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The Difference Between an LLC and S Corp | Mark J Kohler
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- Опубликовано: 28 окт 2019
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Nobody wants to give away hard earned money -but since the law requir may as learn from this dude.He seems passionate and helpful
This dude cracks me up! haha. I love him. Wandering around the plumbing aisle at Home Depot for hours only to bring a bunch of parts home and jack something up is something most of us can relate to. Love the videos and the personality Mark. Thanks for sharing.
An LLC is the legal structure of the company. An S-Corp is a tax entity that can reside upon different legal structures; a corporation, an LLC or a PLLC.
THIS VIDEO IS EVERYTHING! EDUCATIONAL & ENTERTAINING!
So glad I found you. Just read your book, Things your CPA isn't telling you and I'm digging into all your videos today. Super excited to learn how to set up things for my new rental business. Thanks for your enthusiasm!
Thank you for this video
Btw I also Love how short the video is, you make us much easier and fast to understand your points. So thank you very much for doing such great video for us!!
great video, thank you
Good info thanks it helped greatly
Great Video!!!
INCREDIBLY HELPFUL!
Glad I watched your video!
I’ve learned so much from your RUclips videos..thank you Mark!
You're welcome Cameron! Thank you for watching my videos and being supportive.
I have an appointment with you guys on Jan. 5th. Looking forward to it. Your videos are super helpful. Thank you.
Very good! I like the fact that you’re so passionate about this topic.
I appreciate that!
Great info! Thank you for your information and passion. Just what I needed.
Glad it was helpful!
First time here. You do come across as an honest guy. And your presentation is awesome. Thanks. I'm in a process to set up either LLC or S Corp. Will sure look you up once done watching all your videos. Thank you for an easy-to-understand video lesson!
Fahad! At KKOS Lawyers we set-up LLC & S-Corps everyday! Give us a call at 888-801-0010 we can help set up an Entity that's right for you!
That was awesome, thank you so much! OMG I’ve been browsing RUclips for almost a week, literally, I’ve had so many questions about what you explained here, and no one really had the solid answer I was looking for, thank you thank you thank you!!! New fan and Subscribing 😎💪🏽💪🏽
Yay! You made my day. Please feel free to share the video with whoever you think might also benefit from it. Thanks so much!!
Thanks for sharing, very good.
You have great enthusiasm and energy! 🙏
Thank you!! 😁
Great stuff Atty MK!!!
great video
Subscribed! !!! Like you video it’s very informative 😊❤️ thank you
very clear, get to the point, and passionate. I love your video. I wish I could've known you earlier.. T.T
Love the video and the personality. Nice work Mark!
Thanks for watching! Glad you enjoyed it Aaron!
Liked and subscribed going to buy the books I love the breakdown
God sent. Thank you so much for the info. You’ve got my business. Waiting for a call.
So helpful, thank you so much!
You're so welcome!! Please subscribe and share!!
Thank you you so much for the information!
You are so welcome!
Can’t wait till you get to 100k subscribers. Surprised you arnt there yet. Your videos are gold, and your books saved me tons of money.
Thanks Simon! Yes, I am excited about hitting 100k subscribers because it means I can help more people save money!
Thank you, I got a lot out of this.
You're a GodSend!! Thank You!
Good video
@0:53 OPERATIONS (Ordinary income) vs. HOLDINGS (Passive
income)
@2:19 Primary Reason for S-Corp
@3:43 FIRST reason to use LLC
@7:00 SECOND reason to use LLC
@8:36 THIRD reason to use LLC
💪🏽💯💯💯
I am planning on starting an AIR BnB in Las Vegas in the future. I plan on doing business with this firm when the time comes.
Good job MK crushing it, Been working with Lee he’s great.
Thank you Albert!
Great content, Mark!
