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Choosing The Entity That Best Fits Your Business Needs...
 
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When creating your business, you have four basic entity types you can choose to use. You can choose to be a Sole Proprietorship, this is the simplest option to start a business. Then you have General Partnership, S Corporation, C Corporation, and Limited Liability Company. Each one has its advantages and disadvantages, based on what you sell, your business's finances, and the number of owners the business will have. As a business owner you have to select the structure that best fits your business needs.
Views: 99854 You Can Reach J
Sole Proprietor, LLC, or Corporation? - All Up In Yo' Business
 
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What The Heck is an S Corporation?: https://youtu.be/i5to7Da3wMw Top 10 Things Every LLC Needs: https://youtu.be/T826TLGEK9w The three most common types of structures for a small business are the sole proprietor, LLC, and corporation. These are by no means the only options for business structure; there are many more options out there (e.g., general partnerships, limited partnerships, limited liability partnerships, cooperatives, non-profit corporations, etc.). If you are operating as a sole proprietor, this means that you have not really formed any legal structure of a business entity. If you are just an individual making income from providing services or selling products and you have not registered anything with your state, then you are already operating as a sole proprietor. If you are operating under a trade name (e.g., if I am operating a lawn mowing service under the name “Aiden’s Lawn Mowing Service,” that would be the trade name), then you should file a Statement of Trade Name with the Secretary of State in order to register the fact that you are operating under that trade name. However, just because you file your trade name does not mean that you are an LLC or any kind of entity; you are still just a sole proprietor. The LLC is the most popular entity formation and that is because (in Colorado, at least) an LLC is inexpensive and relatively simple to start and run. To form an LLC, all you have to do is file Articles of Organization with the Secretary of State (or whatever agency operates business organizations in your state) and boom! you've got yourself an LLC. Of course, there are other things you need to do to make sure your LLC is going to protect you personally and to avoid piercing the corporate veil. Similar to a sole proprietor, all of the income to the business is taxed as if it were personal income to the business owner. Finally, the biggest difference between an LLC and sole proprietor is that an LLC does give you that liability protection. So, if there is a lawsuit, or if the LLC is subject to some liability, then you as the business owner should be personally protected and your personal assets would most likely be safe from those liabilities. When I say "corporation" in this context, I am referring to a C-Corporation specifically. (I'm going to touch on the S-Corporation in just a minute.) The corporation is a little bit more complicated and expensive to set up, but there are some instances where it would be useful to have a corporation. First, it’s important to know that there are three groups of players in a corporation: Shareholders, Board of Directors, and Officers. Shareholders are basically the owners; they own shares of the corporation. The Board of Directors is responsible for making decisions about the operation of the corporation. And the Officers are generally those that are actually participating in the business and managing the business and all of its activities. Despite these various players, a small business can still form as a corporation and the Shareholder, Board of Directors, and Officers can all be one person. In other words, one person can hold multiple positions within the corporation. To create a corporation, you will need to file Articles of Incorporation with the Secretary of State. You will also need to write Bylaws, which are essentially the same as an Operating Agreement. The Bylaws say how the corporation is going to be run and managed and operated. If there are going to be multiple shareholders, then you will probably also want to have a Shareholder Agreement. One of the biggest drawbacks of a corporation is that corporations are subject to double taxation. When money comes into the business it is taxed at the corporate rate as income to the corporation, then when money is distributed to the shareholders, it is taxed again as dividends to the shareholders. Finally, just like an LLC, the corporation provides liability protection to the Shareholders, the Board of Directors, and the Officers in most instances. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 175322 180 Law Co. LLC
Exploring business entity types | Small business | lynda.com
 
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So you want to start a small business. How should you structure it? Learn about business entity types such as sole proprietorships, partnerships, and corporations, and explore the benefits of each in this tutorial. Watch the follow-up movies at http://www.lynda.com/Business-Business-Skills-tutorials/Small-Business-Secrets/156584-2.html?utm_campaign=UEGkczPJJ9Q&utm_medium=social&utm_source=youtube-earned. This specific tutorial is from the Small Business Secrts series presented by lynda.com author Dave Crenshaw. This series covers small business topics such as getting started, writing a business plan, determining your most valuable product or service, hiring people, managing processes, documenting systems, bootstrapping, seeking funding, accounting, controlling costs and profit margins, marketing, creating culture, and more.
Views: 16429 LinkedIn Learning
Finding the Right Business Structure
 
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Will you form a sole proprietorship? A partnership? A corporation? A limited liability company? There are pros and cons to each. Watch this video to learn how each structure can affect operations, registration and filing fees, liability, and taxation.
Views: 29605 John Deere
How to Choose the Right Business Structure
 
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By reviewing the pros and cons of these four common business structures, you can determine which one will benefit you most. more at: http://www.entrepreneur.com/article/244190 Watch more videos at: http://www.entrepreneur.com/video Follow Us On Twitter: https://twitter.com/entrepreneur Buy Mark’s Educations Products Today! Link - http://markjkohler.com/product/ Subscribe now! https://www.youtube.com/subscription_center?add_user=MarkJKohler
Views: 37253 Entrepreneur
Types of Business Entity | Private Limited | LLP | Partnership Firm | Public Company | OPC
 
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To get the most profit out of your business, choose the right entity. Selecting the right type of company or entity for your new business helps maximize your chances of financial and operational success. To know, Which Business Entity suits you most, watch this video completely. #BusinessEntity #SmallBusiness #Company #PartnershipFirm #LLP
Views: 987 Vyapar Munch
All Up In Yo' Business: Choosing a Business Entity
 
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In this episode of All Up In Yo' Business, I discuss the most popular types of business entities: Sole Proprietorship, General and Limited Partnership, Corporation, and Limited Liability Company. If you are in Colorado and would like to talk to me personally about starting a business or to discuss your estate planning needs, please email me or call my office! Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 10134 180 Law Co. LLC
The Best Legal Entity for Real Estate Investing
 
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The Best Legal Entity for Real Estate Investing As a real estate investor, it’s a wise decision to purchase your rental properties within a legal entity. Doing so provides protection to your personal assets, and provides enormous tax benefits. But is there a legal entity that is best for real estate investing? In this video, I’ll discuss the different types of legal entities, and how to choose which is best for your real estate investing business. I’ll share the importance of consulting with lawyers and accountants when making this decision. You’ll also learn exactly how I’ve been advised to set up my business entities, including in which states, and how many properties each entity supports. BOOK A FREE CALL WITH OUR TEAM TODAY AT MORRIS INVEST: https://goo.gl/DNIIh0 CHECK OUT OUR OTHER GREAT VIDEO PLAYLISTS LIKE: VIDEOS ABOUT TURNKEY REAL ESTATE INVESTING: https://goo.gl/1bGEhB OR VIDEOS ABOUT GETTING STARTED IN REAL ESTATE https://goo.gl/dPfWeY OR VIDEOS ABOUT REAL ESTATE NEWS https://goo.gl/m1b3U8 SUBSCRIBE AND JOIN OUR AWESOME COMMUNITY: https://goo.gl/Polf6I LISTEN TO THE PODCAST: iTunes: https://goo.gl/vM969n FOLLOW ME ON SOCIAL MEDIA: Twitter: http://www.twitter.com/claytonmorris Facebook: https://www.facebook.com/MorrisInvest Instagram: https://www.instagram.com/claytonmorris
Views: 16775 Morris Invest
Business Entities - Partnership
 
