S Corp vs LLC (Should you choose an S-Corp status?)

Рет қаралды 422,658

Күн бұрын

Save more on taxes, spend less on accounting. Schedule a free call now: go.truic.com/4deOlGw
For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S-corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business.
Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links.
💼 For LLC Formation: 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3RWQnnA
Fees are as follows $29 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day)
🏆 For S-Corp Formation: 60% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3RR4MS4
Fees are as follows: $89 + state fee + $9 for BOI (this optional, but we recommend it as failure to do so can result in a fine of $500/day)
🧮 To see how much you can save by forming an S corp check out our Scorp calculator:
howtostartanllc.com/form-an-l...
----------
LLC vs S Corp? If you run your own business, or maybe you are just starting out, and are confused about the distinctions between an LLC and an S-Corp, or S-Corps in general, you are in the right place.
In this video we are going to talk about: what an S-Corporation, or S-Corp is; the benefits of an S-Corp; the complications, and potential drawbacks, of an S-Corp; and finally, how to decide whether or not choosing an S-Corp classification is right for you.
TIMESTAMPS
0:00 - Intro
0:30 - Disclaimer
0:40 - What is an S-Corp?
2:10 - The Benefits of and S-Corp
3:53 - The Drawbacks of an S-Corp
6:27 - S-Corp: How to Decide?
7:13 - Conclusion
------------
𝗙𝗿𝗲𝗲 𝗚𝘂𝗶𝗱𝗲𝘀 𝗮𝗻𝗱 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻:
🎓 For more information on the differences of an LLC and an S-Corp, visit:
howtostartanllc.com/form-an-l...
📖 To learn more about why you may want to choose an S-Corp, visit:
howtostartanllc.com/form-an-l...
📚 To decide about which business structure best suits you, visit:
howtostartanllc.com/choosing-...
💼 How to Form an LLC:
howtostartanllc.com/form-an-llc
Visit howtostartanllc.com to learn about LLC formation, and other useful information for starting a business in your state, like:
🔎 What is an LLC:
howtostartanllc.com/what-is-a...
🔎 Top Five LLC formation services:
howtostartanllc.com/reviews/l...
🔎 Free legal forms, including operating agreement templates, employment contracts, NDAs, and other documents at:
howtostartanllc.com/legal-forms
🔎 Check out our Business ideas tool:
howtostartanllc.com/business-...
🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams.
🔔 Please like, comment, and subscribe if you appreciate our content, and want to see more!
#llcvsscorp #scorp #s-corp #llc #vs #scorporation #truic #tax #taxes

Пікірлер: 355

@HowtostartanllcOfficial 4 жыл бұрын

Navigate the complexities with a free tax consultation: Call (801)790-0473 or schedule a call here: calendly.com/tryvydefree/truic-taxes For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S-corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business. Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links. 💼 For LLC 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3uJBnjH Fees are as follows $29 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day) 🏆 For S-Corp 60% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - go.truic.com/3RR4MS4 Fees are as follows $89 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day) 🧮 To see how much you can save by forming an S corp check out our Scorp calculator: howtostartanllc.com/form-an-llc/llc-vs-s-corp-whats-the-difference#calculator

@8Naikial8 Жыл бұрын

😊

@westdavis2077 3 ай бұрын

Ok😊😊

@ZakiaRinggold 3 жыл бұрын

YOUR video was clear, succinct and informative. Thank you!!! I have asked this question to tax pros, business coaches, accountants and more each one left me scratching my head and more confused. I can now move forward with the decision that is right for me and my situation.

@bernardwright891 11 ай бұрын

Heard many good recommendations about ROCHELLE DUNGCA-SCHREIBER by some YT channels, Seminars and other platforms.!

@bellemonde77 3 жыл бұрын

Just what I needed. Just starting don't need S-Corp yet.

@DetermineBeauty 4 жыл бұрын

Thank you so much, I was being pressured to change my llc status to a scorp and I havent even been in business 4 months yet so that means no profits. This video is exactly what i needed!

@forrealtyler 2 жыл бұрын

What was the decision you made ? Did you elect scorp

@Daddyvader7 Жыл бұрын

You’ve had no profits in 4 months. Not a good sign personally. Should have at least monthly profit for the business after you’ve payed yourself etc?

@mzwandiletitselonhlabatsi3504 Жыл бұрын

How is your Business going Today?

