Business Structure: How to Choose the Best Entity for You

Рет қаралды 27,905

Күн бұрын

What's the difference between an LLC vs S Corp vs C Corp? And which one should you pick? Well, today I am going to cover in great detail the best business entity structure for you in 2022.
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Timestamps
Intro (0:00)
What is a Business Entity? (1:30)
Choosing the best Business Structure is Important (3:20)
Entity #1 (4:29)
Entity #2 (7:02)
Entity #3 (9:08)
Entity #4 (10:20)
Entity #5 (12:35)
Entity #6 (14:25)
How to Choose the Best Business Structure (15:30)
Bonus Tip (18:06)
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I'll cover:
- Why choosing the right business entity is important
- An overview of the 4 types and subtypes of business structures
- & Simplify which one may be better for you based on your goals
My goal is to help make sure you start a business with a legal structure that suits your needs, or you reconsider which entity you have already selected. Because each one has its pros and cons, there are amazing LLC tax benefits, S corp tax benefits, and C corp tax benefits.
Hey, I'm Sean with lyfe accounting. The accounting company that helps you save on taxes and build more wealth. Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 45

@LexxLuthure 8 ай бұрын

This video was extremely well done! THANK YOU!! 🙏🏽🙏🏽

@salderosalia2992 Жыл бұрын

You rock. Thank you for this info. Super helpful.

@MoonBeamsChild 2 жыл бұрын

This was very helpful. Thank you!

@denisedixon7869 9 ай бұрын

Thank you for a great video explaining the purpose of each legal structure as well as selecting the best structure for my business.

@msdeej538 Жыл бұрын

Thank You, Thank You, Thank You. This is Sooooo Informative. THANK YOU💖👏👏👏👍👍🤗 You Covered all my questions and more.

@ellenoir5678 2 жыл бұрын

My guy Sean!! What up!! Another great video lyfe acct family

@Minrere 11 ай бұрын

Thank you. One is able to understand what the four structures are in a business. Being able to explain...is one thing. Being able to understand what you are explaining is another thing. So, Thank you Again. I understood.

@donaldmatthews6419 4 ай бұрын

. Thank you for sharing this great information.

@FinancialFreedomMadeSimple 2 жыл бұрын

Great information, thanks for this!

@drakethegreat 2 жыл бұрын

loving these videos!

@jodylowe8476 7 ай бұрын

This was excellent. Great job sir.

@nyahholland7702 Жыл бұрын

Hi, thank you for your insight, yes, I would like to learn more about a Non Profits!

@thetapeins7274 Жыл бұрын

This was good knowledge, and I appreciate it! USEFUL!! however there were many grammatical errors throughout the video, keep an eye on that in the future. Thanks for the info

@katiefeder3495 9 ай бұрын

Great video -thanks!!!!

@genesishealth7718 2 жыл бұрын

Very informative. Bring a lot of clarity to big subject. Non-profit video please👍🏾

@LYFEAccounting 2 жыл бұрын

Thanks for sharing!

@kevinsmith5875 Ай бұрын

Good info brother

@desigirl9707 2 жыл бұрын

great video. thanks for explaining thoroughly. I am a new real estate agent/ Independent contractor. I hope you do a video when you write off your spending how much exactly you are writing off. I mean I don't understand how much we will get back from a example business travel, gas, rental property. if you make a video on how much tax write-off for business expenses for real estate agent. that will be great.

@LYFEAccounting 2 жыл бұрын

I actually have a video on that! Try to search on KZfaq “tax write offs for real estate agents LYFE accounting”

@msdeej538 Жыл бұрын

YES NON-PROFIT INFO PLEASE 👍

@newlightforgod 8 ай бұрын

Amazing videos. But DBA's wasnt dealt with. Is there a diff between sole prop. And DBA?

@jodahamunra686 2 жыл бұрын

Great video and tutorial. Please, drop that tutorial on the Pros or Cons of a Non-Profit Entity... #Hotep

@rogerreinsch7842 2 ай бұрын

In a general partnership, one partner could be liable for the entire partnership liability. Here is how. Assume the partnership has a judgment against it for $2,000,000. The first place to look for the money is the partnership assets. Let's say that runs out at $1,000,000, so now the other $1,000,000 passes through to the partners, either pro rata or as the partnership agreement states. However (here is the catch), if the other partner cannot satisfy his/her $500,000 share, then the other partner if they have the assets will have to make up the difference to the third party claimant. The partner who pays more does have a right to sue the other partner, but the other partner has no more assets, so that is usually a moot point.

@BruceCampbell-qd2kl Жыл бұрын

Make that video on mon profit👌

@catalogisland8158 Жыл бұрын

I am planning to start a tax preparation business from home. Which business structure would be best for me? Sole proprietor, Corporation or LLC? I will be the only owner.

@Itspaigeytv Жыл бұрын

If I have multiple freelance jobs do I need a different sole proprietor for each job or can I put my businesses under one umbrella?

@creativemind8406 10 ай бұрын

Please make a video for a non profit. Thanks

@behappy886 2 жыл бұрын

Anybody can become a CPA just by watching your videos. Thank you for the great information always.

@LYFEAccounting 2 жыл бұрын

Haha I really appreciate that! Are you an accountant as well?

@KevCollins-ht7ql 3 ай бұрын

I'd like to start a small trucking company. I've no partners at this and I'd like to start small by purchasing a small truck that doesn't require a cdl. What's the best entity for su h a business?

@justaytpage645 Жыл бұрын

Actually I have an LLC but elected to be taxed as an c Corp. does that mean I still have to have meetings?

@TraciWilliamsInspiringHope 7 ай бұрын

If we have been open for 11 months how can we setup on a LLC as a corporation instead of the pass through

@levarbell1433 2 жыл бұрын

What business entity structure would be best for a start up tow company. LLC or dba.

@LYFEAccounting 2 жыл бұрын

Everyone business may have a different strategy. But an LLC seems safe, is this for you?

@levarbell1433 2 жыл бұрын

@@LYFEAccounting yes I have purchased a truck but it took all my funds . That's why I'm hesitant in setting up a llc . Not sure if it would be wise to establish the LLC now and I'm not ready to work the truck