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Check out Bas Rutten's Liver Shot on MMA Surge: http://bit.ly/MMASurgeEp1 Keith Hall, a registered CPA and small business owner with over 20 years experience is here to help you with your small business questions. In this video, Keith explains the benefits and pitfalls of choosing a Partnership as your business entity. Check out the rest of our tax videos here: http://www.youtube.com/view_play_list?p=C90C48F4B15F6911 Check out the related Mahalo Pages: How to Avoid a Tax Audit: http://www.mahalo.com/how-to-avoid-a-tax-audit How to Check Your Tax Refund Status: http://www.mahalo.com/how-to-check-your-tax-refund-status How to File For a Tax Extension: http://www.mahalo.com/how-to-file-for-a-tax-extension How to File Taxes If You Haven't Filed in Years: http://www.mahalo.com/how-to-file-taxes-if-you-havent-filed-in-years How to File Taxes as a Gay Married Couple: http://www.mahalo.com/how-to-file-taxes-as-a-gay-married-couple How to Determine Your Tax Filing Status: http://www.mahalo.com/how-to-determine-your-tax-filing-status How to Choose the Right Tax Forms: http://www.mahalo.com/how-to-choose-the-right-tax-forms 1040ez Tax Form: http://www.mahalo.com/1040ez-tax-form How to Organize Tax Documents: http://www.mahalo.com/how-to-complete-a-1040ez-tax-form How to Set Up a Tax Payment Plan: http://www.mahalo.com/how-to-set-up-a-tax-payment-plan Check out more Mahalo playlists: 2011 Grammy Guitar Lessons: http://www.youtube.com/view_play_list?p=554B7E896F42D97C How to Cook: http://www.youtube.com/view_play_list?p=7016D638D52E3652 How to Bake: http://www.youtube.com/view_play_list?p=26285631199B5B14 Mahalo Daily Videos: http://www.youtube.com/view_play_list?p=4F1A4F3978CDD3EC How to Play the Xylophone: http://www.youtube.com/view_play_list?p=F1EFA91B8B5F3929 Green Living: http://www.youtube.com/view_play_list?p=3CA63D48E28E7759 How to Speak Russian: http://www.youtube.com/view_play_list?p=31098EC11EAF8623 Mahalo Travel: http://www.youtube.com/view_play_list?p=F348A1D1C148415D Learn Biology: http://www.youtube.com/view_play_list?p=16EB9E5F60FAD9BD How to Play Guitar Songs: http://www.youtube.com/view_play_list?p=BE077DEF7EB33D00
Views: 36677 mahalodotcom
Business Studies - Legal Structure Structure: Business Exam Tips
 
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Get Unlimited Access to GCSE Tutor Videos & Online Revision Here for £19.99: http://www.revisionapp.co.uk/product/online-gcse-revision. The legal structure a business chooses is fundamental to the way it operates. This legal framework determines who shares in the profits and losses, how tax is paid, where legal liabilities rests. It also determines the nature of a business' relationships with business associates, investors, creditors and employees. There are three options for a business' legal structure: Firstly, sole traders. These are individuals who run an unincorporated business on his or her own. Sometimes otherwise known as a "sole proprietor" or (in the case of professional services) a"sole practitioner". Examples of these are mobile hairdressers, plumbers, market traders etc. Sole traders are legally allowed to have paid staff but have full responsibility in financing them from their own pockets. This may be from loans or savings. However, they'll always have full control of the business and take all the profits! One of the benefits of being a sole trader is that it's the most straight-forward option. Individuals are taxed under the Inland Revenue's Self-Assessment system, with income tax calculated after deduction for business expenses and personal allowances. One of the disadvantages of being a sole trader is that they face unlimited liability for their debts. There is no legal difference between the business and the owner. If the businesses is in trouble, so is the owner! An alternative option is to incorporate a company. This will give the business a separate legal identity from the owners. Profits and losses are the company's and it has its own debts and obligations. Unlike sole trading, the company continues despite the resignation, death or bankruptcy of management or shareholders. An incorporated company also offers the best vehicle for expansion and the potential for investment from outside sources. The two main types of companies are private limited companies and public limited companies. Private limited companies are often small, family run businesses which are owned by shareholders. Every shareholder must have involvement in the business and none of the shares are allowed to be sold to the public. Public limited companies (also known as PLCs) are a much larger type of joint-stock company. They can sell its shares on the Stock Exchange to the public and can raise a lot more finance. The third structure is a partnership. A partnership is an association of individuals and generally there will be between 2 and 20 partners. Common examples of a partnership include doctor's surgeries, veterinarians and solicitors. Unlike an incorporated company a partnership does not have a "legal personality" of its own. This means that each partner is responsible for the debts of the partnership. Normally, partners share the profits equally. Therefore the operation of a partnership is usually governed by a "Partnership Agreement" which details the responsibilities and rights of each partner. It is really important that if you enter a partnership, you pick the right people!
Types of business entity
 
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A business entity is a commercial, corporate and/or other institution that is formed and administered as per commercial law in order to engage in business activities, usually for the sale of a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability company and other specifically labelled types of entities. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, e.g. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 962 Audiopedia
Basic Concepts. 10. Legal Entities
 
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A legal entity is an independent unit that is legally constituted to engage with others. There are two main types of legal entities, one is people-based, and the other one is capital-based. People-based entities are ideal for organizations where the individuals' reputation is tied to the prestige of the organization, like accountants, lawyers, hairdressers. Capital-based entities have much more flexibility in terms of ownership. There are hybrid types too. If you are waiting to establish an entity, you can get a DBA - doing business as- in the local county in the US.
Views: 3668 Wealthing
How to Choose the Best Legal Entity for Your Business
 
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Choosing a legal entity can be complicated, but it can help protect your business's assets. Attorney Mark Kohler explains. Watch more videos at: http://www.entrepreneur.com/video/ More 60 Second Solutions: http://entm.ag/60secsolutions Follow Us On Twitter: http://entm.ag/EntTwitter Like Us On Facebook: http://entm.ag/EntFacebook Follow Us On LinkedIn: http://entm.ag/EntLinkedin Add Us To Your Circle on Google Plus: http://entm.ag/EntGoogleplus Subscribe To Our YouTube Channel: http://entm.ag/EntYoutube Buy Mark’s Educations Products Today! Link - http://markjkohler.com/product/ Subscribe now! https://www.youtube.com/subscription_center?add_user=MarkJKohler
Views: 595 Entrepreneur
Best Legal Entity for Real Estate Investing
 
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Discover the best legal entity if you are going to be investing in real estate
Views: 241905 Phil Pustejovsky
Corp 101: The Basics of Corporate Structure
 
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http://businessroundtable.org/ Corporations 101: The Basics of Corporate Structure. Check back soon for more on the inner workings of corporations. https://www.facebook.com/BusinessRoundtable
Views: 215399 Business Roundtable
What Legal Business Entity Should I Choose For My Hair Salon?
 