@heiscjay2 Жыл бұрын

@@mzwandiletitselonhlabatsi3504 great question

@mollyringwerm9224 Жыл бұрын

same, the two accountants I've talked to literally defaulted on s-corp and I have no idea how much I'm going to make.

@Omnomtoto Жыл бұрын

This is the clearest explanation I've ever seen on the topic with concrete numbers. Thank you for putting this together!

@Yulfi 3 жыл бұрын

This video beat the countless articles I've read in my efforts to understand all of this. Thank you!

@mr.mildsauce876 3 жыл бұрын

This was definitely clear and concise! Thank you for this information.

@amoslonokailua-hewett9992 4 жыл бұрын

Your video and explanations were very clear. The presentation was well done. I have researched S-corp an LLC designations but could not wrap my brain around it all. Your video really cleared it all up for me. Thank you so much.

@alfredo7476 2 жыл бұрын

Been watching vids for 2hr.30 and this nailed it with all the precision needed. thanks**

@martydigiacomo7822 4 жыл бұрын

First video that enabled me to see clearly that I don't need an S-Corp LLC - at least not yet. Good to know I can change later and I liked the fact that you kept the video concise, to the point and not filled with stupid interruptions of what other video hosts must think are entertaining or "cute". Don't have time to waste in my business lifestyle. Thanks.

@Glenn.Cooper 4 жыл бұрын

Great video - well organized and understandable. Much appreciated!

@ChrisDoesWhat 3 жыл бұрын

Great video! My wife and I are KZfaqrs and Bloggers and thought we maybe should go S-Corp, but after your clear explanation, we aren't ready. We will stay an LLC and form an S-Corp tax structure later.

@mr_digdeeper 2 жыл бұрын

How about an Uber driver like myself I want to operate under an LLC. But not sure if I should do scorp lol ughh 🤣😩

@Sublime08 Жыл бұрын

@@mr_digdeeper I want to try uber black but I can't find no info what would be the best entity to form under. Were you able to find that info?

@doverbryan581 3 жыл бұрын

Good stuff. Keep it going. Clear, precise, on point. Thank you.

@TaraWagner 2 жыл бұрын

Great vid! I love how you break down these 2 concepts making it easy for small biz bosses to understand. It's so important to know which one is right for you. It took me years to understand this and cost me tens of thousands of dollars, because I didn’t understand it when first getting started with my biz.

@HowtostartanllcOfficial 2 жыл бұрын

Thanks for sharing about your experience! And thanks for watching too :) Hopefully your business is thriving by now! If you ever need guidance on anything else, drop us another comment

@carlakrebs4013 Жыл бұрын

I found this very helpful. I am not a business person and he made this easy for me to understand. Thanks!

@jordanstreeter5157 4 жыл бұрын

Amazing video. thank you so much! Great pacing, well written, super informative, nice editing and animations to break up potential monotony. Very very well done. as a video editor myself send regards to the creative team and let them know they did an awesome job.

@HowtostartanllcOfficial 4 жыл бұрын

Thank you for the compliments Jordan! We really appreciate it! ❤️

@genessissuarez916 2 жыл бұрын

Great video! Love the simplicity, thank you.

@julietapompo-lewis3895 2 жыл бұрын

Thank you so much for this video! A wonderful breakdown.

@JonJones-nx7rb Жыл бұрын

Wow, what an exceptional video, and so well articulated!

@juliozavala885 2 жыл бұрын

Boom you made those so clear and understanding. Thanks boss man.

@cobaltfirearminstruction2003 Жыл бұрын

Informative, no BS, short, sweet and to the point. Thank you for putting together such a succinct overview with some great points to consider. Best explanation I’ve seen yet.

@HowtostartanllcOfficial 11 ай бұрын

Wow thank you! We appreciate the comment! 😌

@kimblebreazell556 2 жыл бұрын

This was so easy too understand Thank you 🙏🏽

@mrtube827 3 жыл бұрын

This is an amazing video, wow thank you TRUiC

@christopherjames5192 Жыл бұрын

Thank you for getting right to the point and giving clear and concise information

@HowtostartanllcOfficial Жыл бұрын

Glad it was helpful! Thanks for watching

@lorettawills5926 2 жыл бұрын

Thank you for this information. Very clear way of explaining.

@paintball4908 3 жыл бұрын

Great speaker! Thanks for the help with my decision!

@movingamountain Жыл бұрын

Thank you! This saved me a lot of energy and prevented a lot of stress.

