#472 LLC, S-corp, or C-corp: Which is best for me?

Jan 16, 2024

Hosts Mark J Kohler and Mat Sorensen unpack the complexities of business structures, discussing the advantages of transitioning to an S Corp, tax management for partnerships and LLCs, the role of a board of advisors, tax implications of infusing capital, and the importance of seeking professional advice.

Ask episode

Chapters

Transcript

Episode notes

Introduction

00:00 • 2min

Choosing the Right Entity for Your Business

01:53 • 16min

Importance of Legal and Tax Advisors for Small Business

18:17 • 3min

Benefits of Using an LLC for Asset Protection

20:58 • 16min

Choosing the Right Entity for Real Estate Investing

36:29 • 3min

Discussion on Building a Structure for Growth and Success

39:10 • 3min

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen unpack the complexities of business structures and their tax implications. They delve into a variety of topics, including the advantages of transitioning a side hustle to an S Corp, the intricacies of tax management for partnerships and LLCs, and the strategic use of different entities for business owners and real estate investors.

Here is what you can look forward to:

In-depth explanation of various legal and tax strategies such as the asset protection benefits of LLCs, the tax savings provided by S-Corporations, and the correct timing and situation for employing these entities.
The hosts debunk commonly held misconceptions about managing taxes for small businesses and provide tried and tested strategies for maximizing tax savings.
A discussion on the vital role of a board of advisors in a business, with insights into how strategic planning can contribute to tax savings and overall business growth.
Mark and Mat explore the tax implications of infusing more capital into your business and aptly handling 'phantom income'.
Both hosts emphasize the importance of seeking professional advice before making significant tax and legal decisions, highlighting the intricate nature of these matters and the potential for costly errors.

Don't miss this episode if you're looking for expert advice on effectively managing your small business taxes, understanding complex tax strategies, and maximizing your tax savings.

Grab my FREE Ultimate Tax Strategy Guide HERE!
Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification.
You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
Looking to connect with a rock star law firm? KKOS is only a click away!
Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
Craving more content? Check out my Instagram!