Today, I will answer a question I get asked a lot – what kind of entity is the best for my company? Considering laws can be very different depending on where you are based, and each personal situation is different. We will go through the various structures you can pick for your business and your assets. We will look at each structure's pros and cons, tax structures, and everything you must know to protect your business, family and legacy.
What You Will Learn In This Episode:
– How picking the correct entity for our company can protect us from expensive lawsuits
– Why it is essential to legally separate ourselves and our assets from our company and its assets
– The pros and cons of Sole Proprietorship
– The differences between a C-corp and an S-corp
– What Limited Liability Companies (LLC) are and the difference in taxes between them and C- or S-Corps
– How we can reduce the self-employment tax
When choosing an entity for our company, we provide it with a skeleton, a structure to protect our assets and the business assets. We use the same logic we use with accounts to register our company, separating personal from business. It also gives the company a legal form, and most importantly, a tax structure that will help us avoid unpleasant surprises with the IRS.
Resources:
– JOIN MY 3-PART LIVE FREE VIRTUAL TRAINING SERIES: http://www.AffluenceLive.com
– The Business Entity Cheat Sheet https://melabraham.com/wp-content/uploads/TAE-030-Business-Entity-Cheatsheet.pdf
– Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint
– My website https://melabraham.com/
– Book: Mel H. Abraham – The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1
– Find me on Facebook https://www.facebook.com/melhabraham/
– Find me on Instagram https://www.instagram.com/melabraham9/
– Find me on LinkedIn https://www.linkedin.com/in/melhabraham/
– Find me on Twitter https://twitter.com/MelHAb
– Find me on YouTube http://www.youtube.com/user/MelHAbraham
