The Truth About Business Entities
Hey ladies! It’s time for us to talk about business entities. You know… LLCs, S-Corps, Partnerships, and Sole Props. Since we’re friends, let me start off by saying there is no one size fits all solution. Where are you taking your business? How big do you want to grow it? Are you fine with a side hustle making extra money or do you want to take over the world? Your answers to those questions play a role in how you approach your business entity selection.
I believe your entity choice should evolve as your business does. We know a baby will eventually walk, right? Even though he or she starts out not being able to do anything. The same concept applies to your business. You may start out as a Sole Proprietor and eventually evolve into a C-Corp. The message here… Your start-up entity choice isn’t and shouldn’t be permanent.
Listen in to this week’s episode to get clarity around business entities.
This episode is brought to you by Innovative Tax Planning. My service that ensures business owners pay the least amount of taxes legally, ethically, and morally possible. It’s time to be proactive, be tax ready, and beat Uncle Sam especially since this is the greatest tax overhaul in 31 years. Visit betaxready.com/ for more info and to get started.
- What is a sole proprietor? 01:51
- What is a partnership? 3:58
- What is an S-Corp? 05:32
- What is a C-Corp? 09:15
- What is an LLC? 10:11
- Which is better, S-Corp or LLC taxed as an S-Corp? 12:35
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- Innovative Tax Plan
- Entity Comparison Chart
- CorpNet – Need help setting up your entity. This company is my go-to. *This is an affiliate link and I may receive compensation if you receive services. I only recommend resources I love*