LLC vs S Corp: Which one should you choose?

[@LYFEAccounting]

If you enjoyed this video, watch this next - How to Form an S Corp kzbin.info/www/bejne/lXiUZ62OdtygZpo

[@thomasaquinas601]

For those interested, go to 2:48 to avoid filler in the beginning.

[@alessial134]

She was incredible explaining all this stuff

[@LYFEAccounting]

Aww thank you, we work hard on our videos. Do you have an LLC or S Corp?

[@jordanroberts3434]

I’m thinking about starting a-Corp

[@jordanroberts3434]

S-corp *

[@BRo-uy1di]

Yes agree!

[@Tammy-wf9wy]

I am thinking of going S Corp. I am a LLC right now. But after watching this. You told me just what my lawyer told me. Thank you for your advice. I will continue watching your videos. Very educational.

[@LYFEAccounting]

Glad I could help, hope you consider subscribing!

[@LYFEAccounting]

@nasty piglousy Yup

[@jamesadams6479]

Excellently broken-down! Thanks for making this so much easier to understand. It's also good to know you can start as an LLC and then move to an S-Corp with the right forms. I'm just starting this self-employed journey, so I hope an S-Corp will make sense in the not too distant future!

[@DesmondHasty]

The difference between an LLC and an S Corp. Thanks so much! You made it plain and that works for me! 🙏🏾

[@lesleybrown8204]

Yess! Watched this 2X with my 18 y/o and shared with family and friends. So well-organized, well-presented & easily digestible info - Darn great job y’all! 2021 is ours 🙏🏾❤️ 🙏🏽

[@LYFEAccounting]

That makes my heart smile. Glad you enjoyed it!

[@GojiCenter]

Could you guys make a video one day about how to switch from an LLC to "elected to be taxed as an S-Corp" ? That would be extremely helpful. (edit. Great video btw!)

[@LYFEAccounting]

Great suggestion! Will add that to the queue for you.

[@GojiCenter]

@@LYFEAccounting Thank you! Ya'll are the best.

[@davesingh9812]

F

[@naturallydee6850]

Has this video been made? If so, can you pin it. 💕

[@MA-mf2ie]

looking for the exact thing 😟

[@LeeMcLaurin-fl4gt]

i thought she was plain simple and gave me a good understanding between the two llc vs s corp

[@Unlovable9]

I watched like 10 videos similar to this one. This was by far the best and easiest to understand. Thank you

[@fishtacoma]

Hands down, probably one of the best explanations I've seen on KZbin by far! Very well done, thank you!

[@TaraWagner]

You are absolutely right! If I would have understood this concept when I first got started with my biz it would have saved me tens of thousands of dollars. Now, I'm aware and sharing it with my boss clients so that they don't make the same mistake. Great tips!!

[@laczar1000]

This was excellent! It helped clear up a ton of confusion and questions about which direction to go in. Thanks!

[@nicoleblack5249]

This was the most comprehensive explanation I’ve ever heard THANK YOU!!!

[@adamchandler8508]

Great video! I recently made the switch to S-Corp and there were definitely quite a few steps (plus some expenses) to getting things set up. I'm hopeful and optimistic it will be worth it, though, and wish I'd done it sooner. Thanks for all the great info!

[@richardbailey511]

Valuable information that I thought I knew but mostly inadequate. Thnx again Crystal and Lyfe Accounting

[@LYFEAccounting]

Glad it was helpful!

[@Leshgetit2025]

She’s knows her stuff! I can’t wait to get hired so I can practice this stuff

[@cassiebrunson1590]

Two vids in and I'm in love 😂😂😂 hands down the BEST ❤

[@darkethereal]

This is by far the best video explaining LLC vs S Corp

[@grizforshort]

This is the best video I've seen on the subject matter yet, keep up the amazing content!!

[@Postalstop]

By far the best explanation i've heard on this topic. I like how at the end you zero in on the keys points

[@LYFEAccounting]

Thank you

[@kaykaybhoo1]

This is by far is the best video on this topic made it so easy to understand

[@blaxicanafest]

Watched about 10 times! I learned so much! Thank you Crystal!

