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

[@allupinyobiz]

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]

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.

[@allupinyobiz]

You are not wrong.

[@stew1981]

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.

[@dawnmoore6484]

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.

[@DWeezy808]

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]

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.

[@PhilVerryChannel]

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

[@gr8skillz]

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!

[@yuunglink3137]

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

[@yuribelt707]

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!

[@deannawitzenburger5147]

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]

Great suggestion I'll put it on the list!

[@Gaurav-mv9wy]

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]

You’re welcome 🤗 thank you for watching!

[@Jericho9696]

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

[@allupinyobiz]

I'm so glad! Thank you for watching

[@Pavle777]

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

[@thaddeussmith8394]

Thank you so much I always enjoy your videos 🙂

[@allupinyobiz]

Thanks so much for watching!

[@Pure_KodiakWILD_Power]

Always a pleasure to see you, queen.

[@allupinyobiz]

Thanks for watching!

[@ReeAmor]

Best compare and contrast video. Thank you!

[@RaphaelPungin]

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

[@85Ebridges]

THANK YOU, you make this so easy to understand.

[@johncatanzaro9627]

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

[@paulam1596]

Well done 👍 very good !!

[@allupinyobiz]

Thanks so much!

[@GC21771]

this is really helpful, thank you very much !!

[@Celenasc2]

Great video and simply explains

[@laylasewell3701]

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.?

[@riche3244]

Yes

[@TheSillyvagabond]

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

[@gunnerelliott6737]

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.

[@mauricio9226]

Thank you , very clear explanation.

[@TraderDT]

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]

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.

[@kirkleythomas9280]

Great video. Thank you!

[@33ladyRAM]

Phenomenal video...thank you!!

[@allupinyobiz]

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

[@Brandywine-farm]

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

[@Sarah-vl4mq]

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

[@RoofersLocal20]

i have a question... maybe a dumb one. but i do not have an LLC. I do side work, primarily roofing and gutters. would be advantageous to just file for a dba since I'm just starting out? i would like to be more legitimate in Missouri

[@apostillenearme9642]

GREAT Job!

[@Natasha-tc8oq]

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

[@stlaww77]

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

[@manuvns]

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)

[@andiaman5864]

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.

[@МарияКравец-т9з]

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?

[@jj4996]

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.

[@bIack0rchId]

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

[@LorgieOsorio]

I can’t download the check list !

[@lawrenceward2366]

Wow. That’s a lot.

[@billyb4790]

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]

Are u able to help outside of your state

[@allupinyobiz]

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

[@t-rexlanding7321]

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

[@augurcybernaut4785]

18:00

[@LadyTalkstoomuch-qf5ek]

. 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..

[@johnfarmiloe4223]

Baddie

[@JoeMoran1968]

What!!! I would fire you immediately!

[@jackprick9797]

Great video. Thank you.

[@joonajks]

Great job 👍🏿

[@allupinyobiz]

Much appreciated!