Schedule a FREE CALL with a Tax Professional : go.truic.com/4deOlGw (See how much could save on your 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
4 ай бұрын
Ok😊😊
@ZakiaRinggold
4 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
Жыл 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.
@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.
@Yulfi
3 жыл бұрын
This video beat the countless articles I've read in my efforts to understand all of this. Thank you!
@alfredo7476
2 жыл бұрын
Been watching vids for 2hr.30 and this nailed it with all the precision needed. thanks**
@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
Жыл бұрын
Wow thank you! We appreciate the comment! 😌
@Omnomtoto
Жыл бұрын
This is the clearest explanation I've ever seen on the topic with concrete numbers. Thank you for putting this together!
@ChrisDoesWhat
3 жыл бұрын
Great video! My wife and I are KZitemrs 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?
@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-
@movingamountain
Жыл бұрын
Thank you! This saved me a lot of energy and prevented a lot of stress.
@HowtostartanllcOfficial
Жыл бұрын
Glad it helped!
@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! ❤️
@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
@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?
@Glenn.Cooper
4 жыл бұрын
Great video - well organized and understandable. Much appreciated!
@nyccotuscani6647
3 жыл бұрын
You tackled all my concerns...Thank you
@raviray
3 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 :)
@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
@carlakrebs4013
2 жыл бұрын
I found this very helpful. I am not a business person and he made this easy for me to understand. Thanks!
@aroran412
11 ай бұрын
Just the confirmation I needed. We have been paying too much tax as LLC, now I understand how we could save as SCorp. Thanks so much.
@HowtostartanllcOfficial
11 ай бұрын
Wow, it's great to be able to make a tangible impact for our KZitem and website visitors! Thanks so much for taking the time to share this with us. We offer a wide variety of free resources at TRUiC.com. Best of luck to you.
@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.
@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 KZitem 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.
@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!
@lucienArindelDomingo
Жыл бұрын
excellent surface information. Clear and straight to the point.
@HowtostartanllcOfficial
Жыл бұрын
Thank you!
@julietapompo-lewis3895
2 жыл бұрын
Thank you so much for this video! A wonderful breakdown.
@juliozavala885
2 жыл бұрын
Boom you made those so clear and understanding. Thanks boss man.
@Tori-xu2sk
2 жыл бұрын
Thank you! This video helped me so much!
@genessissuarez916
2 жыл бұрын
Great video! Love the simplicity, thank you.
@mr.mildsauce876
3 жыл бұрын
This was definitely clear and concise! Thank you for this information.
@JonJones-nx7rb
Жыл бұрын
Wow, what an exceptional video, and so well articulated!
@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.
@godfatherfish230
3 жыл бұрын
SO informative. Thank you!
@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!
@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!
@WillEvans
3 жыл бұрын
Best video on this! I’ve been researching for weeks lol thank you!
@princesslamour1985
3 жыл бұрын
Ditto
@doverbryan581
3 жыл бұрын
Good stuff. Keep it going. Clear, precise, on point. Thank you.
@savethewolves5628
3 жыл бұрын
Great job of explaining!
@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!
@lorettawills5926
2 жыл бұрын
Thank you for this information. Very clear way of explaining.
@qps
3 жыл бұрын
Thanks for tell the benefits of LLC AND S-CORP
@motivationgenerator0179
Жыл бұрын
The best explanation ever, thank you 😊!
@HowtostartanllcOfficial
Жыл бұрын
Glad it was helpful! 🙌
@kimblebreazell556
2 жыл бұрын
This was so easy too understand Thank you 🙏🏽
@paintball4908
3 жыл бұрын
Great speaker! Thanks for the help with my decision!
@AhmedMD
2 жыл бұрын
Awesome review! Thank you
@danpicocfp6276
3 жыл бұрын
Great explanation. The visuals help a lot also.
@christinakilpatrick5968
3 жыл бұрын
THIS WAS SO HELPFUL! THANK YOU!
@mrtube827
3 жыл бұрын
This is an amazing video, wow thank you TRUiC
@realBokidwell
Жыл бұрын
Easy to understand. Thank you for explaining
@leonnarddavis
2 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 :)
@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 ?
@hyojinlee
Жыл бұрын
Thank you for this video!!
@mollyringwerm9224
Жыл бұрын
this video was so helpful...thank you!
@HowtostartanllcOfficial
Жыл бұрын
You're very welcome!
@elohimp
2 жыл бұрын
THANK YOU!!!! Incredibility helpful.
@LLO227
4 жыл бұрын
Impressive, great channel. I think I've found my new weekend movies 🎥.
@thehypemanalex
4 жыл бұрын
Thanks for the simple to follow and easy to understand video. The production value was very good as well.
@christopherjames5192
2 жыл бұрын
Thank you for getting right to the point and giving clear and concise information
@HowtostartanllcOfficial
2 жыл бұрын
Glad it was helpful! Thanks for watching
@ltrotter636
Жыл бұрын
Excellent video explanation, thank you!
@HowtostartanllcOfficial
Жыл бұрын
Thank you!
@MichaelAMalry
11 ай бұрын
Absolutely brilliant video. Clear, concise, and very well explained without using a bunch of financial jargon only financial heads would understand. Thanks Bro! Cheers!