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Listen to other episode here: http://www.profitandbeauty.com/ On today's show, I am going to talk about two area that I receive a lot of questions about. What type of legal entity should I choose for my business and should I open up a separate bank account for my business Let’s start with the first question regarding legal entities. Let me first say that there is no right or wrong choice when it comes to picking a legal structure for your business. It all depends on your long and short-term goals, as well as how you want to run your business. It is okay to start out with one particular entity type and switch later on. As for whether you should maintain a separate bank account for your business, the answer is yes. Some businesses legally have to separate business and personal funds. If your company is a separate legal entity, business funds must be in a separate bank account. Even if you are not required to use a business bank account, you may want to consider maintaining a separate business account because it can get quite confusing using one bank account for both personal and business.
Views: 11 Profit & Beauty
Choosing The Right Business Entity
 
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You know that you are ready to start a business, and now the question is what type of entity should you form for your specific business situation? There are many different choices and it is important that you understand your options so that you will choose the right one. Join Aaron Young, author of the best-selling book “The Corporation Manual”, as he describes the common entity types like C-Corporations, S-Corporations, Limited Liability Companies (LLCs), and Non-profit organizations. He will discuss the benefits of each entity type to help you understand what is right for you. Aaron Young is CEO of Laughlin Associates, a company who offers professional Corporation and LLC formation services, advanced asset protection strategies, and corporate compliance assistance. Laughlin Associates has been in business since 1972 and has helped over 80,000 small businesses succeed. Visit: http://www.LaughlinUSA.com to learn more on how we can help you take the right steps or call 1-800-648-0966 for a complimentary consultation.
Views: 4715 laughlinusa
Types of Business Organizations
 
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Types of Business Organizations: This short video discusses the four main types of business organizations. It will also provide some advantages and disadvantages for the types of organizations.
Views: 75292 Daniel Mares
Ep. 2: What are the Types of Legal Business Entities
 
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http://diyentrepreneurguides.com Submit a Question: http://diyentrepreneurguides.com/diyentretv/submit-a-question Small business consultant and attorney discusses the different types of legal business entities you can use when forming your own small business. https://www.facebook.com/thediyentrepreneur/
Legal Business Entities
 
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Michael Massey - lawyer with Massey, Higginbotham, Vise, and Phillips, PA - discusses the different types of legal business entities (S corporations, C corporations, LLC's) and the liability protection offered by and tax considerations for each type.
Views: 206 NREmsstate
The Best Corporate Entity for a New Business
 
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Jason Nazar, CEO & Co-Founder of Docstoc (‪http://www.docstoc.com/‬) explains there are a variety of different options for business structures available to entrepreneurs. In this video, Jason discusses the 4 main types of business entities and which might be right for your new business. Driving internet traffic to your site can make or break the business, it's vital to understand how to get eyeballs on your site. FOR MORE EXPERT CONTENT VISIT: http://www.docstoc.com/resources/videos Docstoc is the largest online collection of business and legal documents to help you grow and manage your small business and professional life. http://www.docstoc.com/docs/82890107/The-Best-Corporate-Entity-for-a-New-Business
Views: 3415 docstocTV
What Type Of Small Business Legal Entity Should You Form?
 
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Corporation? LLC? Partnership? Canton Ohio Attorney Richard Nicodemo discusses the various legal entities a small business can form, and the one big issue you need to consider before you choose any one of them. Nicodemo And Wilson, 330-452-8831. 124 15th St.N.W. Canton, Ohio 44703.
Views: 1224 nicodemoWilson
Differences in Business Entities
 
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Check out Bas Rutten's Liver Shot on MMA Surge: http://bit.ly/MMASurgeEp1 http://www.mahalo.com/differences-in-business-entities/ Keith Hall, a registered CPA and small business owner with over 20 years experience is here to help you with your small business questions. In this video, Keith explains the difference between business entity forms. Check out the rest of our tax videos here: http://www.youtube.com/view_play_list?p=C90C48F4B15F6911 Check out the related Mahalo Pages: How to Avoid a Tax Audit: http://www.mahalo.com/how-to-avoid-a-tax-audit How to Check Your Tax Refund Status: http://www.mahalo.com/how-to-check-your-tax-refund-status How to File For a Tax Extension: http://www.mahalo.com/how-to-file-for-a-tax-extension How to File Taxes If You Haven't Filed in Years: http://www.mahalo.com/how-to-file-taxes-if-you-havent-filed-in-years How to File Taxes as a Gay Married Couple: http://www.mahalo.com/how-to-file-taxes-as-a-gay-married-couple How to Determine Your Tax Filing Status: http://www.mahalo.com/how-to-determine-your-tax-filing-status How to Choose the Right Tax Forms: http://www.mahalo.com/how-to-choose-the-right-tax-forms 1040ez Tax Form: http://www.mahalo.com/1040ez-tax-form How to Organize Tax Documents: http://www.mahalo.com/how-to-complete-a-1040ez-tax-form How to Set Up a Tax Payment Plan: http://www.mahalo.com/how-to-set-up-a-tax-payment-plan Check out more Mahalo playlists: 2011 Grammy Guitar Lessons: http://www.youtube.com/view_play_list?p=554B7E896F42D97C How to Cook: http://www.youtube.com/view_play_list?p=7016D638D52E3652 How to Bake: http://www.youtube.com/view_play_list?p=26285631199B5B14 Mahalo Daily Videos: http://www.youtube.com/view_play_list?p=4F1A4F3978CDD3EC How to Play the Xylophone: http://www.youtube.com/view_play_list?p=F1EFA91B8B5F3929 Green Living: http://www.youtube.com/view_play_list?p=3CA63D48E28E7759 How to Speak Russian: http://www.youtube.com/view_play_list?p=31098EC11EAF8623 Mahalo Travel: http://www.youtube.com/view_play_list?p=F348A1D1C148415D Learn Biology: http://www.youtube.com/view_play_list?p=16EB9E5F60FAD9BD How to Play Guitar Songs: http://www.youtube.com/view_play_list?p=BE077DEF7EB33D00
Views: 12973 mahalodotcom
Tax Difference between LLC and S-Corp - LLC vs. S Corporation explanation (FREELANCE TAX & 1099 Tax)
 
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Best LLC vs. S-Corp walk through on the internet! Follow us at: Twitter - https://twitter.com/feedbackwrench Facebook - https://facebook.com/feedbackwrench Instagram @feedbackwrench What's the tax difference between an LLC and an S-Corp? What's better, an S Corp or an LLC? How to convert to an S Corporation? Are there tax savings when you become an S-Corp? What business type should I be? How to choose a business type? There are dozens of questions that people have concerning their business entity type. The bottom line is that people are usually trying to pay their fair share and not a penny more - that's the most important thing to them. If you're looking for tax planning advice, ways to reduce your taxes, legal tax loopholes, the best tax loopholes for small business or the best tax write offs for small business - the foundation starts with your business entity type. You should make a wise decision about becoming a limited liability company taxed as a sole proprietor or an S-Corp, because it might save you in self employment, social security and medicare taxes. Social security taxes for an S-Corp are important to figure out! So is figuring out the medicare taxes on an LLC or an S-corp. We hope this video helps you out a ton!
Views: 270748 FeedbackWrench
How to Start Your Own LLC or Corporation (It's Easier Than You Think!)
 
