S Corps Are the New LLCs

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LLCs have been one of the most popular business structures in America for many years now, However, S Corps are rising in popularity. In fact, many people believe that they are the new LLCs. There are now over 5 million S corps in America and counting. Soon, this number could be much higher.

In this video, tax expert Karlton Dennis breaks down all of the key reasons why S Corps are becoming the new LLCs and why they are starting to compete with them in terms of popularity.
Points he covers include the rules for S Corps, how to set one up, and the advantages that they have over LLCs.

If you are someone who is trying to figure out which entity structure to use for a business, then this video can provide you with key S Corp information to help you make your decision. Like LLCs, S Corps have liability protection, but they have a number of other important benefits that LLCs don’t have.

CHAPTERS:
0:00 Intro
2:20 LLCs and Self-Employment Taxes
3:36 How S Corps Solve the Problems with LLCs
4:36 What Portion of Your S Corp Income Should You Take as Salary?
6:02 Should You Switch Your LLC to an S Corp?
6:56 Will S Corps Eventually Replace LLCs?
7:59 Rules for Switching Your LLC to an S Corp
8:54 The Bottom Line
9:25 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#llc #scorp #businessowner