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What exactly is an S Corporation, and how can it save your small business money on taxes? In this video, Nelly Akalp, CEO and Founder of CorpNet.com, breaks down everything you need to know about the S Corporation election.
While many think an "S Corp" is a type of business entity, it is actually a tax election that can be applied to a Corporation or LLC. Watch to learn how this status can help you avoid double taxation, reduce self-employment taxes, and gain credibility with clients and investors.
In this video, we cover:
- What is an S Corporation? (Subchapter S Tax Election)
- How to become an S Corp: Forming your entity and filing IRS Form 2553.
- Top 4 Benefits: Tax savings, pass-through taxation, credibility, and audit protection.
- Who Qualifies? Requirements for shareholders, stock classes, and residency.
- When should you switch? (Income thresholds and profitability).
In this comprehensive and easy-to-understand video, we break down what an LLC (Limited Liability Company) is, how it works, and why it’s one of the most popular business structures in the United States. Whether you’re launching a small business, freelancing, or just curious about your options, this video explains everything you need to know.
What You’ll Learn in This Video:
- The basic definition of an LLC
- How an LLC separates your personal assets from your business liabilities
- Why entrepreneurs and small business owners choose LLCs over corporations or sole proprietorships
- The step-by-step process for forming an LLC in your state
- Key tax advantages and legal protections offered by LLCs
- Tips on deciding if an LLC is the right structure for your business