Glad you enjoyed it
*The only man on RUclips worth listening too on LLCs and Corporations...period.!!!*
_Can you show us how we should set up online store LLCs (Shopify, Big Commerce, etc.), with a Holding/ Operating Company Structure....I really only trust your information!!!_
You flattered me man. Thank you! Feel free to contact my office 435-586-9366 and talk to my personal assistant Maria at extension 2012.
@@MarkJKohler Thank you!!!
The only problem with s corp status is that you need to file federal & state corp tax returns which means you pay additional accounting fees than filing a form 1040 Schedule C. Which is cheaper??? Accounting fees and and extra bookkeeping fees.
Great thank you
I love this guy!
1. where do i go to open a S-corp.
2. where do i go to start a business
3.do i need an SBA account?
4. it's common to not owe taxes on S-corp. but how do you do it?
5 What tax software do you need, or do i just open up the tax application and start the S-Corp thing with no prior experience.
Amazing presentation.
Thank you so much!!!
Wow, you are so good! I am thinking about setup a company and leaving my corporate job.
You should! Plan it out and make sure it is set up correctly! If you want to set it up with my firm, email my youtube manager your contact information and we will have one of my New Client Specialist contact you about getting something set up with my amazing team! Her email is janae@markjkohler.com
GREAT video!!! 👍👍👍
Thank you Tina! Share and subscribe!
This guy is one of professional CPA/RUclipsr! wow.
I will make mark part of my "family bank" one day. Rockefeller way. Smart piece to have on your team. Great video 📹
I need to revisit trusts as we move.
Great video
Thank you Corona!
Thank awesome presentation.
Thanks
You are very welcome! I am glad you liked it!
I love this guy...
Thank you carol!
👍👍👍 Cool! Thanks a lot! I would like to watch more like this! Today i find your channel and already suscribe!💗
Hello! Thank you for the video, it was quite helpful. Kindly advice, which business structure is best for import/export?
You are da man !
You are a national treasure.
Beautiful 😎
luv your info. I hope I can afford your service some day.
My service is worth every penny, I promise!
I love this delivery!!! Whew hoo!!! Great job Mark
Thanks, glad you like it!
Best thing I did was pay attention the 2nd time around. The LLC is a multi-member LLC that produces K-1’s to each partner created by a 1065. Got it.
Paching!
I think I need an appointment to discuss an LLC for estate (will) process, property etc. No bug hurry.
MARK PLEASE GET YOUR BOOKS ON AUDIBLE!
Hi M Boychi I actually have all my books on audible. You should just be able to look up Mark J Kohler and audible, and it should be available with the audiobook!
Nits to pick. LLC's or Corporation's are legal entity structures, organized pursuant to state laws.. S-Corp or C-Corp are tax treatment elections for Federal tax. "S-Corp" is not an entity, it is an election for tax treatment for either an LLC or a Corporation. I am a small business attorney (40 years in practice) and I spend way too much of my time explaining these differences to clients.
Hi Mark
First
Love Your Videos
I Learn Soo much ..
I Have A 2 Questions
# 1
I started Doing Whole Saling
Real Estate ..
Have only made a Couple
Of Thousands $
& being that we are going into
November .. End of the year
Should I Get A LLC Or S Corp?
Next Year I Plan To Have Many More Deals & Make More Money & Move into having a Rental Or 2..
Again If I Get
A S Corp
I think the Self Em ployment
Taxs will Not Benefit Me?
#2 Question
When Should I think of
Getting A. S Corp
With Whole Saling?
Thanks For All
Your Great Info
Patti From Chicago
Tried to sign up for consultation
Hello Mark. You have been my favorite TV show since I stumbled upon a video. Simply genius, funny, a good solid human being. I have one question when you say at the end “ The 2 S Corp.’s own it”. I’m glad I proofed SIRI and I am 105% sure I did not say “escorts own it”. That could’ve been a legal issue. Anyway, I understand this is all within the family and in essence whether you say LLC owns S Corp or S Corp owns LLC, legally, the LLC owns the S Corp or should The top circle state “LLC taxed as an S Corp.? I don’t see the value in that. Would it be multimember LLC? Thanks a lot sir.