@HowtostartanllcOfficial Жыл бұрын

Glad it helped!

@jwhite5905 Жыл бұрын

This a great video! Provides clarity on the different classes. Very helpful! Thank you!

@HowtostartanllcOfficial Жыл бұрын

Glad it was helpful! Thank you for the comment!

@thehypemanalex 4 жыл бұрын

Thanks for the simple to follow and easy to understand video. The production value was very good as well.

@jstriker623 4 жыл бұрын

4:30 tells you all you need to know about the IRS...big, intimidating, and in charge....so don't mess with them! Great video-

@christinakilpatrick5968 3 жыл бұрын

THIS WAS SO HELPFUL! THANK YOU!

@realBokidwell Жыл бұрын

Easy to understand. Thank you for explaining

@Tori-xu2sk 2 жыл бұрын

Thank you! This video helped me so much!

@Ewokisic 3 жыл бұрын

Thank you! So concise and clear!

@androide89 4 жыл бұрын

This was an excellent video, straight to the point very informational thank you

@HowtostartanllcOfficial 4 жыл бұрын

Thank you, glad it helped!

@godfatherfish230 3 жыл бұрын

SO informative. Thank you!

@nyccotuscani6647 3 жыл бұрын

You tackled all my concerns...Thank you

@antahmad 3 жыл бұрын

That was amazingly educational. Thanks!

@danpicocfp6276 3 жыл бұрын

Great explanation. The visuals help a lot also.

@whackyscripts6045 3 жыл бұрын

Amazing video. Well explained and the quality is superb

@WillEvans 3 жыл бұрын

Best video on this! I’ve been researching for weeks lol thank you!

@princesslamour1985 3 жыл бұрын

Ditto

@jokesalamidesigns Жыл бұрын

Thank you and thank God for finding this video, I was upset when I tried to apply last night via IRS website and system cut me off at 10pm. I was planning to apply again only to come on KZfaq to verify and learn more. After reading so many articles, kindle books and postponing applying because I was not sure which entity to pick this video helped me a lot.

@franduras09 3 жыл бұрын

Great video. You made this so easy to understand.

@hyojinlee Жыл бұрын

Thank you for this video!!

@bradynhopkins7357 3 жыл бұрын

Best video I’ve seen. Thank you

@Phatrinh87 2 жыл бұрын

clear and detailed explanation, thank you!

@raviray 2 жыл бұрын

This video was EXACTLY what I was looking for. It's month one after incorporating my LLC. I think I'll wait on this election :)

@savethewolves5628 3 жыл бұрын

Great job of explaining!

@Occulusofdarkness 3 жыл бұрын

Well explained! You guys help a lot!

@investmotivation1014 3 жыл бұрын

Awesome video thanks for sharing!

@emiliozevallos9387 3 жыл бұрын

Thank you for this great info!!!

@QiYogaWithLuChin 2 жыл бұрын

This video is awesome. You helped to clear my questions whether to form a LLC with S-corp status. Thank you so much!

@HowtostartanllcOfficial 2 жыл бұрын

Thank YOU for watching!

@trafficcontrol2420 Жыл бұрын

Which did you decide?

@robbydigital3649 4 жыл бұрын

Excellent explanation! S-Corp makes sense for my business.

@bobsmith6953 4 жыл бұрын

Maybe.... maybe not. Are you a single member LLC without any employees? There is case law that suggests the IRS will consider all distributions as salary. It's complicated don't make decision on an 8 minute generic video.

@lucienArindelDomingo Жыл бұрын

excellent surface information. Clear and straight to the point.

@HowtostartanllcOfficial Жыл бұрын

Thank you!

@AhmedMD 2 жыл бұрын

Awesome review! Thank you

@willtrigo151 3 жыл бұрын

Explained very well. Planning on making a lot of money right away, S Corp. Not sure or just want it easier to invest back into the business, LLC. Well said. It always was confusing that I HAD to pay a reasonable salary with the S Corp with a small start up that generated little to no revenue. I should have left that as an LLC. Now I know when to use what entity for which businesses. Thank you

@kimbersutherland8950 Жыл бұрын

Very good information and easy to understand, thank you!

@christiancassidy7743 2 жыл бұрын

nice work homie

@Throzinator 2 ай бұрын

amazingly put together well done thank you!!

