LLC vs S Corp: Which Choice is Best for Your Business?

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  • Опубликовано: 16 дек 2024

Комментарии • 62

  • @allupinyobiz
    @allupinyobiz  2 года назад +7

    LLC vs S Corp: What does it mean, what's the difference, and can you really save tons in taxes one way or the other? I explain what an s corporation is, the difference between s corp vs llc, and how to determine if your limited liability company should make an s corp tax election.
    Download our free ULTIMATE NEW BUSINESS CHECKLIST at bit.ly/37eEO0v

  • @ARyan-yk9qh
    @ARyan-yk9qh 2 года назад +24

    I.R.S.: "We're not going to tell you what a "reasonable salary" means - you'll have to figure it out on your own."
    Me: "OK. I will come up with a number."
    I.R.S.: "That is too low. We're revoking your S-corp status."
    U.S. tax law in a nutshell.

  • @dawnmoore6484
    @dawnmoore6484 2 года назад +6

    Thank you for this. I just had a consultation this past Monday on this topic and was very close to filing my LLC to be taxed as an S Corp. Now I see that this would not be profitable for me at this stage.

  • @gr8skillz
    @gr8skillz 2 года назад +3

    Thank you so much for clearing this up for me! You've helped me understand which structure would make more sense for me. Please continue sharing, you make a difference!

  • @DWeezy808
    @DWeezy808 2 года назад +3

    I don’t know about other states, but in California if you are a licensed contractor and your business is an LLC, you are required to carry and additional $100,000 bond that can potentially cost around $5,000/yr. For this reason, many contractors avoid the LLC designation an for the S Corp instead.

  • @freddybenelli9100
    @freddybenelli9100 2 года назад +2

    Damn, all your videos are so helpful. If you had an office in my state, I'd be all up in your business for sure.

  • @stew1981
    @stew1981 2 года назад +8

    This is the best description of the concepts. So many videos make it seem like you are choosing to not be an LLC still for legal protection and entity status when you choose S Corp tax election status.

  • @Pavle777
    @Pavle777 5 дней назад

    That's an awesome explanation! I really appreciate how you shared the information. Thanks a bunch!♥️💯

  • @yuribelt707
    @yuribelt707 10 месяцев назад

    I was super super super super confused about all you talked about and its differences and the way you explained it all made me see everything clear. thank you so much for your time and knowledge!

  • @Gaurav-mv9wy
    @Gaurav-mv9wy Год назад

    Excellent explanation. I seen many videos on you tube but there was not a single video clearly explaining the way you did. Thanks for giving us very clear cut guidance.

    • @allupinyobiz
      @allupinyobiz  Год назад

      You’re welcome 🤗 thank you for watching!

  • @yuunglink3137
    @yuunglink3137 2 года назад +1

    Oh my god this is so CLEAR and HELPFUL!!!!!

  • @PhilVerryChannel
    @PhilVerryChannel Год назад

    Guuuuurl, you got all up in my bidness, but better than any man explains all this. I am sticking with you from now on.

  • @deannawitzenburger5147
    @deannawitzenburger5147 2 года назад +6

    Great video! Thank you so much for the information. I would love if you have a video on how to get out of being an S Corp of you had no idea what it meant but you were advised to do so in the first year of a brand new businesses. I'm sad I didn't hear this first 😬 Thank you!

    • @allupinyobiz
      @allupinyobiz  2 года назад +1

      Great suggestion I'll put it on the list!

  • @Jericho9696
    @Jericho9696 2 года назад +2

    I just started my business so this video was super helpful. Thank you!

    • @allupinyobiz
      @allupinyobiz  2 года назад

      I'm so glad! Thank you for watching

  • @Pure_KodiakWILD_Power
    @Pure_KodiakWILD_Power 2 года назад +1

    Always a pleasure to see you, queen.

  • @thaddeussmith8394
    @thaddeussmith8394 2 года назад +2

    Thank you so much I always enjoy your videos 🙂

  • @ReeAmor
    @ReeAmor 9 месяцев назад

    Best compare and contrast video. Thank you!

  • @RaphaelPungin
    @RaphaelPungin 9 месяцев назад

    Thank you so much for such an informative and easy to understand video! 👍

  • @laylasewell3701
    @laylasewell3701 2 года назад +1

    This cleared up so much for me. So many people generally will make statements that you should file an S Corp. when it doesn’t apply to everyone. I do have a question: can you have a single member LLC and later elect to be taxed as an S Corp.?

  • @85Ebridges
    @85Ebridges 2 года назад

    THANK YOU, you make this so easy to understand.

  • @TraderDT
    @TraderDT Год назад +1

    Hi. Enjoying your videos. Quick question: For real estate investing, I'm told that for wholesaling & flipping properties, the best entity for that is a S Corp, and for rental properties a LLC is the way to go. Your take, please. Thanks :)

    • @ProfitPotentialConsulting
      @ProfitPotentialConsulting 7 месяцев назад

      All of my clients that have rental properties are in LLCs. Unless your net income is high enough, the cost of s-corp vs. LLC favors LLC. I also have 2 clients that do home flipping and they actually are both LLCs as well. LLC is just way more flexible for them.