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http://retipster.com/mycorporation http://retipster.com/how-to-start-your-corporation-or-llc/ As most real estate investors know, there are a lot of “little challenges” to overcome when starting a new business. If you’re serious about taking the right steps in the beginning, one of the first things you’ll want to get squared away is the legal formation of your business entity. Most real estate investors (myself included) own their properties under the name of an LLC (aka – Limited Liability Company) and there are a few reasons why: - An LLC can protect your personal assets from business-related lawsuits. - An LLC has tax advantages that allow for “pass-through taxation” (whereas most other corporations are double-taxed). - An LLC offers instant credibility with many of your customers. Now let me be clear... I'm not trying to advise you on what type of legal entity you should form for your business. I'm not an attorney or an accountant (and even if I was - I have no idea what your goals and business objectives are). I'm not saying that you should copy what I'm doing in the instructions above, I'm just showing you one of the many ways it can be done. Forming your own corporation may sound like a complicated legal process, but it's actually quite simple and you can do it in a matter of minutes. With an online service like MyCorporation (see above), you can avoid the mind-numbing minutiae of trying to figure out the process in your state AND save yourself hundreds of dollars by allowing them to walk you through the process. An alternative option is to hire an attorney, since they can give you the best advice and make sure everything is being fine-tuned to fit your situation, but if you're on a shoestring budget (like I was in the beginning), a service like MyCorporation is probably your next best option. Here's a quick overview on how to do it... #realestate #retipster #sethwilliams #realestateinvesting #landinvesting
Views: 110463 REtipster
LLC or Corporation: Which is Better
 
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Curious which is a better entity structure for your business, an LLC or Corporation? The answer depends on your business goals, as both entity types have pros and cons. Part of video series entitled Genesis Law Firm Teaches. For more free legal guides, visit http://www.genesislawfirm.com and click on the 'resources' tab.
Views: 32432 Genesis Business
Choosing Business Entity Type
 
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Which Business Entity Is Right For Me? Once decided to become involved in a new business venture, how would you know which legal entity is the right for you? The choice of entity would influence many aspects of the life of your business, from taxation to limiting liability, and more. Let's start by reviewing the most common types of entities, available for people doing business in the United States: Sole Proprietorship & General Partnership A sole proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. General Partnership is similar to Sole Proprietorship, except it is owned and run by two or more partners. All profits and all losses accrue to the owner(s) (subject to taxation). All assets of the business are owned by the proprietor (or the general partners), and all debts of the business are debts of the owner(s) and must be paid from owner(s)' personal resources, meaning that the owner(s) has unlimited liability. A sole proprietor may do business with a trade name (DBA) other than his or her legal name. This also allows the proprietor to open a business account with banking institutions. It is a 'sole' proprietorship in the sense that the owner has no partners. General Partnership usually does business under a trade name as well. Establishing a sole proprietorship is cheap and relatively uncomplicated. You don't have to file any papers to set it up - you create a sole proprietorship just by going into business. In other words, if you'll be the only owner of the business you're starting; your business will automatically be a sole proprietorship, unless you incorporate it or organize it as an LLC. Of course, you do have to get the same business licenses and permits as any other company that goes into the same business. It is also advised to register a DBA ('Doing Business As') name with the state for your business. General Partnership is established by drafting a partnership agreement and obtaining EIN for tax purposes. Registering a DBA is advisable in order to be able to legally operate under the chosen business name. Advantages: One takes all the profits of the business - no corporative taxes on the profits made, No double taxation Easy to start up Relatively fewer regulation Full control over the business Easy to discontinue Quick decision process. Disadvantages: Unlimited liability - owner(s) of the business is (are) responsible for the business's debts, If business becomes successful, the risks accompanying the business tend to grow, Hard time raising capital - owner(s) have to make up for all the business's funds, C Corporation https://www.myusacorporation.eu/business-entity.html MyUSACorporation is your reliable partner since 2009.
Business Entities - Sole Proprietorship
 
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Check out Bas Rutten's Liver Shot on MMA Surge: http://bit.ly/MMASurgeEp1 http://www.mahalo.com/business-entities-sole-proprietorship/ Keith Hall, a registered CPA and small business owner with over 20 years experience is here to help you with your small business questions. In this video, Keith explains the benefits and pitfalls of choosing a sole proprietorship as your business entity. Check out the rest of our tax videos here: http://www.youtube.com/view_play_list?p=C90C48F4B15F6911 Check out the related Mahalo Pages: How to Avoid a Tax Audit: http://www.mahalo.com/how-to-avoid-a-tax-audit How to Check Your Tax Refund Status: http://www.mahalo.com/how-to-check-your-tax-refund-status How to File For a Tax Extension: http://www.mahalo.com/how-to-file-for-a-tax-extension How to File Taxes If You Haven't Filed in Years: http://www.mahalo.com/how-to-file-taxes-if-you-havent-filed-in-years How to File Taxes as a Gay Married Couple: http://www.mahalo.com/how-to-file-taxes-as-a-gay-married-couple How to Determine Your Tax Filing Status: http://www.mahalo.com/how-to-determine-your-tax-filing-status How to Choose the Right Tax Forms: http://www.mahalo.com/how-to-choose-the-right-tax-forms 1040ez Tax Form: http://www.mahalo.com/1040ez-tax-form How to Organize Tax Documents: http://www.mahalo.com/how-to-complete-a-1040ez-tax-form How to Set Up a Tax Payment Plan: http://www.mahalo.com/how-to-set-up-a-tax-payment-plan Check out more Mahalo playlists: 2011 Grammy Guitar Lessons: http://www.youtube.com/view_play_list?p=554B7E896F42D97C How to Cook: http://www.youtube.com/view_play_list?p=7016D638D52E3652 How to Bake: http://www.youtube.com/view_play_list?p=26285631199B5B14 Mahalo Daily Videos: http://www.youtube.com/view_play_list?p=4F1A4F3978CDD3EC How to Play the Xylophone: http://www.youtube.com/view_play_list?p=F1EFA91B8B5F3929 Green Living: http://www.youtube.com/view_play_list?p=3CA63D48E28E7759 How to Speak Russian: http://www.youtube.com/view_play_list?p=31098EC11EAF8623 Mahalo Travel: http://www.youtube.com/view_play_list?p=F348A1D1C148415D Learn Biology: http://www.youtube.com/view_play_list?p=16EB9E5F60FAD9BD How to Play Guitar Songs: http://www.youtube.com/view_play_list?p=BE077DEF7EB33D00
Views: 28624 mahalodotcom
What type of legal entity should my business become?
 
