Starting a Side Business? Better Incorporate from the Get-Go

In this recessionary economy, people are more likely than ever to not rely totally on their employer for income. Side businesses that people do while employed full-time are becoming increasingly common. But while having a part-time entrepreneurial business can be a great idea, it can be risky if you don't do it right, according to CPA Michael Hanley, who specializes in working with small businesses.

"The #1 most overlooked tip by people running side businesses is that they fail to setup a business entity because they still view their business as a little side business that they will incorporate when things take off," Hanley says. Hanley outlines why this is the most detrimental mistake that a side business owner can make.