Should your Business be a Proprietorship, Partnership, or Corporation?

If you're starting a business, you need to make some hard decisions as to how to structure your business for tax purposes. This video attempts to provide a basic understanding of the various ways businesses can be organized for tax purposes.

This video is an oversimplified view of what can be complicated topics. More in-depth videos covering many of the concepts in this video are either on the way, or here already.

For an overview of self-employment in general, click here:    • Are you self-employed? (and don't kno...  

To find out what Self-employment Tax is, and how it's calculated, click here:    • What is Self-Employment Tax (and why ...  

For a beginner's guide to Qualified Business Income Deduction, click here:
   • Qualified Business Income Deduction (...  

For a slightly more in-depth descriptions of how partnerships work, click here:    • Partnership Basics  

Additional information on LLCs can be found in this video:    • What is an LLC?  

ADDITIONAL RESOURCES AND INFORMATION

nolo.com: "What is a Limited Liability Company (LLC)?": https://www.nolo.com/legal-encycloped...

U.S. Small Business Administration: "Choose a Business Structure": https://www.sba.gov/business-guide/la...

Entrepreneur.com: "Business Structure Basics": https://www.entrepreneur.com/article/...

IRS Publication 334: "Tax Guide for Small Business" https://www.irs.gov/pub/irs-pdf/p334.pdf

IRS Schedule C "Sole Proprietor Income and Expenses": https://www.irs.gov/pub/irs-pdf/f1040...

IRS Schedule SE "Self Employment Tax": https://www.irs.gov/pub/irs-pdf/f1040...

IRS Form 8995 "Qualified Business Income Deduction": https://www.irs.gov/pub/irs-pdf/f8995...

IRS Form 1065 "Tax Return for Partnerships": https://www.irs.gov/pub/irs-pdf/f1065...

IRS Form K-1 (1065): "Partner's Share of Income, Deductions, Credits": https://www.irs.gov/pub/irs-pdf/f1065...

IRS Schedule E: "Rental and Supplemental Income": https://www.irs.gov/pub/irs-pdf/f1040se

IRS Form 1120S "Tax Return for Small Business Corporations": https://www.irs.gov/pub/irs-pdf/f1120...

IRS Form K-1 (1120S): "Member's Share of Income, Deductions, Credits": https://www.irs.gov/pub/irs-pdf/f1120...

IRS From 1120 "Tax Return for Corporations" https://www.irs.gov/pub/irs-pdf/f1120...

IRS Form 1099-DIV: "Dividends and Distributions": https://www.irs.gov/pub/irs-pdf/f1099...

IRS Form 2553 "Election by a Small Business Corporation": https://www.irs.gov/pub/irs-pdf/f2553...

IRS Form 8832 "Entity Classification Election": https://www.irs.gov/pub/irs-pdf/f8832...

The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library

Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.

The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.