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Discusses sole proprietorships, partnerships, C-corporations, S-corporations and LLC's and their tax consequences. For more information, visit ParrottCPA.com.
Views: 347 ParrottCPA
Types of Corporations
 
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Resnick VID08 Corporations
Views: 237 Resnick Law, P.C.
How to Start Business and make money unlimited 🤑 legal entity types Explained in Hindi
 
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how to start eCommerce business in India Step by step in Hindi , Register your Business in India, "legal entity types" How to start online business in india किस टाइप की आप कम्पनी आप ओपन करने चाहते है ? 1. Service Based Business 2. Product Based Business- 3. Services + Product Business- Types of business ---- 1. Sole Proprietorship 2. Partnership Firm 3. Private Limited Company 4. LLP and so on…. Online Marketing-Digital Marketing, Getting started 1.Brand name or Business name 2. Business or brand Logo 3. Strategy 4. Target Your Audience 5. Analysis your competitors 6. Social media 7. Make a Mobile App 8. SEO(Online Marketing) 9. SEM(Paid marketing) 10. SMO(social Media optimization) 11. Super Branding How to Business- https://goo.gl/6xmjOk My Gear- Camera Canon EOS 700D- http://amzn.to/2jIerIz 4k action camera- http://amzn.to/2lti31f Mic- http://amzn.to/2jIiIvr , http://amzn.to/2k7GsJf Clip Collar mic - http://amzn.to/2m0ZOmQ Tripod- http://amzn.to/2jIs76x | http://amzn.to/2k7HPIa Mini Tripod- http://amzn.to/2m0Rqnh Light setup- http://amzn.to/2jIwgr2 | http://amzn.to/2jol9lZ | http://amzn.to/2jIpgKP Memory card - http://amzn.to/2jorOg2 | http://amzn.to/2jIoXPS Headphone- http://amzn.to/2joaFmC Mobile- http://amzn.to/2jogVei For more items- http://amzn.to/2jIqNAs Hey guys! My name is “Ranjeet Kumar shah” but you can also call me “Ranjeet SEO Expert or Digital marketing Expert”! In this channel you will find SEO, SMO, PPC , Online Marketing , Digital Marketing, How to start Online business, Best app for mobile, Make money online, latest gadgets review, you can get all types of Videos and many more! You won't regret it. We help optimize your website through Digital Marketing. We offer quality SEO, PPC, SMO Services. Contact- [email protected] Tutorials Playlist- SEO Tutorials for beginners: - https://goo.gl/p3qqqM Google ad words or PPC step by step full tutorials- Hindi- https://goo.gl/lmIJ6X Online Marketing or Digital Marketing Tips & Tricks: https://goo.gl/SduLR2 YouTube tutorials basic to advanced tips and tricks: https://goo.gl/MmuH7v Outlook tutorials basic to advanced step:- https://goo.gl/ZJa1SL Internet advance tips and tricks:- https://goo.gl/FjNsE8 Blogger tutorial for beginners in Hindi- https://goo.gl/rFI4G7 Google Analytics 2017 Tutorial for Beginners- https://goo.gl/3hc1h2 Google webmaster tools tutorial in Hindi - https://goo.gl/WmN1HJ whatsapp tips and tricks in Hindi- https://goo.gl/1cRQBp how to start a career in digital marketing- https://goo.gl/LyvXaJ Google Advance Tips and Tricks- https://goo.gl/JTfnKh Computer Advance Tips and Tricks – Hindi- https://goo.gl/hX0TGy Best and smart Apps for mobile: - https://goo.gl/NjGI8X Subscribe the channel for Internet Technology, SEO, SMO PPC, Google Analytics, Google Webmasters, Google Keywords planner Technology Learning Video Tutorials in Hindi. SUBSCRIBE “Ranjeet SEO Expert” More Videos: https://goo.gl/lSoxKK Follow US- Website and blog: - https://goo.gl/FNn0nW | https://goo.gl/TlIgYZ Facebook: - https://goo.gl/KtVFCy SEO SMO PPC Facebook Page: - https://goo.gl/TBQeSI LinkedIn: - https://goo.gl/QtWqFd Twitter: - https://goo.gl/9AQhsi Facebook fan page: - https://goo.gl/B4YEeW -~-~~-~~~-~~-~- Please watch: "ऑनलाइन पैसे कमाने का नया तरीका | बिना पैसे लगाये RESELLING बिज़नस स्टार्ट करे ! और पैसे कमाए" https://www.youtube.com/watch?v=hHczwOiozcs -~-~~-~~~-~~-~-
Should I File as Sole Proprietor, LLC or C Corporation?
 
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Choose the best product to sell on Amazon with this FREE tool: 🔥https://justonedime.com/lm/product-research-evaluation🔥 💪🏼 We show you step-by-step, from A to Z, how to build a successful business on Amazon that works for you instead of you working for it.💪🏼 🔥 https://justonedime.com/amazon-fba-coaching 🔥 Succeed on Amazon with 5 hours of weekly live coaching for an entire year, plus everything you need to utterly crush it on Amazon 👉🏻 https://justonedime.com/coaching 👈🏽 We are a growing network of entrepreneurs, impacting the world by helping those in need, investing in opportunities and new ideas, creating wealth, and living a life of meaning. ★ Follow us ★ ➜ Instagram: @sethkniep ➜ Twitter: @justonedime 🔥Beast up on knowledge 🔥 ➜ Just One Dime Amazon Warriors Facebook page: https://www.facebook.com/groups/jod.amazon.warriors/ ➜ Just One Dime Amazon Warriors iTunes podcast https://justonedime.com/itunes ➜ Just One Dime Blog: https://justonedime.com/blog If this video was helpful to you, please like, subscribe, and comment below! Subscribe here ➜ http://bit.ly/JustOneDimeSubscribe Setting up a business includes 10 million little tasks and legal hurdles to jump over that no one really has time for. I hope this video saves you time by breaking down the advantages and disadvantage of filing as a Sole Proprietor versus Limited Liability Company (LLC) versus a C Corporation. In the video when I talk about filing as a "corporation" I meant to say "C Corp" as there are more than one types of corporations. My advice is not meant to be legal advice so please make sure you check with a lawyer and do your research if you are unsure about your decision. But any advice I can help you with, let me know and I'll share what I DO know.
Views: 14310 Seth Kniep
Forming A Business Entity
 
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Foster Swift attorney Joel Farrar talks about the legal criteria individuals should consider when selecting the business entity for new businesses. A Limited Liability Company may or may not be the best option.
Views: 266 FosterSwift
Selection of Business Entity Type
 
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Are you thinking about starting a business? Watch this video by Barry Frantz, EA Partner at Terry Lockridge & Dunn discuss the many types of business entities to chose between and the pros and cons of each. Even if you already have a business, you may want to consider making an entity type change if the circumstances are right.
Views: 148 TerryLockridgeDunn
Business entity types
 
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A summary of the four primary small business entity forms
Views: 411 121mainstreet
Business Startup Tips - LLC vs S Corp: Which is better to minimize tax?
 