I currently have stock in AMC and I have a side gig doing organizing. I have someone doing a website for me right now and I want to get a business license. I know when I eventually cash out my stocks I’m going to need help making sure I don’t have to pay up the *ss in taxes. I think I’m going to definitely need guidance!
I have spoken to several reputable CPA's and they all told me that backdating an LLC into S corp can't be done.
This made my brain hurt. I guess I learn as well as a golden retriever.
Hi Mark, love your videos and learning a ton. I am reading your Tax and Legal Play Book, great stuff. One question I have is, if you deed the rental property to an LLC which owned by a revocable family trust, would you still be able to get property depreciation on the personal tax return? I am getting property depreciated in 27.5 years now, but I don't know what happens after deeding a property to LLC? Would you share your thoughts on it?
Don't worry. You ABSOLUTELY still get the write-offs for depreciation on your 1040 OR 1065, even if your RLT owns the interest. I am absolutely 100% confident in that answer. If you hear something else/different, PLEASE get a 2nd opinion or call my office. Thanks!!!
In the #3 scenario, would you use an s corp to partner in an llc that you plan to hire a manger to run for you in another state? That would mean more in taxes because of the salary you'd pay yourself right? Or would the new LLC be the s corp, the manager gets the w2 and your partner and you get the k1?
Mark to put your kids(under 18) on payroll without giving them W2, how you've talked about does it have to be an LLC or can Scorps do it too?
Hi Mark I have a question is it the same thing when you have llc taxed as an s corp vs llc transitioning to llc?
When you mention that YOU have ONE S-corp set up for yourself and then you are part of many different LLC's. If I have an S-corp for myself, and LLC for my small business, could I have my w2 employer my MY S-CORP instead of me personally??
I believe you would need to get a 1099 from your employer. You would then be responsible for all of the taxes.
What would happen if you have more than one S-Corp? How would that effect taxes?
Hey Mark, question that might make a good video. I set up an LLC in the state of PA and the EIN was mistakenly registered as a sole prop with the Fed's. I didn't find out until I didn't hear back when we filed for Subchapter S this year and I spent two hours on the phone with the IRS and they told us about the issue. They said I had to get a new EIN and on my end basically re-launch the business with new bank accounts, payroll etc. Is there a way around having to create a completely new EIN and if I do should I start a new LLC from scratch or can the EIN be re-registered with the existing LLC. Sincerely, Sal
Can you backdate a sole prop to be taxed as an LLC? I’m just barely starting my LLC but my income is increasing and taxes are going to be so High!
So what would it look like if you and a partner owned many properties together? Say you owned 20 properties and had an LLC for each property and each LLC was owned by our scorps, would we have to do a business tax return on each LLC that owns a property together or could we somehow flow the money from the 20 different accounts where we would just file one business partnership return? Thank you!!
What is the benefit of moving from and S Corporation to a single owner business?
Mark, I love you! You are so good!!! Love your videos!!! Through your videos I can tell you are such a passionate person, funny and also with a lot's of knowledge about LLC and S corp. I'm the person who doesn't even know how to pay tax, can you imagine how hard this will be for me to understand? But after your videos I think I can finally understand a bit. Now, I'm an very new Amazon seller, I'm thinking about to get LLC in Wyoming website first(I live in Chicago) and then get S Corp after I make more income, I just want to hear your opinions is this a good strategy? I wish I have more savings to hire one of your employee to do all these things for me.. Anyway please let me know your thought. Thank you very much!!
Hey Nana! Thank you! You're too kind, I am glad you have been enjoying my content! It is hard for me to offer advice in a short RUclips comment with little context on your situation, but we try really hard to make our services affordable for the everyday business owners. If you feel like you would benefit from a consult, email my assistant whitney@kkoslawyers.com and she can help answer some of your questions!
