LLC vs. S-CORP: When NOT to become an S-CORP

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This was a highly requested video from my subscribers and I'm glad to bring this to you. I could have made this video 10 minutes but I like to go in-depth so you understand terminology and the WHY behind how things work. I want you to be able to explain this to someone else! So here it is.
DISCLAIMER: I am not giving you financial or tax advice through this video. This is simply a breakdown with examples. Always consult a tax professional or lawyer about your business.
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[@mmartin8341]

As a business attorney who teaches my clients this type of information ALL THE TIME, you broke this down so nicely! Well done!! 🙌🏾

[@yadacashfirsttimeherewitha8435]

Yeah he did. Frfr

[@LittleTut]

One particular lawyer says that a lot of states wont recognize single member LLC for law suite protection. But I didn't know single member LLC is taxed same as sole proprietorship.

[@TheRealPrinceCastro]

Is it safe to say reasonable salary should be 30%?

[@Pinkestluv]

Does the distribution amount counts towards the total net amount? For example, he states he’s paying taxes on $50k, then received a distribution amount of $50k. Total net 100k. If I were purchasing a home, would the banks take into consideration the $50k or the $100k?

[@jestes7]

@@Pinkestluv I've thought about this too, and it's the 100k if I'm not mistaken, because it's still income, just not income that counts toward the SE tax.

[@ytb473]

As an Accountant, folks look at like we’re crazy when we say this! Thanks for breaking it down ☺️

[@lalapapa3112]

How are partnerships different?

[@brandypeay5350]

@@lalapapa3112 my same question what about partnership vs scorp

[@patwilliams2563]

@@brandypeay5350 Same difference....you will just claim a your partnership portion of the Net Loss or Net Income

[@thesinghhh]

Can you answer this for me please....In S-Corp we save self employment tax but then S-Corp also have to pay tax, then isnt it double taxation because even if S-Corp is a separate entiity we still own it and it has our money. we saving 15.3 to pay 21% in tax?

[@scott8193]

@@thesinghhh go with c corp if you’re making good money and plan on having employees

[@michelleg2658]

This video took 95% of my stress away on what decision to make for my cheesecake business. My LLC was approved last week and I wasn’t sure if sole proprietor, S Corp, or C Corp was the right one for me. Very informative video. Straight to the point. SHOWING and not just TALKING about the breakdown of net worth is what made EVERYTHING clearer!! Excellent job Mr. Donnell

[@zairelaroussi7753]

I want some cheesecake

[@dsharie2085]

My husband's favorite food is cheesecake. What city are you based in?

[@dsharie2085]

Can you possibly collaborate with me on making a cheesecake for our anniversary which is April 18th?

[@kellykelly5128]

@@zairelaroussi7753 😂😂

[@pepper.greens11]

@@zairelaroussi7753 Same as I'm looking to set up for my Microgreens Business

[@mk2mister2]

6:33 This is partially correct and needs clarification. LLCs are taxed as Disregarded Entities (similar to Sole Proprietorships but they are not Sole Proprietorships because they are LLCs), partnerships, or Corporations (C-Corp and S-Corp). An LLC can elect to be taxed as a Corporation (a C-Corporation by default), but must invoke a Subchapter S election in order to be taxed as an S-Corp. Great points made in recommending using a payroll company when operating as an S-Corp. It's a pain to do it yourself. Also, paying yourself a reasonable salary is so important while operating as an S-Corp, which you pointed out so well. So many people underpay themselves so they can avoid paying the SE tax and they get flagged by the IRS.

[@ElizabethAnn95]

This right here - is exactly what I needed! There are so many titles on KZbin that say they are about S-Corps but when you watch the video they are practically giving no information and instead boosting their own class videos that you have to pay for. To basically a waste of time. Your videos are 1000% worth watching! Tons of information

[@dannybui3542]

Finally a real dude explaining it in a way that even a 5th grader can understand. Cheers to you Prince! I appreciate you!

[@techkadreclub4940]

Exactly, simple and to the point

[@jeremiahbrownlee2299]

I'm new to being a business owner, and have been studying up on how to tackle my taxes. The number 1 thing I have learned is that taxes are hands down the worst thing about owning your own business, proving once again that the government ruins everything. Great video, so well broken down!