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Business Startup Tips - LLC vs S Corp: Which is better to minimize tax? ONLINE COURSE - Complete Guide to Choosing the Right Business Structure http://bit.ly/2cm5EYI JOIN 1,000+ STUDENTS WHO HAVE CHOSE THE CORRECT BUSINESS STRUCTURE FOR THEIR BUSINESS & INCORPORATED THEIR BUSINESS ON THEIR OWN! Are you an entrepreneur, online business owner, or small business owner? Are you confused about how to start your business? Do you want to know the difference between a Sole Proprietorship, Limited Liability Company, or Corporation? This course is a comprehensive overview to help you understand the differences and advantages and disadvantages of the most common business types, including: Sole Proprietorship, Partnership, Limited Liability Company LLC, C-Corporation, and S-Corp. Most people are surprised to find out that you don't need a business lawyer to choose and form the correct business structure for your business. For less than the cost of one-hour of legal work, you’ll be in great position to start your business and save money on a business lawyer. All businesses are taxed on their net profit (or loss) which is computed by taking sales less allowable deductible expenses. An LLC's tax is paid on the owner's individual tax return based on percentage of ownership in the company. If you are a 50% owner of an LLC, with $120,000 of net profit, you pay tax on 50% of that net profit($60,000) on your personal tax return. An S Corporation pays a reasonable salary to the working owner of a business. Then any remaining profit or loss (after subtracting the salary to the owner as a deductible expense) flows through to the owner's personal tax return. Say you are a working 50% owner of a profitable business and you are paid $50,000 in salary. The corporation has $20,000 of net profit of which you are entitled to 50%; therefore, on your personal tax return you would pay tax on the salary of $50,000 plus $10,000 profit which equals $60,000 in total taxable business income. Something else to consider is that if you start with an LLC entity the tax law allows you to switch tax free to an S Corporation once you are an LLC. But, you can not do the reverse. Once you are an S Corporation, you can not switch to an LLC. There are always other tax, legal and financial considerations that should be taken into account when making such an important decision. The video also discusses the need for having a buy-sell agreement, employment contracts. https://www.youtube.com/channel/UCIypuA7lS-FsVG6cMlNCK2w?sub_confirmation=1 Check out some of our other videos Compensation claims - how long should it take https://youtu.be/NuxfrgSTg78 LLC vs S Corp https://youtu.be/4xNCnf9hitw
Views: 9377 The Business Channel
Daliah Saper, Saper Law - Choosing the best entity for your new business
 
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Daliah Saper, Principal Attorney at Saper Law Offices discusses the best entity type for your new business. Congratulations on starting your new business. You're now probably wondering what is the best entity type for me. Should I be a sole proprietor? Should I get a partner and be a general partnership? A corporation, an s-corporation, an LLC -- the options can be very overwhelming. In order to make that decision you need to take a step back and decide -- what type of liability exposure are you comfortable with? What type of tax structure makes most sense for your finances? And probably most importantly what is the degree of flexibility you seek in the management of that business. From the outset I would say that a sole proprietorship or a general partnership are the worst entity types to choose from unless you're in a very low risk, low liability business. Like perhaps making greeting cards out of your home. For most businesses this is not an option because you will be exposed to personal liability in the event that there is ever a dispute regarding your business activities. So that if that greeting card company for example that you started uses a paper that gives lots of people really bad paper cuts and they come to sue you they're going after your assets and your personal bank account. Which means that the next best option is a corporate entity like an inc or a corp or what is very popular these days -- which is an LLC. A corporation is far more rigid with respect to the rules you need to follow in order to maintain corporate formalities. So, in most instances it's not the ideal choice for a small business. Moreover, there's something called double taxation. So, unless you elect to be taxed as what's called an s-corporation you're looking at increased tax liability. An s-corporation is an option and it's something you should talk about with your accountant because of certain tax advantages. But again it may not be a flexible structure for a young start-up company. So, finally there's the LLC which gives you both that personal liability protection as well as a lot of flexibility when it comes to managing your business. To really decide what makes sense for you, you need to consult with your personal accountant and of course give us a call so we can go through your options in more detail. 312 -- 527 -- 4100 saperlaw.com
Views: 391 Saper Law Videos
Creating A Business Entity-Which Type is Best
 
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I am starting a business. Which type of business entity is best for my business? LLC, S Corp, Professional Corporation, or Limited Partnership. Clute Law Firm 118 N. Royal Street, Suite 600, Mobile, AL 36602 http://clutelawfirm.com
Views: 140 Clute Law
Should I Incorporate in Canada?
 
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Sole Proprietor or Corporation in Canada When should I incorporate? What's the difference? We highlight the differences showing setup costs, admin costs, business losses, control, liability, taxes and selling the business.
Views: 5186 Financial Tech Tools
Types of Business Entities
 
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You’re starting a business, but what form your business should take? A Limited Liability Company (“LLC”)? A Corporation? A Partnership? In this episode, Alexander and Peter walk you through business types and entity forms. Join us for a discussion of how your entity or business gives you limited liability for the risks you take on, the differences between various corporate structures, the pros and cons of each, and the criteria for determining which structure your business should use. We’ll also cover each entity types’ governing documents—the LLC’s Operating Agreement and the Corporation’s Articles of Incorporation and Bylaws—as well as their basic tax structures. What entity type or business form should you choose? Am I protected by my business from liability? Are LegalZoom and other online services a wise choice for corporate formation? Where should I form my company? Is Delaware really the best? Listen now for answers to these questions and more in today’s podcast. If you like this podcast and would like to continue listening, please subscribe to The Apex Law Group Podcast on iTunes.
What is a Partnership?
 