@@MarkJKohler understand it. Thank you Mark. Will do it.
From LLC to SCorp what is considered (roughstimate) making enough money 2 change 2 scorp?
Its all about Trust Law. LLC and S Corps are for kids.
Question:
1) Im a 1-person s-corp. What is my title? I refer to myself as "managing member". Is this incorrect?
2) For my S-corp Form 2553 I put "100%" for "number of shares or percentage of ownership". The IRS accepted it. Some say my S-Corp is defective as I am required to issue stock. Is this true? How do I remedy this?
So I can essentially create an LLC and place my stock accounts under it?
@Mark J Kohler What should someone do if they want to day trade crypto?
Have a car small used car dealership sales and service. 3 partners. Currently a s Corp. Any benefits to switching to llc.
Mark, at the 3:30 mark you say " my S-Corp owns NO ASSETS" However, at the 9:30 mark you begin to describe all of the other investments your S-Corp owns. Aren't all of these investments considered assets? Thank You in advane for your answer.
I think he means it owns no assets that make money, aka rent, making money on its own. The assets he mentions are all equipment, like a computer, a desk, machinery and tools.
When is it to late be back date s-corp. it’s October 5th 2022 and want to turn my LLC over by the end of the year? I am I too late?
Should I consider an LLC or S-corp for a skincare/cosmetics line?
If you buy and sell stocks is that passive income?
If I opened an LLC but I want to get taxed as an S-corp, do I need to pay quarterly taxes if I am paying myself a salary and I am the owner and employee?
Not fully right though. This is only on the federal level. If your in nyc the city level tax outweighs the self employment savings
What if I've already elected to be an S-Corp but I did not make enough profit this year (I know, shocker) for it to make sense at the end of the year?
Hello Mark. It’s possible I have been looking at these diagrams incorrectly. Coming from a corporate environment in finance/accounting, I’m used to looking at diagrams from the top down. If that’s the case, is this the common way (bottom up) of looking at business structures? Thanks again.
Fair point. Maybe it's 'tomato'/tomoto' :). But the reason why I like the bottom up, is because for the far far majority of small business owners (because they primarily use pass-thru entities), all the income flows 'down' into the 1040 or is owned by the Trust. I find most lay people to understand this concept more easily with water/money running downhill. But again, your point is certainly valid. I took my fair share of finance classes and work with many financially trained business owners (if I can say it that way)....so I know what you're saying. Thanks for the comment. mjk
Mark
My father owns and had LLC’s and rental. He is spanish speaking. I was wondering if you have spanish speaking employee that could help my father understand, maintained, EDUCATE him on his business entities etc. I recently spoke to him about a living trust etc. He is 67 and he needs to plan ahead for the future. I would like the entire kitchen sink thrown at him, but in spanish. I believe he is not using his entities to his best advantage. He is very sharp but if someone could EDUCATE him in Español. It would be very helpful. I am very new and I dont know how to explain how he can take advantage of his entities etc. Can you help us out?
Will a truck driving job with a 1099 qualify for an S corp?
What state are you in?
sounds like i need an S Corp
You are excellent… One question what do you mean no Obama care
Hi Mr. Kohler! Which business type is best for those who has multi brands, like a umbrella company? LLC? S-Corp? C-Corp? Corp? Inc? Thank you
Hey Yaser, this is a really great question, but honestly is difficult to answer in a RUclips comment, especially with such little background. Honestly, get in contact with my law firm, they will be able to help you and it will save you more money than it will cost, I promise! If you email my assistant whitney@kkoslawyers.com she will be able to connect you with someone who can help!
@@MarkJKohler I thank you my good Sir! I will get in contact with your firm for sure! Will i have the honor to have you as a attorney, I loved your energetic soul and i am actually honored and proud to say that your a amazing and awesome human being, we need more people like you in our societies!