[@SuWoopSparrow]

Government doesnt ruin everything, the US is just a shit place to do business. Propaganda aside, third party research ranks the US very low for business freedom and entrepreneurship. Business or individual, the US really wants to waste your time. The fact that the IRS wants you to file obnoxious tax forms when they already have all of the information they need tells you this. Many other countries automatically or near automatically handle taxes.

[@DericAnslum]

...get off the court if you're scared to play the game...victimhood won't get you anywhere in the real world...

[@jeremiahbrownlee2299]

@@DericAnslum I said nothing about not playing. Chill, random.😂

[@jeremiahbrownlee2299]

@@SuWoopSparrow you disagreed with me and then proved my point. 😂

[@SuWoopSparrow]

@@jeremiahbrownlee2299 "The US has a mediocre business environment" and "government ruins everything" are two very different comments. Do you think the US government is the only government in the world? Plenty of governments that streamline the business process and increase business likelihood of success. 😂😂😂

[@galatogold_]

As an artist 👩‍🎨 this video can help a lot of individuals that don’t understand. I appreciate you king 🤴

[@terrylynnstudios]

Same here. As a visual artist I’m Debating llc vs llc taxed as scorp

[@alexandersilva5446]

I've listened to a host of people sharing about LLC vs S CORP that made me feel I made a mistake starting a business. I've considered surrendering my license to operate feeling I may have made a mistake. Your approach in teaching on the subject has given me some relief for the first time. seeing a realistic perspective how the two business paths work was refreshing. Thank you for sharing your gift of knowledge. W. Bentley

[@diamondmetalworks13]

I’ve asked a lot of people with businesses about this stuff and they couldn’t explain it. Thank you Sir. You are wonderful.

[@sheriftemraz4331]

Thank you! I am an accountant and I try to convince my clients with a small net profit not to elect an S Corp. I will refer your video to them :)

[@VinceBreeze]

"Crunch the numbers and see if it's worth your time" this is one of the most important takeaways from the video

[@danicaswanson6070]

As a CPA, I really love and appreciate this video. I see so many people who "hear" things without understanding them and then act upon what they heard, which can be expensive.

[@ConradCecil]

@PrinceDonnell Thank you. Some good clear common sense on KZbin is a rare commodity these days! 😅 👏👏👏

[@briannguyen1897]

Great content, Prince Donnell. Let me add something as a CPA, this video is not stressed one important part of business taxation. You being tax based on your NET INCOME for business. In other words, don't forget to take any allowed business expenses or employee benefits according to the law. As an S Corp, you have more options, depending on where you live, on what you deduct for business expenses and employee benefit. Most importantly, as Prince Donnell said, get a consulting or asking a tax professional first before making any important decision, even if you decide not to employ them to file your business return. It is the job of a public accountant to help the public after all.

[@in-houseon-sitelegal2124]

I discovered these videos after I opened this account to post info videos for my legal business. These are really well done, and as a lawyer, I see these as really useful information for clients. I'd like to see more videos that break down important concepts that professionals often confuse by trying to show off all the new words they learned in graduate school. We're trying to make our videos straight and to the point on our channel, when it comes to various legal issues.

[@DJCraniac]

“This isn’t going to be a long video” *37 mins later* 🤣🤣 Great content man!!

[@Meetthehalls]

This is why it’s never a good idea to have your hands out asking us entrepreneurs for money. We already pay enough out 🥴We have business bills and personal bills. So please stop thinking our money grows on trees. I’m proud to say that you’re my client Donnell. 😊You killed this video 🔥

[@AsManThinketh]

After well over 6 months of wasted time thinking about this, researching so much... you broke this down so concise and to the point, i wish i would have watched it all that time ago and saved myself. Thank you so much for this video. I would love to have your cpa/tax team behind me as we grow! It seems like a very short supply of cpa's who even entertain taking on mew clients in my area. Constant struggle for good help. That's why I'm endlessly thankful for your videos!

[@jessediaz27]

This video was very helpful, I'm at the very beginning of creating my LLC! Looks like I'm going to go with sole proprietor for the first years. Thank you very much!

