Most business owners don’t realize how much their entity structure, liability coverage, and documentation put them at risk—until something goes wrong. In this episode, Dawnette breaks down the silent financial and legal gaps that can cost entrepreneurs thousands. You’ll learn how to identify weak places in your foundation, what to update before the year ends, and how to step into the new year protected, structured, and financially stronger.

Episode Highlights – What You’ll Learn

• The biggest risks business owners overlook when staying a sole proprietor too long

• Why entity structure impacts taxes, liability, income, and long-term goals

• How outdated insurance policies can leave you financially exposed

• What documentation protects you in disputes, audits, and partnership breakdowns

• When to consider moving from an LLC to an S-Corp—and what questions to ask

• The essential year-end checklist for contractors, equipment, revenue, travel, and services

• Mindset takeaway: You don’t need to run your business hoping everything is “fine.” Clarity and protection create confidence, not fear.

Key Quotes

• “Your entity is the frame of your business—if it’s not built for what you’re creating, everything sits on shaky ground.”

• “Most people don’t review their insurance until the moment they need it… and by then, it’s too late.”

• “Your business grows, shifts, and evolves—your protection needs to grow with it.”

Connect With Your Host – Dawnette Palmore

• Website: www.yourmoneyonpurpose.com

• Instagram: @yourmoneyonpurpose

• YouTube: @yourmoneyonpurpose

• LinkedIn: @DawnettePalmore

• Book a Call: https://calendly.com/yourmoneyonpurpose/free30mins

  Resources Mentioned

  • Previous episodes referenced: Episode 179 & Episode 181

  • Your tax professional or CPA

  • Insurance agent/broker

  • Legal counsel for operating agreements & contractor documentation