This was eloquently broken down. Keep up the great work guys.
@LYFEAccounting2 жыл бұрын
Thanks! Will do!
@dflosounds6 ай бұрын
So from what I'm understanding, it seems like it boils down to how likely you are to get sued. If you're working alone and doing something that's pretty low-stakes (web development, graphic design, illustration, interior decorator, etc), then it probably makes the most sense to be a sole proprietor. If you're doing something with a higher risk of legal repercussions (construction, architecture, lawyer, physical therapist, etc), then you'd probably want to consider an LLC or S Corp. Does that sound about right?
@martialag26 күн бұрын
@dflosounds You make a lot of sense. I'm a chef and plan to launch a cafe and catering company. I plan to start with the sole proprietorship and upgrade to an LLC. As long as I document everything, I pretty protected against possible lawsuits.
@jennierussell10 күн бұрын
@@martialag Sounds good, but be sure it won’t be difficult in your state to switch from entity to entity- for mine it allegedly is but I can’t confirm that from personal experiences.
@sicariusleif19929 ай бұрын
Damn, I was going to click another video first, but I think this is the best video on the subject ever made. You are so good at organizing the knowledge so it makes sense!
@shantejones7118 Жыл бұрын
Excellent!!! Excellent!!! Job Krystal. You explained the difference between the two entities in such a way that a minor can glean from the benefits of your knowledge and wisdom. I also love the way you recapped the structure of LLC vs S Corporations in the side panel captions. Very professional and likewise ELOQUENT. This has been the best break downs of the pros and cons between the two entities of corporations I have ever seen. Excellent Job!!!!!
@FlawlessFinishSolutions2 жыл бұрын
Starting a new business and wasn’t sure which way to go. Honestly still not but definitely have something to think about after this video. Thank you!
@BIGNOSEPOPPA Жыл бұрын
Did you start and your business? And if so what did you choose in terms of LLC vs the latter?
@FlawlessFinishSolutions Жыл бұрын
@@BIGNOSEPOPPA yes I ended up starting it with a sole proprietor ship. Will switch to an LLC after making 75,000 right now it’s still so new not sure if it was worth the income in the beginning.
@BIGNOSEPOPPA Жыл бұрын
@@FlawlessFinishSolutions I really appreciate you. I'm believe im going to put in my two weeks notice very soon. I have a brand new van so I want to start being a courier. Wish me luck.
@FlawlessFinishSolutions Жыл бұрын
@@BIGNOSEPOPPA get out there and get it. Keep your head up in the tough moments.
@BIGNOSEPOPPA Жыл бұрын
@@FlawlessFinishSolutions thank you so much. I'm so close. I will definitely update you as well since you helped me.
@GreenandGrain10 ай бұрын
Excellent video. Thank you! I have watched several similar videos in the past but this made everything “click”! Really appreciate this clear, well organized presentation and the graphics showing the ACTUAL forms (for us visual learners!) thanks again!
@user-pp5sz6zp3t11 ай бұрын
This video was really well done, easy to understand and not overwhelming. Thank you!!
@dricana74 ай бұрын
Awesome presentation! You did an excellent job explaining the the pros and cons of each business type. You spoke eloquently and clearly to your audience. Great work!!
@ftw305mdc52 ай бұрын
When starting a daycare is it better to be a sole proprietor or llc
@godivaodonata2 жыл бұрын
Thank you sooooo much! 🥰 Currently an SP, but pretty sure need to change to LLC. 🤷♀
@Empire4Liberty22 күн бұрын
This is a prime example of why I choose to conduct all my activities in full view of the customer. I possess a high level of assurance when it comes to them witnessing my efforts. This aspect holds significance for both the clientele and myself. Establishing a sole proprietorship aligns with my chosen path.
@Autumn_Forest_18 күн бұрын
What do you do?
@mariasalmeron5322 жыл бұрын
Can you do a video about the benefits between creating a single member LLC vs the multi member LLC for a husband and wife buying real estate for short term rentals?