[@CLifemusic]

The sole proprietor is part of the llc? My wife and I are starting a home daycare soon,so trying to do my home work

[@caelexon708]

@@CLifemusic I believe a sole proprietorship would be a "single member llc"

[@CLifemusic]

@@caelexon708 ok thanks for the info.!

[@markuzantwahn6351]

Wow, I'm impressed you did that all with no edits! Incredible content, and I learned a lot. Thank you for your time and for giving me clarity 🙏🏾 🙌🏿💪🏾

[@michaepwright]

Thanks for this! Especially working out the breaking point. That’s gold

[@eriktiner2076]

Mr. Donnell, this was an excellent video and explanation. I have just finished my first year in business. My tax attorney was advising almost the same exact jump off point of $50-$60K. He did not go through a long explanation like you did but now I understand why and how it works. Greatly appreciate it. Good luck with your business sir!

[@elledewanna9348]

I am a SO GRATEFUL that I found your channel!! 🙏🏾

[@lorimaddox2999]

I am a CPA and so appreciate you sharing this great advice!! So many jump straight into SCorp and have no idea what they are getting into. I will be sending some new business clients to this video! Great job!

[@bri-leighxo]

Omg I just want to say THANK YOU SO MUCH, I just got my LLC today and of course a ton of “be an S-Corp” videos came up freaking me out. Holy crap, you explained and broke this down so well for me that noooooo ones videos on youtube ever have! I’m so thankful!! Definitely have a new subscriber. 👏🏽🤞🏽

[@_TheGeographyBible]

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[@madisons712]

Ugh! The simplicity in this breakdown. So clear and concise. Thanks!

[@SHOTBYCLEVACAMZ202]

Thank you my brother. You cleared it up for me in such a phenomenal way. Thank you for helping me. I shoot music videos and im about to become an LLC. THANK YOU once again. Keep grinding soldier. 👍

[@nicknunu3374]

Great video! I've heard multiple explanations of this from other CPAs but I wasn't grasping the full picture until this video! Thanks for the great content!

[@phillishathompson3871]

I really enjoyed this video because you broke it down in such a simplistic manner that it anyone could understand. I also appreciate your emphasis on obtaining assistance by an attorney or CPA for their expertise instead of trying to handle all of these things on your own. It also was helpful to understand that the people that we employ to help should have a complete understanding of the type of business we have. I truley think that all of the information that you provided will help me excel as an entrepreneur. Thanks sooo much!!!

[@cryptochatterverse]

Love how only 3 minutes in you answered on of our biggest questions. We have watched a ton of videos but around 03:30 when you explain how this is a JOURNEY, and how you started as as Sole Proprietor, worked up to an LLC, and then to an S Corp...that was our question, was can you start as one and move your way up to another. Very good to know! Thanks for making this video!

[@vellissagamble3475]

You are an amazing Teacher!!! I completely understood everything you said!!! Which when it comes to this stuff it is way over my head!! I even shared your video!!!..I am looking forward to watching and learning from your other videos!! Thank You!!!! You are a Blessing!! ..I bought Nolo books thinking I would understand but you clarified alot clearly!!

[@hleso6731]

Sir … you are the truth. I have been SEARCHING for someone with your energy, knowledge & commitment to honestly help & breakdown these scenarios the way you do. I cannot thank you enough for the time & energy you devote to these videos.

[@dejesus1368]

I was looking for information to send to my daughter because she is starting her business. I think this video was extremely helpful! Clear, precise, and down to the point. Thanks!!

[@PrinceDonnell]

Glad it was helpful!

[@benjaminjefferson6213]

IM WATCHING YOUR VIDEOS FOR THE FIRST TIME AND I LOVE EVERY BIT OF IT... YOU ARE REALLY GOOD WITH TAXES. KEEP UP THE GOOD JOB.. Glad to be part of this family

[@brian95240]

7 Streams of Income from 1 business: 1> Retail to customers 2> Wholesale to businesses 3> Creativity 4> Content 5> Courses about product 6> Affiliate Program 7> Byproduct of product

[@Deedzproductionz]

whats by product of product

[@nihjerrichardson8388]

@@Deedzproductionz I believe it's another product/service you can offer that's linked to the one you already do well. Example Your Apple and you started by selling computers. Music is a huge focal point for your customers, so you sell a music streaming service to those customer's. You started as a barber, you then also start making a special blend of hair products catered to your customers needs/wants.