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Form your company for just $49 and state filing fees! »»» http://re180.io/FormMyCompany Going into business can be a real challenge, especially when there's more than one owner. In this article I'll explore partnerships—what they are, how to form one, and their advantages and disadvantages. Partnership defined A partnership is a business structure owned by two or more persons who agree to carry on business together for a profit but decide not incorporate or form a limited liability company. There are three types of partnerships: general, limited, and limited liability partnerships. In a general partnership, profits, losses, and managerial responsibilities are shared equally among the partners. Each partner has unlimited personal liability, which means that any or all of each partners' personal assets can be taken in a lawsuit or to settle a debt. A limited partnership is not a partnership in the typical sense. Rather, it is better viewed as an investment financing arrangement. In a limited partnership, there are two classes of partners: the general partner who has unlimited liability and the limited partner whose personal liability is limited to their investment in the business. The general partner manages the business while the limited partner remains silent on the sidelines. The general partner has full legal and financial responsibility for the business while the limited partner remains uninvolved in the management of the business. They typically have no personal liability beyond their investment in the business. Limited partnerships are commonly used for short-term projects, such as filmmaking, or for real estate investments. A limited liability partnership is only available to certain professions, licensed by the state, such as accountants, attorneys, doctors, and engineers. The personal assets of the partners in a limited liability partnership cannot generally be used to satisfy business debts and liabilities. However, the limited liability partnership does not protect the partners for their own negligence or malpractice. In this video, I want to focus our attention on the most common type of partnership, the general partnership. How to form a general partnership Like a sole proprietorship, a general partnership is relatively easy to set up and maintain, as no paperwork is usually required to create it. Once you and at least one other person get together and sell a product or service for money, a general partnership has begun. Partnership status confers solely and automatically from the business activities of you and your partner. And partnership law automatically applies to your business and to you as partner. Each partner contributes to all aspects of the business, including money, property, labor and talent. In return each partner shares in the profits and losses of the business. As with most things, it is usually a good idea to have things in writing, so you should invest the time needed to draft a written partnership agreement. If you don't, the partnership laws of your state will govern how your partnership will operate. Your partnership agreement should include: how the business will be financed; who will do what work; what happens if a partner dies or becomes disabled; and what happens if a partner wants to leave. Partnerships and the IRS The IRS considers a general partnership a "pass-through" entity, which means that, like a sole proprietorship, profits and losses flow through to the partners' individual income tax returns. All the partners will share in the profits and losses of the business as well as be jointly and severally liable for all of its debts, liabilities, and obligations. Each general partner has equal responsibility and authority to run the business and to bind it. What this means is that any one partner can commit the partnership by entering into an agreement on behalf of the partnership. And all the remaining partners will be personally liable, regardless of whether they authorized the agreement or even knew of its existence. Because each partner has unlimited personal liability, a general partnership is the most dangerous type of entity to form. Not only can you be held liable for any agreement your partner enters into, you can also be held liable for any partner's negligence. In addition, each partner is personally liable for all of the partnership's obligations. For example, if you are one of ten partners, you are not responsible for just ten percent of the partnership's obligations. You are responsible for 100 percent. If the other partners are unable to pay their respective shares, you'll be responsible for the entire amount. The shared ownership attribute that characterizes a partnership has distinct advantages and disadvantages. Advantages of a partnership—easy and inexpensive to form, easier to raise capital, more resources Disadvantages of a partnership—unlimited personal liability, loss of independence, limited life
Views: 41710 reference180.com
How to Create Your Own Corporation or LLC (the Easy Way)
 
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Get started at Rocket Lawyer here: http://retipster.com/inc Create your Operating Agreement here: http://retipster.com/oa How to Create an Operating Agreement with Rocket Lawyer: https://youtu.be/Q4T3CTKu_8I Create your Bylaws here: http://retipster.com/bylaws Register for your Employer ID Number here: http://retipster.com/tin For a more detailed blog post on how to start your business entity, be sure to check this out: http://retipster.com/how-to-start-your-corporation-or-llc If you’re serious about taking the right steps to start your business on the right foot, one of the first things you’ll want to get squared away is the legal formation of your business entity. Most real estate investors (myself included) own their properties in the name of an LLC (aka – Limited Liability Company) and there are a few reasons why: - An LLC can protect your personal assets from business-related lawsuits. - An LLC has tax advantages that allow for “pass-through taxation” (whereas most other corporations are double-taxed). - An LLC offers instant credibility with many of your customers. Keep in mind, I'm not an attorney, and not trying to advise you on what type of legal entity you should form for your business. I have no idea what your goals and business objectives are, so I'm not saying that you should copy what I'm doing in the instructions above, I'm just showing you one of the many ways it can be done. Forming your own corporation may sound like a complicated legal process, but it's actually quite simple and you can do it in a matter of minutes. With an online service like MyCorporation (see above), you can avoid the mind-numbing minutiae of trying to figure out the process in your state AND save yourself hundreds of dollars by allowing them to walk you through the process. Another alternative option is to hire an attorney, since they can give you the best advice and make sure everything is being fine-tuned to fit your situation, but if you're on a shoestring budget (like I was in the beginning), a service like MyCorporation is probably your next best option. Affiliate Disclaimer: Overall, I think Rocket Lawyer is a pretty solid option for forming a business entity, but your experience may vary. The link above is affiliate link and at no additional cost to you, I will earn a commission if you decide to purchase this particular tool/service. I recommend this resource because it is helpful and useful, not because of the small commission I make if you decide to buy it. Please do not spend your money on this unless you feel it will help you achieve your goals. #realestate #retipster #sethwilliams #realestateinvesting #corporation #llc
Views: 5977 REtipster
WHAT BUSINESS ENTITY SHOULD I START WITH? CLOTHING BRAND
 
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Want to start a fashion brand or clothing line? Let clothing brand mentor Jon Phenom help. SUBSCRIBE! https://www.youtube.com/subscription_center?add_user=DesignerJonPhenom I offer consultation/ brand coaching for start-ups. +Design +Brand Strategy +Production +Streamlining +EMAIL THE KID: hi (at) jonphenom (dot) com +FB https://facebook.com/CBMJonPhenom/ +INSTAGRAM: http://instagram.com/jonphenom/ +SNAPCHAT @mr.jonphenom +TWiTTERS http://twitter.com/jonphenom
Views: 973 Jon Phenom
WHEN TO FILE FOR AN LLC FOR YOUR SHOPIFY DROP SHIPPING STORE?!
 
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FREE Shopify $100/day Profit Blueprint: [soon] [EcomChallenges: DropShipping Program]: https://www.ecomchallenges.com/dropshipping Get a custom 100% launch-ready Shopify website: https://www.magista.io/apply 69 Profitable Products: https://gumroad.com/l/69products Atlas Lightroom Presets + Free Lightroom App [40 presets for $40]: https://www.atlaspresets.com/ Subscribe to my daily newsletter of secret tips and entertaining knowledge: https://www.thaddy.io/daily-ecom-hacks Join the community! Join the FREE FaceBook Ecom Group: https://www.facebook.com/groups/ecomchallenges/ Like the FaceBook Ecom page: https://www.facebook.com/ecomchallenges/ Video Work by ATLAS MEDIA Executive Producers: Thaddeus Strickland / Isaiah Suko Director: Isaiah Suko Camera Operator: Isaiah Suko Editor: Isaiah Suko Thaddeus Instagram: https://www.instagram.com/thaddy Thaddeus Twitter: https://www.twitter.com/im_thaddy Thaddeus Snap: Thaddeus44
Views: 25235 Thaddy
What's The Right Type Of Business Formation For Me?
 
