Top Business Structures for Notaries: LLC, Sole Proprietor, Corporation скачать в хорошем качестве

Top Business Structures for Notaries: LLC, Sole Proprietor, Corporation

Considering incorporating your Notary business, but don’t know where to start? Learn about the types of business structures here. Incorporating your business can protect your car, home, and savings if you’re ever named in a lawsuit. In this video, we describe the three most common structures for your Notary business. 1. Sole Proprietorship Pros: Easy to set up, inexpensive and simpler taxes. Cons: Unlimited personal liability, limited growth opportunities and less credibility. 2. Corporations C Corps and S Corps both offer strong asset protection, but they differ in taxation, benefits and the size of your business. C Corps are a better fit for larger companies. You can enjoy fringe benefits like retirement, employee stock purchase and medical reimbursement plans. S Corps are better for smaller businesses. You’re not required to pay taxes on your profits. Instead, the business profits are passed to your tax returns. Pros: Strong asset protections, variety of benefits and some tax benefits. Cons: Expensive setup, extensive reports required and not taxed equally across states. 3. Limited Liability Company (LLC) Pros: Simple setup, good credibility and no personal liability. Cons: Self-employment taxes, expiration dates and tricky regulations. LLCs are often referred to as the middle ground between sole proprietorships and corporations. LLCs are considered tax-hybrids and need to be renewed after a certain period. How to Choose the Right Corporate Structure 1. Connect with colleagues. 2. Utilize reputable sources. 3. Seek professional guidance. 00:00 Why incorporate a Notary business 00:26 Common ways to incorporate a Notary business 00:59 Pros and cons of a sole proprietorships 02:04 Pros and cons of corporations (S Corps vs. C Corps) 03:33 Pros and cons of LLCs 04:35 What to do before incorporating your Notary business Resources: How to Incorporate Your Notary Business: https://bit.ly/4efFo0g Should Notaries get business licenses? It depends: https://bit.ly/3Xnvpze Small Business Administration (SBA): https://bit.ly/47nm0fB Service Corps of Retired Executives (SCORE): https://bit.ly/3Zeks5z LegalZoom: https://bit.ly/3TkSVeU 4 Types of Businesses That Typically Don’t Qualify for Bank Loans & Why: https://bit.ly/3AZkRie Connect with the NNA: Blog: https://www.nationalnotary.org/notary... Facebook:   / nationalnotary   Twitter:   / nationalnotary   Instagram:   / nationalnotary   Pinterest:   / nationalnotary   LinkedIn:   / national-notary-association   #NotaryBusiness #NotaryBusinessLicense#HowToIncorporateABusiness #SoleProprietorshipVsLLC