@ronaldshaw8948 Жыл бұрын
Thank you. Finally a video that just keeps it simple and straightforward.
@PhillipDavisMarketingSolutions4 ай бұрын
Very clear and concise. I’m currently an LLC, filing as C-Corp. Starting another business and was undecided if I want to go LLC first or sole proprietor. I think I’m going sole proprietor for this one because it’s not going to make any money for a while. Thanks.
@consumerdebtchitchat Жыл бұрын
This channel is outstanding!! New sub. Thank you for keeping it simple language for those of us that are so new to this. Just got my LLC.
@CheriFresh7 ай бұрын
Thanks, probably going to start off as SP and than LLC
@tatianaquintero435511 ай бұрын
Thank you! I watched at least 30 videos and until I got here I could not figure out where to start or what I wanted to do.
@MariaS-mj5ey Жыл бұрын
My head hurts all i want is to open an online selling website 🤣😞 still got a lot to learn
@adrianamedrano6773 Жыл бұрын
Sole proprietor is what you need. That’s what I filed for
@mkayla7 Жыл бұрын
Me too
@luluedw2 жыл бұрын
Love to see it & share it! Yall answer so many FAQs
@reynafamilia64462 күн бұрын
Thank you! Very clear!
@reginaldjordan81182 жыл бұрын
Sole proprietor running a small one person painting company
@interstatebullly3nyg5518 ай бұрын
Outstanding very well presented and explanation.. so many content creators need to take notes
@mer197 Жыл бұрын
Omggg I love the structure of the material and the fact that the information is given straight up 👌
@mtchief35372 жыл бұрын
Excellent work in explaining the differences. Enjoying your content. Any contacts in Orlando, Fl who I can speak to about about using their CPA, bookkeeping services?
@martialag26 күн бұрын
I plan to form a sole proprietorship and form a LLC later.
@oscarconde2516 Жыл бұрын
Thanks for the valuable information!
@sharisefaniel28712 жыл бұрын
Wow! Great video🤗 I'm so glad it popped up Thanks Darling 💯
@Tennis-35822 жыл бұрын
You just earned my subscription, lots of appreciation
@seanpaulcurran2 ай бұрын
So, I am working with a travel agent hosting agency who recommends the same things that you've overviewed here. The only thing now, is that I am very intimidated by going sole proprietorship - in the event that a client goes on a travel, and then tries to sue or stop payment. Right now though, I cannot afford the fees associated with my state to file for an LLC. So I am really at an "intimidation stop" right now, not knowing what route to choose. My business is not open yet, and another aspect that is holding me up, is not knowing if I "have" to go LLC route, if I am the sole proprietor but my business name is not my own name.
@franklynthree Жыл бұрын
great video simple and to the point
@scruge1007 ай бұрын
That was well explained!
@ninaviola522911 ай бұрын
Very informative information thank you 🙏🏽 however how or what site would I get an LLC form to file??
@robertlperkins47292 жыл бұрын
Great job Krystal A! This was very informative. The whole team is doing a great job of informing. Do you guys support startup businesses in Texas from a CPA perspective? Thanks!
@broaj1453 Жыл бұрын
Currently I am a sole proprietor but I am established my LLC.
@drichardson6757 Жыл бұрын
Please explain the difference between sole proprietorship and (individual with a DBA)
@allenschneider1847 Жыл бұрын
Excellent summary. For tax purposes, start up costs or annual costs, are their significant differences between an LLC and a PLLC?
@faithfullyyours168410 ай бұрын
This is phenomenal. Thank you
@travisthompson53792 жыл бұрын
Nicely Done! Great Presentation
@LYFEAccounting2 жыл бұрын
Glad you liked it!
@anwarwright54 Жыл бұрын
Nice breakdown. Thank you.
@FinancialFreedomMadeSimple2 жыл бұрын
Great job Krystal!
