What Is The Difference Between An LLC And An S-Corporation?

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Are you confused about the difference between an S corporation and an LLC? You're not alone! In this video, I'm diving straight into the nitty-gritty details to clarify this common question once and for all.

When it comes to the state, you're essentially paying for protections by establishing an entity like an LLC. This shields your personal assets from business liabilities, providing invaluable peace of mind for entrepreneurs like you.

💰 But what about taxes? Here's where things get interesting. Despite popular misconception, an LLC doesn't have a designated tax form. Instead, you get to decide how you want it to be taxed, whether as an individual, partnership, or even an S corporation.

📝 From individuals to partnerships and C corporations, each entity has its own tax form and filing requirements.

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Show Notes:
0:00 Intro
3:36 IRS Standpoint
6:43 Third Parties Standpoint
10:39 Tax Perspective
14:51 S-Corp Wages
16:20 Sole Proprietor Example
20:27 Final Notes
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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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 Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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