@HowtostartanllcOfficial
11 ай бұрын
Thanks for the feedback! We have to give some credit to our CEO and founder for his approach to explaining S corp-- simplicity and common sense are always the best approach. So, we have to ask, does electing S corp make sense for your business?
@MichaelAMalry
10 ай бұрын
@@HowtostartanllcOfficialyes it does.
@franduras09
3 жыл бұрын
Great video. You made this so easy to understand.
@Ewokisic
3 жыл бұрын
Thank you! So concise and clear!
@whackyscripts6045
3 жыл бұрын
Amazing video. Well explained and the quality is superb
@daisyfigueroa9305
Жыл бұрын
Awesome video! Thank you so much!
@fatimamcclellan3605
Жыл бұрын
beautiful explanation thank you for the difference in tax classifications !!
@Bourneinlight
Жыл бұрын
Thanks very informative.
@bradynhopkins7357
3 жыл бұрын
Best video I’ve seen. Thank you
@robertoacevedo3805
2 жыл бұрын
Finally! A video that explains all this clearly!
@HowtostartanllcOfficial
2 жыл бұрын
So happy we could help!
@RCwithAdam1
Жыл бұрын
Super helpful. Thanks!
@Phatrinh87
3 жыл бұрын
clear and detailed explanation, thank you!
@eelfood
Жыл бұрын
Amazing video. Thank you so much !!!
@investmotivation1014
3 жыл бұрын
Awesome video thanks for sharing!
@honorlogistics5383
2 жыл бұрын
Very informative. Thank you.
@BBond88
3 жыл бұрын
Excellent video. Thank You
@antahmad
3 жыл бұрын
That was amazingly educational. Thanks!
@kimbersutherland8950
Жыл бұрын
Very good information and easy to understand, thank you!
@Throzinator
3 ай бұрын
amazingly put together well done thank you!!
@HowtostartanllcOfficial
3 ай бұрын
Thanks for watching, here's another helpful S Corp video that our viewers like: kzitem.info/news/bejne/uqKLs2h_rounh6A
@2009bowling
2 жыл бұрын
This was very helpful. Thank you!!
@HowtostartanllcOfficial
2 жыл бұрын
Glad it was helpful!
@Occulusofdarkness
3 жыл бұрын
Well explained! You guys help a lot!
@emiliozevallos9387
3 жыл бұрын
Thank you for this great info!!!
@SaroLynchThomason
Жыл бұрын
Very useful video. Thank you!
@HowtostartanllcOfficial
Жыл бұрын
Glad you enjoyed it! 😀
@meeta1008
Жыл бұрын
Thank you!
@PaulDworianyn
3 жыл бұрын
A fantastic video explaining this content, thank you so much! I've liked, subscribed, and hit the notification bell. If you could answer my questions below, I would be very appreciative! To paraphrase my understanding of what I learned, please confirm if this is correct: New startup businesses should be an LLC This is because it isn’t worth being an S-Corp until you start making more money than the market value of the job you’re doing in the business, and ; You intend to draw on the excess profit out of the business This is all because LLCs that aren’t an S-corp, all earnings are subject to employment taxes and income taxes If you are re-investing the profit that is beyond the market value of the job you are doing in the business, it is easier to remain an LLC because you don’t have to do the more complicated payroll and tax stuff required as an S-Corp An S-Corp is advantageous when you draw on the profit that is above the market value of the job you hold in the business because you only pay income taxes on those draws and not employment tax QUESTIONS: What if the LLC is owned by an S-corp, will there be any difference in tax consequence if all profits at a significant level are drawn from the company? Will those earnings just be subject to the parent S-Corp entity? Does an S-corp structure only matter for my pay? Meaning, can I have other employees in the organization when it is operated as an LLC
@robertbell5061
2 жыл бұрын
Great video. Thank you.
@trumanshooker
3 жыл бұрын
Very helpful and presented well. Thank you.
@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 :)
@christiancassidy7743
2 жыл бұрын
nice work homie
@ErinLAnderson
2 жыл бұрын
Thx. Super simple
@andrewcowie6436
3 жыл бұрын
THANK YOU!! You rock! :D
@KemeticCenteredLiving
3 жыл бұрын
Thank you, this video was very helpful.
@DanielRizza
Жыл бұрын
That was helpful. Thanks.
@HowtostartanllcOfficial
Жыл бұрын
Glad it was helpful!
@IDCWoodcraft
3 жыл бұрын
Perfect video. Answered my question. Well put together.
@catropractor
Жыл бұрын
Thank you for this video. Very helpful!
@HowtostartanllcOfficial
Жыл бұрын
Glad it was helpful! You're welcome!
@hahacomments1
Жыл бұрын
so good thank you
@AV-je5ic
2 жыл бұрын
This is an awesome video with great information. Thank you.
@HowtostartanllcOfficial
2 жыл бұрын
Glad it was helpful!
@davidacosta5470
2 жыл бұрын
Nicely put. Simple and informative. Aloha
@HowtostartanllcOfficial
2 жыл бұрын
Glad it was helpful! Thanks so much for watching
@MoniNayo
4 жыл бұрын
Great video answered all my questions and I learned something new thanks
@XYRN02
3 жыл бұрын
Clear information and I really gathered information
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