@LYFEAccounting2 жыл бұрын
Thanks for watching :)
@alloutpossible4372Ай бұрын
Great video
@GEN2WIG2 жыл бұрын
I needed this!!! Thank you 👍🏾
@LYFEAccounting2 жыл бұрын
You're so welcome! :)
@aumoega79912 жыл бұрын
Excellent breaking it down 👍🏾
@wcalixte2 жыл бұрын
Thank you for that. I learned a lot. Question, if I invest in an investment club with a sole prop EIN, are gains considered income?
@juliusw78959 ай бұрын
You are a good teacher
@Aqueenlee2 жыл бұрын
Great video with critical gems to keep in mind. Question: if an LLC was setup in 2021 but no revenue was generated, do u suggest opting for the S corp tax election or should one wait until the LLC makes some money? There were several expenses related to the LLC setup.
@LYFEAccounting2 жыл бұрын
I'd wait until the LLC started generating some revenue. General rule of thumb is at least $50k in revenue before filing an S Corp election.
@ishalljr2 жыл бұрын
LLC here. Do I need to file taxes if I didn't generate any income in the LLC? There were expenses. Texas.
@tonyhouston94732 жыл бұрын
Thanks, this was very informative... Aint nothing like brains and beauty!!
@Bormanb23 Жыл бұрын
Awesome video, Im an sole owner LLC, profit is over 450K through consulting, so should I change to S CORP?
@jamalymall9 ай бұрын
Great job explaining
@s.b.p52192 жыл бұрын
Can a LLC be started by a trust or should the LLC be started first and later placed within the trust?
@rhondaprice2277 ай бұрын
Thank you. This was on point!
@ojpine76073 ай бұрын
Thank you
@Nhmauto2 жыл бұрын
Great info! 💪
@FourCornersCustomProducts-4CCP2 жыл бұрын
Sole Proprietor and think about changing it to a LLC
@bodified58386 ай бұрын
Great video! Thank you!
@kat4animals0042 жыл бұрын
For a fictitious business name statement, /DBA... Does the owner, the individual that is doing the business have to be listed as the registrant? Can a sole proprietor , hire a registered agent, I don't want to be my own RA. Thanks for your helpful videos!
@zinnymg12 жыл бұрын
Hi, which is better? Sole proprietor or dba for online tshirt business?
@monosh18 ай бұрын
LLCS that are single owned do they get 10099s NEC? I’m confused ? Should I ask them how they are filing (S corp or C corp) ? Trying to do 1099s and it gets tricky with them
@ninaviola522911 ай бұрын
Hello again I currently have a business, not operating, since I relocated to another state, the business I currently have I’m the sole proprietor and would like to operate as LLC instead, could you guide me?
@jimmieroberts19722 жыл бұрын
Cant you do a video on Co-ops cooperatives?
@darkairussachihiro58142 жыл бұрын
Do you recommend a new KZfaqr to be Sole proprietor or form an LLC in the very beginning stage?
@mayalune19732 жыл бұрын
So If I don't make much with my business ..I shouldn't make an EIN yet? I have an LLC but no EIN yet
@ricardocarbajall6519 Жыл бұрын
great video , thank you.
@christophermoore1776Ай бұрын
If operating as a sole proprietorship would it be necessary to have a bussiness name?
@chase7767Ай бұрын
"Or you might be confused on the entire idea and why you should actually care." LOL this
@gedavis648211 ай бұрын
Awesome Professor! Thank you for helping to keep us on the same page.
@derekdd5229 Жыл бұрын
Well done. Thanks.
@MsIndependent-rb8bw3 ай бұрын
Great job
@lukastemberger8 ай бұрын
But wait. If a single member LLC has the liability split between all the members, then the single member has 100% of liability. So liability is not limited and is the same as sole proprietorship? In that case, the only difference between sole proprietor and single member LLC is having to pay the $800/year fee for having the LLC?
@wenderful15775 ай бұрын
That's a good Q... Somewhere else I read something similar to your Q
@lukastemberger5 ай бұрын
@@wenderful1577 Yeah, and no one wants to answer it lol
@wenderful15775 ай бұрын
@@lukastemberger I did find a short clip that answered it on KZfaq look up. The lawyer mentioned , "flow through taxation"
@lukastemberger5 ай бұрын
@@wenderful1577 I'll have to ask questions to find out what that means next...