[@LYFEAccounting]

She’s the best right?

[@Daybyday07]

@@LYFEAccountingIt will be great if y’all can open up a accounting place in New York for us small business owners

[@lglittle_4truth111]

Thank you for shedding some light on this topic. I now have a much better understanding of these two business structures. Keep up the good work and much success to you.

[@JDfloridaman]

finally someone gave a great explanation and looked great while doing it

[@Onlyonemelman]

I need her as a cpa she explained so well

[@kandellkoffi581]

I have be struggling to make a decision whether LLC or S-Corp for my hair salon business for a long time.... but after watching your video I have come to the conclusion that I’m going with an S-Corp

[@LYFEAccounting]

Remember that S corps are great if you are going to be making more than over 100k but I wouldn't stress over entity selection now, focus on business growht!

[@mr.vickterry]

@@LYFEAccounting so starting an LLC it would be smart to just get that done first and then figure out the Entity down the road?

[@shawndoe6843]

@@mr.vickterry it’s a pain in the ass trying to switch entity structure do it correctly from the beginning who goes into business not planning to make a lot of money s corp man just learn the rules for s corps & your good

[@RecessionPlays]

So Glad that I came across your video, Im a visual learner and you made everything nice & clear to understand, Thank you Krystal!

[@LYFEAccounting]

You are so welcome!

[@nickfrary424]

Great video! I’m classified as an S-corp- I don’t think you mentioned having to pay social security. I am required to pay $1600 quarterly, which seems like a lot but I’m told still saves money in the long run.

[@sugarsimmons2285]

😮

[@DivineLightProductions]

Best video I’ve discovered on tax type: sole proprietor versus s-corp! Thanks for sharing!

[@kbranchjr]

wow I’m blown away on your delivery and presentation you guys get straight to the point the flow is excellent love it, Iron sharpens iron

[@kolevikole6023]

She finds a easy example and words to explain a little complex issues.

[@PRIVATEJAY]

This is valuable information. Thank you all for your time and efforts on this channel.

[@PeaceChanel]

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

[@a1notarydocsllc894]

You saved me so much money just watching this video! I will definitely recommend you on my channel!

[@LYFEAccounting]

Yay! Thank you!

[@TaxmanTV]

Well done presentation. I would just offer you left out a critical piece about S-corps and qualified shareholders. Your list mentions US residents, but you forgot to mention that businesses (C-corp, S-corp-, partnerships) cannot be a shareholder in an S-corp, otherwise it automatically revokes the S status. Only US "individuals" and certain types of trusts can be shareholders in an S-corp. Very nice job mentioning the unreasonable compensation issue for S-corp owners. An often overlooked exposure area of taxes.

[@manojaggarwal7243]

You videos are very clear and I like the way you give example and do the comparison. Excellent.

[@saribrodey9002]

I learned when I have to file for S-Corporation status. I understand better the self-employment taxes differences between an LLC and S-Corporation.

[@sharinelawrence6452]

You just got a new subscriber. I must now say I have a better understanding as to what entity I must choose for my business.

[@darlenekitchens-hill6488]

Great information, I had forgotten about the S Corp information.

[@LYFEAccounting]

Glad it was helpful!

[@shicolahedrington]

Thank you this was great info, I choose an S Corp and was unsure about my choice. Now I feel more confident about my decision.

[@KBlakK]

Great information! I didn't know about the Self Employment tax issues. I'm currently a sole proprietorship planning on switching status to LLC but since my company will just be starting I think I'll pass on the S-corp option unless my actual sales far exceed my projections

[@LYFEAccounting]

🎯

[@UNDERTHEHOODPODCAST]

You can establish an LLC and still run as a sole prop if you really want to. When your self employment tax exceeds the tax burden of S Corp you can choose to convert your tax filing method to an S Corp.

[@freddiehernandez6292]

@@UNDERTHEHOODPODCAST so if your starting off S-corp will not be a good fit?

