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Main Street Business

#477 Open Forum - Real Estate, S-Corps, and Electric Vehicles

Feb 13, 2024
Topics discussed in this podcast include tax benefits for small businesses, converting a PLLC to an S Corp to save on self-employment tax, implications of multiple businesses owned by an S Corp holding company, using an LLC to protect assets, managing business expenses for meals, and diversifying investments into real estate.
44:06

Podcast summary created with Snipd AI

Quick takeaways

  • You can retroactively elect S Corp status for an LLC.
  • An S Corp can serve as a holding company for multiple businesses.

Deep dives

Setting up an S Corp and the benefits of retroactive selection

If you set up an LLC and later want to make an S Corp selection, you can retroactively elect S Corp status back to the date of LLC formation.

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