[@noelanapoleon6486]

I'm a business consultant and in business for over 26 years. Well done! I'll share this with my business clients.

[@CrossThread21]

Great video man! I was looking to start a hauling company and I appreciate the info for a new guy. I'm 35 and almost incapable of learning new info but you did an awesome job. Thanks

[@xorsf]

I needed this break down. I am looking and educating myself before starting our homesteading business. I appreciate you so much and you earned a new subscriber for sure!

[@authenticteecee]

This video is great bro. Thanks for helping us

[@corinnejohnson9121]

Thanks for breaking it down! My cpa recommended that I go S Corp & now I have a much better understanding on why. Be blessed young man

[@TheBeardedKeith]

Fantastic video! My main entrepreneurial job is as a real estate agent (of course I have my side hustles too). So this is been on my mind quite a bit lately. Am I ready to move up to an S-Corp? Your video has helped me realize that the answer is a clear "no". I appreciate you. You definitely gained a new subscriber today. I look forward to watching your future videos and going back to watch your past videos.

[@joleneshipp3946]

I just got my LLC. Have not yet got an EIN. Why not s-corp yet for you?

[@sabrinaownthethrone]

I can tell this is very informative. But my adhd wouldn't let me be able to keep track once the ppl came in. Kudos to you for continuing to speak without the distractions.

[@MarquisCJones]

My Brother,,,, love this ACCURATE breakdown,,,, much respect

[@jeffstowe4860]

Hey Professor D, you explained this very accurately to the T without the BS and kept my attention to learn; much better than my econ prof in college. THANK YOU! SUBSCRIBED.

[@DaKidGowie]

Broke this down flawlessly. Thank you!

[@jeffstowe4860]

Ditto.

[@_TheGeographyBible]

ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️, ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd.?

[@_TheGeographyBible]

@@jeffstowe4860 ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️, ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd.?

[@evanmessiha]

BEST BEST breakdown ive seen. Doesnt pretend to be a guru but gives A+ advice you normally would pay for. Subscribed

[@techkadreclub4940]

Niice, best breakdown of SCorp and LLC I've seen so yet! Appreciate this Light Prince Donnell.

[@arielgallegos2363]

Thank you so much for the detailed information with the included examples!!! I’ve heard the same information from other KZbin pages but you’re the first I’ve found that broke it down into layman’s terms. I now feel confident to move forward with my business. Thanks again!

[@alexl8392]

I watched a few vids before this 1... I have to say this is the easiest to understand, very well balanced, & advocates for the nuances of each individual/business dictating when that point should be for switching over to S-Corps 👌🏾 great video. #NewSubscriber

[@imdodo9512]

This is the hands down best explanation on youtube so far. Owned a business for 20 years and had no idea about LLC And these tax brackets. Thank you so much!

[@AmberBenford]

This is so helpful, for some reason it’s hard to get clear, direct responses about these types of questions. I feel better equipped to enter 2022 as a young entrepreneur. Appreciate you 🙌🏾

[@_TheGeographyBible]

ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️, ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd?

[@Organizeaspacellc]

Thank You for this Lesson. This has been very helpful!!! My CPA sat with me this weekend and informed me such as you've done here. This video was full confirmation. You broke it down to it's basics. Great info!!!!!

[@TheCmbilyeu]

Thank you for this! I’ve been watching/reading tons of materials on this topic and with just your 37 minutes - I now totally understand the break down.

[@miasitova4941]

You broke down this complicated matter in the most simple way possible! The most informational video ever!

[@MissPinkapples]

Thanks for this explanation! After watching so many videos on KZbin you definitely explained it the best! ❤️

[@TaraWagner]

First, I love your energy! And great vid, you broke this down nicely. Honestly one of the best decisions I made was finding a good CPA and attorney to support me along my biz journey.

[@bigbobjones3765]

Very informative presentation. I would re emphasize that LLC are for asset protection and will not save taxes. Also LLC’s are not complete unless there is an operating agreement this applies also to single member LLCs. You must have a correctly worded operating agreement that you are in compliance with to prevail in court. This should not be a LLC vs S Corp as each serves different purposes. Get both, a separate S corp for operations and a LLC to whole title to business assets leased to corporation.