@HowtostartanllcOfficial 2 ай бұрын

Thanks for watching, here's another helpful S Corp video that our viewers like: kzfaq.info/get/bejne/j9KFgJd62r_ahJ8.html

@ARamseyGuy 4 жыл бұрын

This was a huge help in wrapping my head around this. Thanks so much for the concise writing and good visuals. Much appreciated!

@HowtostartanllcOfficial 4 жыл бұрын

We appreciate the feedback, and we're glad that it was useful!

@IDCWoodcraft 3 жыл бұрын

Perfect video. Answered my question. Well put together.

@vandazzle 4 жыл бұрын

Clean video., damn. Very clear information. Thank you

@daisyfigueroa9305 Жыл бұрын

Awesome video! Thank you so much!

@lbartistry4106 2 жыл бұрын

This is very well explained and helped me make a decision. Thank you. Subscribed

@HowtostartanllcOfficial 2 жыл бұрын

So happy we could help! Let us know if we can guide you to any other resources :)

@zacharywright6266 4 жыл бұрын

Great Information,Very Helpful!

@memer4320 4 жыл бұрын

Great video! Also very well presented

@trumanshooker 3 жыл бұрын

Very helpful and presented well. Thank you.

@MoniNayo 4 жыл бұрын

Great video answered all my questions and I learned something new thanks

@BBond88 3 жыл бұрын

Excellent video. Thank You

@fatimamcclellan3605 Жыл бұрын

beautiful explanation thank you for the difference in tax classifications !!

@leonnarddavis Жыл бұрын

Like wow, like.. this was super simple and understandable. Thank you so much.

@HowtostartanllcOfficial Жыл бұрын

That's great to hear! Glad we could help :)

@twes619 3 жыл бұрын

Wow, excellent explanation, thank you!

@mollyringwerm9224 Жыл бұрын

this video was so helpful...thank you!

@HowtostartanllcOfficial Жыл бұрын

You're very welcome!

@organica6499 4 жыл бұрын

Great video much appreciated!

@honorlogistics5383 2 жыл бұрын

Very informative. Thank you.

@AV-je5ic 2 жыл бұрын

This is an awesome video with great information. Thank you.

@HowtostartanllcOfficial Жыл бұрын

Glad it was helpful!

@andrewcowie6436 3 жыл бұрын

THANK YOU!! You rock! :D

@robertbell5061 2 жыл бұрын

Great video. Thank you.

@HeartOfAllCreation Жыл бұрын

You guys are awesome!

@HowtostartanllcOfficial Жыл бұрын

YOU'RE awesome!

@catropractor Жыл бұрын

Thank you for this video. Very helpful!

@HowtostartanllcOfficial 11 ай бұрын

Glad it was helpful! You're welcome!

@meeta1008 Жыл бұрын

Thank you!

@ltrotter636 11 ай бұрын

Excellent video explanation, thank you!

@HowtostartanllcOfficial 11 ай бұрын

Thank you!

@motivationgenerator0179 Жыл бұрын

The best explanation ever, thank you 😊!

@HowtostartanllcOfficial 11 ай бұрын

Glad it was helpful! 🙌

@eelfood Жыл бұрын

Amazing video. Thank you so much !!!

@elohimp Жыл бұрын

THANK YOU!!!! Incredibility helpful.

@robertoacevedo3805 2 жыл бұрын

Finally! A video that explains all this clearly!

@HowtostartanllcOfficial 2 жыл бұрын

So happy we could help!

@KemeticCenteredLiving 3 жыл бұрын

Thank you, this video was very helpful.

@Blah678 3 жыл бұрын

You are very articulate sir. I appreciate the transparency. This explanation is straight to the point. I want to start a real estate investment business, so this is helpful. I appreciate this video sir.

@fabosbooms6592 Жыл бұрын

If wanting to start a real estate investment business. What did you end up going with ? And how is it going if you started ?

@Bourneinlight Жыл бұрын

Thanks very informative.

@JessicaJacob 3 жыл бұрын

This is so helpful!

@2009bowling 2 жыл бұрын

This was very helpful. Thank you!!

@HowtostartanllcOfficial 2 жыл бұрын

Glad it was helpful!

@RCwithAdam1 Жыл бұрын

Super helpful. Thanks!

@lenahilltop227 4 жыл бұрын

Thanks for this info. This helped me to decide what I need to do. I am going to stay a disregarded entity until I make a substantial profit from my business.

@HowtostartanllcOfficial 4 жыл бұрын

Glad it helped Darlena!