Legal Entity vs. Tax Classification | Understand the Difference

In this video I discuss the difference between legal entity types and tax classifications. Learning the difference between the two can help you avoid a lot of mistakes new entrepreneurs often make.
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#LLC #SCorp #LegalvsTax

[@erikbudrow1255]

This was the clearest explanation I have seen or heard on this topic. Thanks for clearing that up!

[@ermz13]

I really love learning about this stuff

[@waynecmontgomery]

Great video!!! However, you did not include LLP (Limited Liability Partnerships), LP ( Limited Partnership), and Statutory Business Trust. These are also legal entities.

[@NaviMarajCPA]

Hi Wayne....thank you. Yes, you are correct. I didn't mention those because they are not as common. But you made up for it for me. :-)

[@Jesus_Christ_is_Coming_Back-17]

Would it make sense for a single member holding company LLC that holds rental real estate to elect for S Corp or C Corp taxation?

[@witnessthewrath8061]

I’m becoming a financial advisor and was planning on starting an LLC taxed as an s corp. I was just informed that due to government regulations I have to be paid by a broker dealer as a 1099 in my name as an individual only. Can I still form an S-corp while I’m paid as a 1099?

[@agarces25]

Is a corporation the same as an llc taxed as corp? Both in legal and tax terms?

[@allisonowens1495]

IS A MMLLC A LLP? HAVING TROUBLE FILLING OUT MY W9 I STRUCTURED OUR BUSINESS AS A LLP

[@nickmartynyuk3735]

Very good video

[@asadazmat6957]

Cute ❤💕

[@rosarioescobar8255]

👌

[@NaviMarajCPA]

👍