[@lirajean223]

From my research I have seen this but I keep seeing these “Vs” videos. It was very confusing when we see that LLCs don’t effect taxes, only provide protection. Thank you.

[@leinadalan]

Depends on what state you live in no?

[@karizmaticdesign]

You eased my week long anxiety with one line: "This is a Journey & Get Pro Advice" Thank You!!!! Best advice on this subject I've watched.

[@joseleneforgues4424]

I learned everything I was looking for in your video. Well explained ☺️.. I made a lot of research none was able to really helped me understand it that way.

[@eapacheco3568]

This is exactly what I need it to heard today. Big s/o to you for the info and laying it down easy enough for me to understand. You have gain my support

[@CandaceWilliamsVideo]

This was so good I’m in process of getting started for my LLC this information was amazing I’m overwhelmed but my questions are answered

[@sophisticatedsoulvegan1031]

You have helped me so much. I was lost, and now im learning. Thank you so much, and "STAY BLESSED"

[@TeesSmootheSounds]

Thank you Prince for this Excellent Tax Presentation! Continued Success & All the Best to You & Family👏🏿👏🏿👏🏿🎤🎤🎤🎤💥❇💥

[@alphabalde3472]

Information is really powerful bro just uncomplicated every myth/assumption I had about LLC's/ Scorp's in 30 mins. Thank you

[@KayBellaDolce]

I love how you explain ... thank you for dropping Gems!

[@TheWeaversTheWovenOnes]

Thank you Sir! I’m brand new haven’t even started anything yet, just gathering knowledge first. I enjoyed your passion for learning/teaching/knowledge. It shows by how easy it is to learn from you. Thank you again and God bless you!!!

[@kenwhite5880]

When I saw the title I thought maybe this guy doesn't know what he's talking about but for as much as I watched you layed it out well. Love the beard. This is my viewing channel Bearded Accountant is my normal content channel. I give the speech on the breaking point all the time. 50 k subscribers hell yeah I will check out more of your videos.

[@jco482]

And... another awesome 37 minutes on KZbin!!! Thank you so much for your help!! 🤩🙏 👋

[@350Gizzle]

THANKS FOR THE KNOWLEDGE KING!!

[@oseiarkeenowusu6905]

Might be one of the only people who made this really simple. I know I’m older but I found my new mentor.

[@awdayshys1worldwideenterta513]

VERY good breakdown and example that simplistically puts things in perspective. Thank you so much Prince. More success!

[@damianshowell8975]

Thanks for sharing great content , knowledge, and wisdom .

[@shanemichael894]

Great stuff 💪🏽 I appreciate you giving me the time to put me on game with this tax business and knowledge. You’ve earned my business once I’m established

[@mentosaj6777]

Love this bro, I'm going through and watching all your videos. One question I have is. Are the state fees and CPA/Attorney fees counted as expenses against what you would owe for the year in taxes? Otherwise I'm a little unclear on why you wouldn't save more even if you were an S corp making $30,000 a year... Anyone else who picked up on what he was teaching quicker than I am feel free to chime in as well.

[@pedropereira3291]

Amazing video my man you should charge for all this knowledge you cleared so much up for me thank you

[@05glisedan]

40k sub when this video was posted. 240k as of 01/23. Nice job. Thanks for posting, it was very helpful.

[@diannew117]

Thank you! This was so very helpful .

[@bebraveforonce-themovement7135]

Yep, another extra thorough outstanding video. Thanks for the consistency of value in all your videos 👍🏿🙏🏿💯

[@domoniquebrown5789]

Thank you. Your very intelligent and detailed.

[@MRRAY84]

Great information bro, I'm currently restructuring a family business. This gives me a blueprint to work with on the finance side of things. THANK YOU!!

[@sterlingfreeman1664]

Haha I appreciate you, thank you for posting, you’ve been there to guide me in to sturdy footing

[@mauricioespino1279]

Thank you so much … great way to explain. Now I understand. I have S corp for 2 years. Never used because didn’t understand until now.. Now I will! Thank you!

