Module 2: Setting Up Your Business Legally and Financially
Starting a side hustle in real estate or any other venture can be exciting. However, before you dive in, it’s essential to understand the legal requirements necessary for your business to operate smoothly and within the law.
A critical step in this process is determining whether your side hustle requires licenses or permits. Depending on your location and the nature of your business, these requirements can range from a basic business license to more specialized permits.
Business License
Regardless of size or scope, nearly every business needs a basic business license to operate legally. This license confirms your compliance with local regulations and allows you to conduct business within a specific area.
Advantage
Holding a business license legitimizes your side hustle and builds trust with clients and customers. It demonstrates your commitment to operating your business professionally and ethically.
Real Estate License
If your side hustle involves buying, selling, or leasing properties, you may need a real estate license. This requirement varies by state; for instance, in California, a real estate salesperson must complete specific coursework and pass a state exam.