[@mspetrie612]

This was a thorough and good explanation of the titles.

[@jacquelinegarrison8277]

Thank you pretty one. I enjoy it and understand well. I will be changing as soon as I get the paper from the state.

[@susanhegarty9091]

This was excellent and clear. I think I need to watch it again to have it sink in! Thank you!!!

[@LYFEAccounting]

So glad you liked it. definitely take your time with it

[@susanhegarty9091]

@@LYFEAccounting thank you!! I also spoke with my accountant, and got clear on what I would get taxed on.

[@dmfrasier4025]

That was intense but I will watch it again. It was alot for me viewing for the first time. Very detailed !

[@LYFEAccounting]

Replay it as often as you need to

[@brettmillerlive]

Excellent breakdown. Very helpful in my decision making for my co

[@LYFEAccounting]

Great to hear! Thanks for watching.

[@shermanstandberry]

Wow...Great breakdown.

[@LYFEAccounting]

Glad you liked it!

[@ledesalaura6793]

I've been researching this topic. So glad I found you! I learned so much.Thank you

[@LYFEAccounting]

You are so welcome!

[@Catvr122]

In my opinion by far hands-down the best explanation of the two differences so far I’ve seen on KZbin. Thank you so much, do you have a video on the difference between an S corp & C corp ?

[@kametaphysics]

Explination well done, thank you.

[@LYFEAccounting]

Thanks! Glad you got some value out of it.

[@LooseJointhiphopdance]

such a great video. I was considering registering my start up business as an S-Corp because of the tax advantages. While watching your video you said something that made me pump the breaks. My new company would've had to file the proper paperwork with the IRS by March 15th to be eligible for the same tax year. I fall outside of that date so I have to go with the LLC for the rest of this year and then switch over to S-Corp next year. Thank you so much. It pays to do your due diligence in the research department. Knowledge Is Power!!

[@briantukes2265]

Explanation of video was great!

[@edyrovelo9995]

Great stuff and well explained , straight to the point without any nonsense . Love it !

[@LYFEAccounting]

Thank you, Edy!

[@PriestessAusetRaAmen]

Great information Thank you, wish I had known this before doing an LLC.

[@LYFEAccounting]

You can convert your LLC at any time!

[@TheSuccessZone1922]

Wow! This video was extremely helpful! Thank you! ☺

[@beccaandrews5427]

Another fantastic video! So glad I found this channel!

[@LYFEAccounting]

So glad you are here :)

[@rtanaka]

Excellent video as usual. Nice job.

[@LYFEAccounting]

You’re going to be a pro if you keep watching

[@Jdilla76]

OMG! THANK YOU! This video was clear, concise, and to the point! No filler and you provided me with the info I needed. My current tax person leaves me feeling confused. Can I hire you?

[@LYFEAccounting]

You're welcome! We're not accepting clients at the moment

[@100thickalicwayz]

Thank you for your quick and easy-to-understand breakdown.

[@andregodsey4557]

An extremely well-done presentation. Thank you.

[@LYFEAccounting]

Glad it was helpful!

[@khileajessup3648]

Thank you for such clarity! You're a gem!

[@dcmsr5141]

Great content!! Buy nice or buy twice, get a good competent CPA, full stop. All these folks out here doing their own taxes yikes!!!! I subbed like 6 videos ago lol

[@LYFEAccounting]

Aww so happy you are liking our videos, keep sharing your feedback ❤️

[@Sagheeruddin]

Wow, this is the information I was looking for. You explained very well. I had many doubts and most of them are resolved. Thank you.

[@dariushall1250]

Thanks for the information keep uploading videos like this it’s good information for young entrepreneurs

[@DMosleyCFS]

I'm so glad I found your channel; I just subscribed. You do an excellent job clearly explaining the differences between an LLC VS. S Corp entity. Thank you so much!

[@tinaxanit]

Very well explained. Visuals are great too.

