I'm excited to announce and discuss the release of my newest book, "Making the Miles Count", a guide to living beyond the daily grind and waking up each morning with purpose and focus.
I give you the background and the details on this new, unique book, that has personal stories, details from my life journey, and a outline of how I believe it can help you form new habits through the 21 day format of reading, reflection, and challenges.
Also covered in this episode, small business matters: So you are a solopreneur wanting to take the next step? A legal business entity is key. Should you go for a LLC or a S Corp? I discuss both and give my suggestions.
LLC or S Corp? It's a question a lot of small businesses ask.
Limited Liability Companies (LLCs) and S Corporations (S Corps) are the two most common way to structure small and medium businesses in the US. Whenever an entrepreneur wants to up their game and reduce their risk, these are the first options that come to mind. What's the difference and what is the best option for you? Let's cover the details and help you discern!
Ready to dive in and learn more about LLC's and S Corp's?
As noted, Limited Liability Companies (LLCs) and S Corporations (S Corps) are the two most common way to structure small and medium businesses in the US. Whenever an entrepreneur wants to up their game and reduce their risk, these are the first options that come to mind.
These two business structures are excellent at protecting business owners from creditors. When your business is an LLC or an S Corp, you are not financially responsible for more than your investment.
An LLC or S Corp shields owners from double taxation. Unlike C Corps that pay both corporate and personal taxes, LLCs and S Corps are "pass-through" entities and owners only pay taxes on their personal income.
Finally, both LLCs and S Corps deduct pre-tax expenses such as travel, computers, uniforms, phone bills, advertising, car expenses, promotions, and health care expenses to name a few.
These are just some of the reasons that make LLCs and S Corps better choices for new businesses.
So, you’ve narrowed down to the two. Now, you need to pick the structure that suits your business model. To arrive at the best decision, weigh the pros and cons of each option.
If after this info you determine that your business would be best off as a pure LLC or S Corp. Go ahead and file the necessary forms.
Alternatively, you can choose to be an LLC, taxed an S Corp. This way you get to enjoy the administrative advantages of LLCs such as fewer forms, fewer formal meetings, and minimal record keeping requirements, as well as S Corp tax advantages, including paying salaries and wages to yourself and other owners.
To have your LLC treated as an S Corp for the entire calendar year, simply file Form 2553 by March 15. Hopefully this gives you valuable information on deciding between and llc or s corp.
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I’m an Indiana Hoosier native where basketball is the top sport. Every team heads to the locker room at halftime to evaluate the first half and create an updated plan for the second half. That plan includes adjustments based on reviewing what worked and what didn't. The “halftime” is a key review point where the game stops, the team pulls away to huddle in the locker room away from the fans, and they come out prepared and ready to succeed in the second half.
That’s what this podcast is all about, taking the time to pull away for a bit to evaluate, learn, and set some strategies for your business to succeed in the second half. Join me by subscribing and let me be your “business halftime” to help you find great success going forward!