[@adamcortese8554]

Very well explained and good examples.

[@faithworksandservicesllc9418]

Wow!!!!! No words to express the simplicity of this breakdown. Appreciated much!

[@nickhalton4557]

We need that starting a business with one or more partners breakdown

[@vonkanon3091]

Then it's simply going to be a partnership LLC I'd assume.

[@BrittaniSpeaks]

Completely agree! This is the content I need!

[@egogutpunch6505]

Every time you speak, you bring value!

[@PeaceChanel]

Peace… Shalom… Salam... Namaste and Thank You for All that you are doing to Heal our Mother Earth 🙏🏻 😊 🌈 ✌ 🌷 ☮️❤️

[@sheriftemraz4331]

SALAM!

[@BrettMalloryCEO]

Boom! Prince, this was a powerful presentation full of dynamite information! I was blown away by what I learned in this short, power-packed business education video. I'm now a subscriber and will be receiving ALL notifcations from your channel. Keep those videos coming!

[@_TheGeographyBible]

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[@georgemoore7196]

Ha ha, talk about breaking it down. Excellent. Thanks.

[@meshiab5983]

The way that you explained and broke this down made soooo much since . I watched this other video and after the video I walked away more confused then I was before watching . When it comes to taxes and legal talk I need a “ book for dummies “ because I’m just like huhhhh??? From this video I walked away with a CLEAR understanding so thank you thank you thank you …. Now I’m about to watch more . I have two businesses that I want to file but have no clue how nor the money to pay someone sooooo KZbin it was .

[@_TheGeographyBible]

ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️, ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd.??

[@GymWithJaz]

This is PERFECT! Thank Youuuuu✨

[@marvelmartinez1971]

This brother broke it down to the simplest compound. In a few months when i make a lil money. I am definitely going to show him some financial support. He was assiduous in his explanation. Cheers!

[@rapalma2629]

Why don't they teach us this at school?!!! Can we do a video on that. Lol

[@charniseelliott653]

They used to back in the 50s, but large rich families like the rockefellers and wanamakers wanted to produce more workers and less thinkers. 😌

[@xquisitproductions5183]

They don’t teach this too keep the rich, rich and the poor, poor! If they taught this in school there would be a blur in the class structure of America! That’s just my opinion

[@JustChillingJT]

they did back in the 80-90s but the only people that took "tax math" and business economics in high school. were ofc... want to be business majors in college

[@quronoliver]

BECAUSE WE WERE MADE TO BE WORKERS ONLY!!!!! AND NOT ENTREPRENEURS!!! WORKERS KEEP THE HAMSTER WHEEL GOING AROUND FOR THEM!!

[@AviyahAbides]

Under 5 minutes and I already got me answer👏🏾👏🏾👏🏾 staying for the remainder knowledge. New subbie!

[@hollyeedmonds7472]

Sir thank you! Thank you for breaking this down for us newbies can understand!

[@malcolmridgeway4390]

This is the first video of yours that I've watched. I am planning on starting my first business at 64 yrs old. You are the bomb. Very informative. I was under the impression that LLC was the only way to go. I will be looking for a professional to assist me before I get rolling. Keep on giving us the game. I will be following you and maybe even getting with you as I progress. God bless you brother.

[@_TheGeographyBible]

ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ɴᴏᴡ📝☝️☝️, ʏᴏᴜ'ʀᴇ ᴄᴏᴍᴍᴇɴᴛꜱ ᴀɴᴅ ʀᴇᴠɪᴇᴡꜱ ᴀʀᴇ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇd.?

[@TheGamerGuy-n9b]

Great video. I'm a newbie and I'm running my Brokerage company. My question is when do I need to switch from LLC to S Corp after I have generated 60k ? With another words switching from LLC to s Corp needs to be done before I generate 60k ? I hope you got my point. Thank you

[@whitney146]

THIS IS THE BEST VIDEO I'VE EVER SEEN REGARDING LLCs & S-CORP

[@andrehughes7620]

It all makes sense to me now my Man. Thanks for leading us to the well. Now, let me do the footwork, and get some knowledge on partnership taxation rates for myself and Wifey. Only thing I think you may have missed on the S Corp side is the QBI deduction of 20%.