How to Choose the Right Business Structure: LLC vs Corporation vs Sole Proprietorship скачать в хорошем качестве

How to Choose the Right Business Structure: LLC vs Corporation vs Sole Proprietorship

Business Structure - How to Choose the Right Structure for your Business In this video we will go over each of the business structures and give you an approach for how to decide on the business structure that is right for you. Best Value Bundle Package for LLC formation is with Northwest ($29 + state fees) https://go.truic.com/46ZrKvT 🔥 Includes 1 FREE Year of Registered Agent Services Or, check out this $0 LLC solution from Tailor Brands: https://go.truic.com/3OVmqkN Starting a Corporation, head here - https://go.truic.com/4aktKyH Starting a Nonprofit, head here - https://go.truic.com/3RXfZ3B ---------------- TIMESTAMPS 0:00 - Intro 0:35 - Part 1: Informal Business Structures (DBA, Sole Proprietorship, Partnership) 1:47 - Part 2: Formal Business Structures (LLC and Corporation) 3:16 - Default vs Special Tax Status (S Corporation) 5:08 - Conclusion ----------------- 🎯 Key Topics Covered: Informal Business Structures Explores sole proprietorships and general partnerships as simple starting points for new businesses. These structures are ideal for testing business ideas in low-risk environments, particularly when working with familiar clients. However, they offer no asset protection, putting personal assets at risk in case of legal issues or defaults. Formal Business Structures Detailed comparison between LLCs and corporations, highlighting their distinct advantages. LLCs offer simpler management and pass-through taxation, making them ideal for small businesses, while corporations provide better options for raising capital and carrying over money between tax years, despite their complexity and double taxation. Tax Classifications for LLCs In-depth explanation of LLC tax options, including default pass-through taxation and special S-Corporation status. Covers how different tax classifications affect employment taxes and profit distribution, with particular emphasis on when to consider S-Corp status for tax savings and the additional administrative requirements it entails. Asset Protection and Business Credibility Examines how formal business structures provide crucial asset protection and enhanced business credibility. Explains why growing businesses or those dealing with unknown customers should consider transitioning from informal to formal structures to protect personal assets. Selection Criteria and Considerations Provides practical guidance for choosing between different business structures based on factors like growth plans, client base, risk level, and administrative capabilities. Includes recommendations for when to seek professional accounting advice and how to plan for future business evolution. 📙 For our free, written guide on how to choose a business structure, visit: https://howtostartanllc.com/choosing-... ----------------- _Below we have some paid links from our partners. If you decide to use their services through our exclusive negotiated deals, we get paid a small percentage. Thank you for your support in our efforts to make business information free for all Join TRUiC's Business center, its a completely free resource for Useful Business Tools (business plan generators, etc) Free Legal Documents (operating agreement, NDAs, Independent contractor Agreements etc) Business Guides ( a complete entrepreneurship course) Major Discounts to commonly used services (our large user base gives us bulk discounts) 🕵️‍♀️ For a registered agent service to help protect your privacy and stay compliant: https://go.truic.com/3QP2Qbl 🌐 Get your website and domain for your business using our discount link: https://go.truic.com/4dsmH9w ------------ 🔔 Please like, comment, and subscribe if you appreciate our content, and want to see more! 🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams. #businesstructure #businessstructures #soleproprietorship #LLC #scorp #nonprofit #business #structure #partnership #Corporation #SmallBusiness #Entrepreneurship #BusinessFormation #TaxPlanning #AssetProtection