLC.
Tip: Do your research based on where you live. Reach out to fellow VAs in your area to see what they’ve done and how they’ve registered their businesses.
Know The Taxes You Need To Pay
Get clear on all the types of taxes you need to pay and when you need to pay them.
Tax is also dependent on your business structure – according to Nerd Wallet, you have more tax flexibility with an LLC as you’re able to select how you will be taxed.
Reach out to a local tax expert or accountant for advice and a rundown on tax laws, which will differ depending on where you live.
Also, find out about what constitutes a write-off (a business expense that reduces taxable income).
To not run into any issues, have a professional submit your tax returns. This will lift a lot of weight off of your shoulders!
You will still need to keep receipts of all business expenses, track your earnings, and make notes on all money spent within your business, as your tax person will need this information from you.
So, get into the habit of filing receipts and keeping records as soon as possible, and make notes in your calendar of when you need to get numbers to your tax professional.
Tip: Once a month, go through your statements, note down all of your expenses and income, and collect and file your receipts. This way, when you need to submit, you won’t be rushing around.
Create Written Agreements And Contracts
Have contracts in place from the start in your virtual assistant business, because:
It makes your business more professional
If you have business insurance, you need to have contracts with clients in place
Contracts ensure that both you and your client are on the same page when it comes to expectations and deliverables
You have evidence just in case you need it down the line
Payment terms are made clear and agreed to
Be wary if a client does not want to sign your contract or wants to make changes to it, especially when it comes to payments.
Protect Clients' Information And Data
Your clients are going to be sharing important information with you, so it’s vital that you take steps to protect this info.
Passwords
It’s not recommended to communicate passwords through unencrypted emails or messages. To have an extra layer of security and to give your clients peace of mind, you can communicate passwords verbally, through encrypted emails, or via a password vault.
If you’re creating passwords for your clients yourself, make sure to opt for super strong passwords.
NDAs
Your client might ask you to sign non-disclosure agreements, which prevent you from sharing any confidential information with third parties.
Cybersecurity
Make sure you’re protected from phishing scams and keep all of your encryption and security software up-to-date.
Choose Secure Payment Options
Getting paid by clients in the same country as you is simpler than getting paid by international clients. As you’re an online business owner, there’s a good chance you’ll work with businesses and people based in other countries.
So, choose a payment method, like PayPal, that will allow you to receive international payments.
Ensure that the payment method you opt for is secure and safe, and that you’re able to transfer the payments into your local bank account.
Make your Pinterest business journey simpler by having someone in your corner who can provide you with Pinterest manager best practices. In my online Pinterest VA course, I take you through all the things you need to know to start and grow a successful business as a Pinterest marketing specialist. Find out more and join the waitlist here.
Hello, I'm Megan!
An introvert at heart, Pinterest is the perfect platform for me. Simply posting your content using the right marketing strategies gets you an abundance of website traffic? No engagement or ‘showing up’ needed?
Who wouldn’t want to use this powerhouse of a platform …