@wenderful15775 ай бұрын
@@lukastemberger 🤣 there's a pretty good flow chart you can find through google
@Victoria3Victoria2 жыл бұрын
Very informal
@tra2118 Жыл бұрын
Thank you, sweetheart.
@wisdombteah36802 ай бұрын
Great
@ericagrant3197 Жыл бұрын
Awesome Job! :)
@thesrobinson8482 жыл бұрын
Very helpful
@thomasnguyen354 Жыл бұрын
This is my first business. Went to the county to set up a DBA. Haven't made money yet. But should I open up a LLC instead? or can I open a LLC with my fictious name?
@espianmashias9565 Жыл бұрын
It’s been 8 months can you tell us the answer to your good question?
@user-xm2kc9zu7z5 ай бұрын
Thanks for the vid! How does it work if I’m trading stocks?
@m3gaman002 ай бұрын
You can STILL! Take out a fictitious name and get a business loan and account with a sole proprietorship
@notme7515 ай бұрын
So if a LLC makes no money it still pays taxes?
@InstantlyMotivated365 Жыл бұрын
Thank you!!!
@willowriverranch796511 ай бұрын
Under a sole proprietorship, does the business get a name or is it just the name of that person?
@NestorHVAC2 жыл бұрын
My business is a LLC but I filed my taxes as a sole proprietor based on my accountant advise. That’s that make sense? I’m a one member business Thanks
@MikahWonders2 жыл бұрын
S corp! And I actually am going to stay S corp after watching this hahah thank you!
@nadiaconseillant86164 ай бұрын
Wonderful ty
@mikeperez1116 Жыл бұрын
Question if I do junk removal and collect cash from all my jobs how do I report that just putting it in the business account as a sole proprietor and i get taxed on all that money besides my expenses ?
@natediggy630010 күн бұрын
Im 21 and just got my application for a sole proprietorship approved, and i want to pursue a handyman business that charges under $1000. Any advice? I know well enough to cut my losses and not risk anything for stuff im not educated on. Thats what the trip fee is for lol.
@natediggy630010 күн бұрын
Also if someone were to "sue me for all i got"...they wouldnt be able to get very much as i own nothing right now, and if im making payments on a vehicle would they be able to get that from me before its actually paid off
@butterflyj6857 ай бұрын
What if you had $0 income for a sole properitorship?
@reenasaeed173529 күн бұрын
Hi which state do you practice in?
@adkins3169 ай бұрын
LLC
@diniecehowell910 Жыл бұрын
So if I used my Ecommerce LLC for things outside of e-commerce is that a problem?
@elgs1980 Жыл бұрын
What if a sole proprietor is also an employee of another company? In this case, how will the tax of the salary from the company the sole proprietor works for be calculated?
@jameswarfield1206 Жыл бұрын
Hi, I’m a Sole proprietor and I won’t to be a single LLC how do I do it?
@shays_creations5 ай бұрын
I need to change from Sole to LLc I don't want to be sued
@esexavo11 ай бұрын
I just want to save money on taxes if I profit 100k a year , what should I do I live in california they tax us into poverty
@Jordan-dx2ej9 ай бұрын
Sole only guy
@mjrinfl2 жыл бұрын
Really great Info. Question i hope can get answered. I feel like sole proprietor is better for me at least for now. But there is one thing. I want to run multiple brands for my photography business for different types of photography. But doing a Sole proprietor, you can only have one DBA. So should I file an LLC for that reason and than file a DBA under that llc for the second brand? I don't see any way to do two brands with just sole proprietor
@tashierockz2 жыл бұрын
You should check your states requirements. In California, you can have additional names and it’s only $5 dollars more.
@tankleo4897 Жыл бұрын
You didn't answer the bigger question which one is more beneficial if you're profit 50 or 100k annually. 😢