  • @johncatanzaro9627
    @johncatanzaro9627 5 месяцев назад

    Thank U For All Your Professional Information... 👍😎

  • @gunnerelliott6737
    @gunnerelliott6737 6 месяцев назад

    In short being an S corp allows you to give yourself a salary so that you can put your company taxes into a more optimum tax bracket. The juggling is when you balance the salary tax and corporate tax to end up paying slightly less taxes over-all. However there are other ways to reduce those taxes such as real-estate investments and more indepth and fine tuned taxable money distribution. If this were a video to help you decide what is best for you then it would take a deep dive into the procedural pros vs cons. Because ultimately the procedural stuff is where you tap into the work vs. Reward thats going to why you decide one way or the other.. taxes shouldnt be a sole reason why you do something from a business stand point.

  • @GC21771
    @GC21771 Год назад

    this is really helpful, thank you very much !!

  • @TheSillyvagabond
    @TheSillyvagabond 2 года назад

    Thanks for this. Great Video! Was able to understand clearly.

  • @Celenasc2
    @Celenasc2 Год назад

    Great video and simply explains

  • @Brandywine-farm
    @Brandywine-farm 2 года назад +2

    If you lower your "salary" and increase your distribution to save taxes, when you retire, your retirement check will be much smaller.

    • @Sarah-vl4mq
      @Sarah-vl4mq Год назад

      Hi. Can you please explain what you mean by this?

  • @paulam1596
    @paulam1596 2 года назад +2

    Well done 👍 very good !!

  • @mauricio9226
    @mauricio9226 2 года назад

    Thank you , very clear explanation.

  • @kirkleythomas9280
    @kirkleythomas9280 2 года назад

    Great video. Thank you!

  • @МарияКравец-т9з
    @МарияКравец-т9з 11 месяцев назад

    Hi❤ thanks so much for your videos! I am located in Canada. Ukrainian new self-employed. Want to starts sales in big stores and create my own brand. So, is that allowed if you have sole proprietorship to run your business on the chocolate boxes another name ? Which differs from my legal name? And do I have to register my trade mark, name?

  • @andiaman5864
    @andiaman5864 Год назад

    Great video and I have a question (I need help )I want to sell on the Amazon platform as a business so what be better LLC or Corporation? Thank you.

  • @stlaww77
    @stlaww77 Год назад

    are you Able to do taxes for the state of NEW?

  • @33ladyRAM
    @33ladyRAM 2 года назад +1

    Phenomenal video...thank you!!

    • @allupinyobiz
      @allupinyobiz  2 года назад

      You're welcome, thank you for watching and for the kind comment!

  • @manuvns
    @manuvns Год назад

    If i am the only person working and my wife own 50% on LLC what tax structure should i use ( initially making under 50K in 1st year)

  • @bIack0rchId
    @bIack0rchId Год назад

    isn't a self employment tax = to employment tax though ? thx !

  • @Natasha-tc8oq
    @Natasha-tc8oq 2 года назад

    I want to start a service business out of my home, which is 100% a work-from-home business what would you suggest?

  • @LorgieOsorio
    @LorgieOsorio Год назад

    I can’t download the check list !

  • @jj4996
    @jj4996 2 года назад

    What options do I have being self employed as a consultant for a company? Ill be making mid 5 figures. Ill be the only employee.

  • @apostillenearme9642
    @apostillenearme9642 2 года назад

    GREAT Job!

  • @billyb4790
    @billyb4790 Год назад

    All those people who claim there are endless tax loopholes and that business owners don’t have to pay anything .... are people who’ve never owned a business.

  • @t-rexlanding7321
    @t-rexlanding7321 2 года назад

    Are u able to help outside of your state

    • @allupinyobiz
      @allupinyobiz  2 года назад +1

      Only with a few things like trademark/copyright matters. Most other stuff, I can only work with folks in CO.

    • @t-rexlanding7321
      @t-rexlanding7321 2 года назад +1

      I'm in Washington, Tacoma. If u have friends here, I'm needing some help on branding

  • @LadyTalkstoomuch-qf5ek
    @LadyTalkstoomuch-qf5ek Месяц назад

    .
    So how many. People know about publication 1635
    1. Your name at the top =1040
    2. Sole Mbr = 1040
    you name is below the LlC and has a title . But your are still not a company. you still file 1040
    3 you grow more and now have employees or give 1099 and you now need to file a 2553 .. S corp .. to pay people like 1099 contractor Or W2
    Now you’re still a Sole Member just passing income . same LlC . Sole MBR and you can grow more but now you would take on partners..

  • @lawrenceward2366
    @lawrenceward2366 Год назад

    Wow. That’s a lot.

  • @JoeMoran1968
    @JoeMoran1968 Год назад

    What!!! I would fire you immediately!

  • @johnfarmiloe4223
    @johnfarmiloe4223 7 месяцев назад

    Baddie

  • @jackprick9797
    @jackprick9797 6 месяцев назад

    Great video. Thank you.

  • @joonajks
    @joonajks 2 года назад +2

    Great job 👍🏿