[@stevenphelps7929]

Thank you queen sister. Much respect 🙏

[@LYFEAccounting]

Wow thanks Steven

[@eggheadegghead]

Need to clarify that there is a minimum S Corp tax or franchise tax. Of course there are thresholds for those taxes. Many small business can’t reach the thresholds but many do. Those do should already know their tax obligations👍💰✌️💪

[@carussell1904]

You’re really good at this. You should start a podcast.

[@kyokushinkaratetexas4298]

Great explanation. Thank you Krystal!

[@aliajohns3070]

Excellent information. So well explained. Thank you!

[@daffyduck8244]

Pretty good content. Good explanation. Easy to understand

[@LYFEAccounting]

Glad it helped. Are you an LLC?

[@bengenzable]

Fantastic video and VERY well put together! Thank you for the information

[@LYFEAccounting]

Glad you enjoyed it!

[@clairejo8913]

Very clear explanation. Now I know which one to chose. Thank you!

[@icesarperez]

Again great content! found answers 2 my questions. Thank you.

[@LYFEAccounting]

Our pleasure! Just curious though, what were the questions??

[@angiakabangib]

Thank you so much for this info! I have subscribed and I'm currently binge-watching your videos. 🙏🏾👏🏾👏🏾👏🏾

[@LYFEAccounting]

Awesome! Thank you!

[@angiakabangib]

No, thank you! From this page I've learning so much. Like the fact that I need to speak with my accountant, lol. As a sole proprietor that has just hired my 1st apprentice, I think I might need to change the entity.

[@shabazfam]

Excellent breakdown of the pros and cons. Thank you!

[@LYFEAccounting]

My pleasure!

[@zebyjaved8997]

explained so easily. amazing job, thank you!

[@LYFEAccounting]

Thanks! You're very welcome!

[@kobylomax]

great job explaining all of this!

[@EverydayLinguistics]

this was very helpful. thank you

[@restorationfamilyservicesi875]

Thank you for the great information. You made it very clear!!!!

[@eldadecimus3404]

SHE'S SMART, WELL SPOKEN AND BEAUTIFUL DANG YOU GO GIRL

[@LYFEAccounting]

WOW thank you, :)

[@jblevi100]

I’m telling you that intelligence is attractive lol

[@far06c]

thank you for explaining this topic!!

[@maxmartins8813]

great video, lot's of important information !!! i learned a lot here, thank you for the video !!!

[@LYFEAccounting]

Thanks for watching and supporting.

[@jclefbouncyrock]

Awesome video - thanks for the info!

[@jamesannon3457]

Very helpful thanks so much for the clear and distinct explanation of the differences between the two.

[@ChrisDunavent]

Perfect explanation!

[@alphamaniceman]

You’re a great teacher!

[@HasanKhan-nx9cz]

Thanks for sharing the information. It helped a lot.

[@ChocoBeanChat]

Beautiful 😻 but yes, this video is wildly informative and on the money BZ!!!

[@ajmerkhan1609]

Beautiful explanation in details 👍👍

[@LYFEAccounting]

Thank you so much 🙂

[@stevencook5728]

This presentation was excellent!

[@LYFEAccounting]

Glad you liked it!

[@ahmedmohiuddin5216]

Thanks again for providing the secret sauce for S-Corp.

[@LYFEAccounting]

You bet!

[@ericnesmith5852]

These videos are phenomenal

[@ahmedmohiuddin5216]

You are advise is very valuable, great points identified on tax savings. Thanks

[@LYFEAccounting]

My pleasure!

[@johngies4024]

Finally, a great video explanation. Clear, concise and easy to understand. THANK YOU!!

[@LYFEAccounting]

Thank you!

[@amethyst4444]

GREAT VIDEO!!! Very clear explanations! Thanks so much!!!!!!

[@LYFEAccounting]

Aww glad you enjoyed it!

[@ShortyD90173]

THE BEST VIDEO BY FAR!

[@LYFEAccounting]

Aww thanks, im going to make more now

[@shakemasimmons7639]

Thank you for sharing! Great information.