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LegalFaces Directory http://www.legalfaces.com/attorneys/wealth-strategies-counsel Wealth Strategies Counsel http://www.jrmatsen.com/ (888) 392-6774 Choosing a business entity is so important when starting a business because it impacts dramatically on both the legal protection that the business entity affords and also on your tax consequences. So you have to have a competent attorney to assist you in making these decisions. Because if you dont, then youre going to pay more taxes then you should and youre not going to have the protection that you need in order to properly operate the business. Im Jeff Matsen and Im the founding and managing partner of Wealth Strategies Counsel. We help people preserve, protect and transfer their legacy to the next generation in the most cost saving and efficient manner possible.
Views: 205 InstantLegalAnswers
Protect Your Assets: Form an LLC (2/11)
 
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▶▶ Learn more about LLCs: http://llcuniversity.com ◀◀ In this video, we explain: - The biggest "newbie" mistake entrepreneurs make - How to protect your personal assets if your business is sued - What a Legal Entity/Business Entity really is - Natural Person vs. Legal Person - Personal liability protection [=================================] -- #1 NEWBIE MISTAKE -- As entrepreneurs, we're often told to think big and move fast. Thinking big is very important to success... But moving too fast can often be dangerous. Especially in the beginning. Many new entrepreneurs jump into their business way too quickly, overlook important details, and then they make costly financial and legal mistakes. These mistakes could seriously jeopardize the long-term success of your business. The biggest "newbie" mistake is not setting up a Legal Entity for your business. If you don't create a Legal Entity, the law will view your business as a Sole Proprietorship (if there is 1 owner) or a Partnership (if there are 2 or more owners). Both a Sole Proprietorship and a Partnership leave your personal assets exposed. If a Sole Proprietorship or Partnership is sued, the owner's personal assets (like your home, your cars, your bank accounts, etc.) are at risk of being used to settle business debts and liabilities. So what kind of options do you have for setting up a Legal Entity? The most common Legal Entities that people form are LLCs and Corporations. But, before we get into the details, it is important to first understand their foundation. Let's discuss what a Legal Entity really is... [=================================] -- LEGAL ENTITY/BUSINESS ENTITY -- A Legal Entity is the same thing as a Business Entity, and we're going to jump back and forth between the two terms in order for this discussion to make more sense. In the eyes of the law, a Business Entity is a "Legal Person". In the eyes of the law, you and I are "Natural Persons". A Natural Person is a living, breathing human being that functions independently and makes decisions on their own. A Legal Person is only functional through the work and actions of Natural Persons acting on its behalf. A Legal Person is considered by law a separate and distinct "person" from its owners. -- "PROTECTIVE WALL" -- This separation is what creates a "protective wall" between your assets and the assets of the business...therefore, this keeps your personal assets safe if your business was to be sued. Think of a Natural Person as a regular human being like you and I. Think of a Legal Person as a Corporation like Microsoft or IBM, or even companies like your local grocery store or bike shop. Although a Business Entity is not an actual living, breathing person, it shares many of the same rights and responsibilities as you and I do. -- WHAT CAN A BUSINESS ENTITY DO? -- - It can make money, - own property (such as real estate, boats or aircraft), - enter into contracts and agreements, - open bank accounts, - it can sue and be sued, and - pay taxes Basically, the only thing a Legal Entity can't do is vote in an election, run for political office, or do laundry. By setting up a Legal Entity, you are creating a business organization that can interface with customers, clients, vendors and more. [=================================] -- PERSONAL LIABILITY PROTECTION -- And most importantly, by setting up a Legal Entity you are keeping your personal assets safe. In the event of a lawsuit, creditors can only go after the assets of the Legal Entity, and that is all they can get... They cannot get to your personal assets. Personal liability protection is the #1 reason that people set up a Business Entity. The two main types of Business Entities that people form are Corporations and Limited Liability Companies (LLCs). We compare these in more detail in our "Sole Proprietorship vs. LLC vs. Corporation" video. [=================================] -- WHICH IS BEST FOR YOU? -- To learn which Business Entity is best for you, visit our website: http://llcuniversity.com [=================================]
Views: 21440 LLC University
The Best Structure for a Partnership | Mark J Kohler | Tax & Legal Tip
 
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Sign up for my weekly newsletter now! With awesome tax and legal tips, upcoming and current tax reforms, deadlines, special offers from my Lawfirm and Accounting Firm, and much much more! Don't miss out on this opportunity, It's FREE!! how could you get better than that!? Click the link below: http://markjkohler.com/youtube/ This video is about Choosing the Best Structure for a Partnership and to learn more on how to save thousands in taxes or potential asset losses. To Download my FREE E-Book "Top Ten Tax and Legal Mistakes Made by Entrepreneurs", or make an appointment for a FREE interview with an attorney or CPA visit http://www.markjkohler.com/youtube. Follow me on my social media with DAILY and WEEKLY Tips and Blog Articles, and also catch me surfing at http://www.markjkohler.com/social. To purchase my new book: "The Tax and Legal Playbook" please visit the Entrepreneur bookstore here: http://amzn.to/1cWlhor Check out my Law Firm KKOS Lawyers at http://www.kkoslawyers.com Visit my Accounting Firm K&E CPAs at http://www.ke-cpas.com Help us caption & translate this video! http://amara.org/v/aTj1/
Views: 8294 Mark J Kohler
Introduction to business 1: Business structures
 
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Should you operate your new business as a sole trader, partnership, or company? In this animated video, Inland Revenue explains three common business structures.
Different Types of Business Entities | Which Is Right for You?
 
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Different Types of Business Entities | Which Is Right for You? All small business owners start their journey asking about the different types of business entities, whether they're asking about types of corporations (S corporations vs. C corporations) or the difference between an LLC and a corporation. This video covers the four main types of small business: sole proprietor, partnership, limited liability company, and corporation and provides an overview of both legal and tax implications for each. New to Catching Clouds Academy? Well, let me tell you a little bit about us. We’re here to make ecommerce businesses better. Catching Clouds, co-founded by a Patti Scharf (CPA) and Scott Scharf (ecommerce tech geek), has been focused on ecommerce accounting since 2012. Now we've brought our knowledge and experience to YouTube to help share important ecommerce, accounting, and business information with everyone who's looking for it. Think that might be you? Then please subscribe! 💙★💻 SUBSCRIBE TO US ON YOUTUBE 💻★💙 https://www.youtube.com/c/CatchingCloudsAcademy 💙★💻 OUR ONLINE COURSES 💻★💙 Accounting for Amazon ► https://academy.catchingclouds.net/p/accounting-for-amazon Accounting for Shopify ► https://academy.catchingclouds.net/p/accounting-for-shopify And here's a special DISCOUNT CODE for you YouTubers! 5% Discount on All Courses ► YOUTUBELOVE5 💙★💻 LET’S CONNECT 💻★💙 Free groups here (for interactive discussion) Facebook Community for Sellers ► https://academy.catchingclouds.net/p/facebook-group-for-ecommerce-sellers Facebook Community for Accountants ► https://academy.catchingclouds.net/p/facebook-community-for-accountants You can also check out our website for updates, videos, and special announcements. ► http://www.catchingclouds.net 💙★💻 MORE RESOURCES 💻★💙 http://www.catchingclouds.net/training http://www.catchingclouds.net/speaking 💙★💻 FOLLOW US! 💻★💙 Facebook: @CatchingCloudsLLC Twitter: @CatchingClouds, @CCAcademy8, @PScharfCPA Instagram: @CatchingCloudsAcademy Pinterest: @CatchingCloudsAcademy LinkedIn: https://www.linkedin.com/company/catching-clouds/ If you have more questions about business entity types, check out these videos: https://youtu.be/SUfX6dglXoY and https://www.youtube.com/watch?v=UEGkczPJJ9Q https://www.youtube.com/watch?v=y97kYWatqCM&feature=youtu.be
Types of Partnership
 
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This video provides a brief introduction to the major types of partnerships. For more free business resources, visit JMG | TheBusinessProfess (www.TheBusinessProfessor.com).
Views: 5542 Jason Mance Gordon

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