Sole Proprietor or LLC - Which is Right for My Business?
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- เผยแพร่เมื่อ 6 ก.ค. 2024
- Explaining the difference between LLC and sole proprietor - Deciding if your business should be a sole proprietor or a limited liability company (LLC) can mean the difference between saving costly setup and annual fees, saving thousands per year in taxes, an protecting yourself and your personal assets.
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0:00 Intro
0:27 What is a sole proprietor
0:50 Defaulted to SP - so do I have to file other paperwork?
1:23 SP can operate under their legal name
1:53 SP owner + business are one and the same
2:15 LLC separated business + personal
2:19 SP does not offer asset protection - LLC does
2:58 LLC disregarded entity - taxes pass through
3:10 LLC have the option to ELECT S corp tax classification
3:31 Understanding S Corp election is important to weighing the benefits
3:55 TAX SAVINGS for some with LLC taxed as an S-Corp explained
5:03 LLC as and S-Corp must pay yourself as an employee on payroll
5:48 SP fees are low
6:05 LLC annual tax, setup costs
6:40 QUICK RECAP of important points
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INCFILE for filing your LLC $0 + state fees (affiliate link): shareasale.com/r.cfm?b=617326&u=709885&m=53954&urllink=&afftrack=
CAL GOLD for researching what permits/licenses are needed for your CA business: www.calgold.ca.gov/ **Timestamps**
0:00 Intro
0:27 What is a sole proprietor
0:50 Defaulted to SP - so do I have to file other paperwork?
1:23 SP can operate under their legal name
1:53 SP owner + business are one and the same
2:15 LLC separated business + personal
2:19 SP does not offer asset protection - LLC does
2:58 LLC disregarded entity - taxes pass through
3:10 LLC have the option to ELECT S corp tax classification
3:31 Understanding S Corp election is important to weighing the benefits
3:55 TAX SAVINGS for some with LLC taxed as an S-Corp explained
5:03 LLC as and S-Corp must pay yourself as an employee on payroll
5:48 SP fees are low
6:05 LLC annual tax, setup costs
6:40 QUICK RECAP of important points
So helpful 😝
😁
@@snoope5967 :)
@@nancyharris7715 :)
Thanks again for all your past help with EDD. Your channel is awesome👍
You're so welcome - how are you doing, Michael?
@@ginnysilver I'm doing okay, I can relax now that my EDD problems are done with. Thank you.
Yes, I'm so relieved to be off EDD 🤗
Always helpful info.
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Thanks Ginny!!
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thank you.....very detailed and organized ,,,as always.!!!!!
Thank you
As always, thank you for explaining things slowly, clearly, and repeatedly. 👍
We appreciate your support :)
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Hi Ginny... hope all is well with you.
You continue to always put out very useful information!!!
Thank you for your support!
Thank you so much ❤️
Thank you for helping us . I had to file a DBA but was confused about S corporation/ LLC . Right now I am a sole proprietor .
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Another support message!
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All day Long ❗
@@nancyharris7715 :)
Thanks Ginny.☮💜
You're very welcome!
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Thank you Ginny 💖🤗
You're very welcome!
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Thank you🙏.
Very welcome!!
Good information 👍
Thank you :)
Happy Friday 🎉🥳
Same to you 🙏
Thank you for the TH-cam video very much also.
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Great information..
Thank you 🙏
Thank you!!
Good work
Thank you!
Happy Halloween, Ginny! 🎃
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Stop with that hot top! Lol Good job on the info. You are on the pulse. Tons of people are making vertical movements, going into business themselves, or have investments.
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Which LLC do you recommend for a small coffee shop business? With or without the S Corp?
This depends on your income. If you have enough regular steady profit to hire yourself as an employee, put yourself on payroll for a regular reasonable salary and cover those expenses then an S corp may save you money in self employment tax - always check with a tax professional before electing s corp status
How do I change over from LLC to sole proprieter?
You would need to close the LLC, and then get a business license + seller's permit + DBA as a sole proprietor.
Hi Ginny, hey do you have a video out on how a business owner can write off their pay compensation to theirselves as a tax deduction? Thank you
That's not a tax deduction - unless you are an S corp or other etnity where you are your own EMPLOYEE, paying yourself a paycheck with FICA/payroll taxes etc.
Hello Ginny, I received a letter from edd. It is a notice of amended unemployment insurance award. It seems as though I qualified for another year. It shows the amount of money I will be paid per week however I have not been able to certify.
You nay need to call into EDD to clarify your situation. These are all of Ginny's calling suggestions: Claimyr is the easiest way to get through and protects you from dropped calls if it is a fit for you (affiliate link below saves you $5 on your first call) the feedback from subscribers has been overwhelmingly positive: join.claimyr.com/7d3d41 Is it safe: th-cam.com/video/FyMFwfDM1Dk/w-d-xo.html
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Contact your assembly member if you can't get through - they have been very helpful in assisting many claimants in acting as a liaison between the claimant and EDD to help them get paid: findyourrep.legislature.ca.gov/
Amended means they are changing something about a prior claim. I would make sure you are viewing the dates for the claim and understanding that PEUC, Fed Ed, and PUA have all ended. If it is a regular UI claim, new claims take up to 3 weeks to certify.
I haven't even started my business yet, I just wanted to sell T-shirts but I haven't started yet. No website or anything, I just registered as a LLC, and now I need to be a sole proprietor, because I will have to pay a 800$ tax next year, and I don't expect I will have this. I live in California.
If you formed your LLC - you would be required to pay the annual tax for the year - consult a CPA for questions surrounding this. The FTB states that the yearly tax will be due, even if you are not conducting business, until you cancel your LLC. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.
This explains how to close your LLC: www.ftb.ca.gov/about-ftb/newsroom/tax-news/may-2018/how-to-close-a-california-business-entity.html
@@ginnysilver Okay 👍 thanks so much Ginny!
@@traceymallard ❤️
Hello Ginny 👋
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Hi!!
Hi Ginny
I have a question please about Golden stimulus check. Is there anyway to check when it’s coming, like website or contacting someone?
My friend just got his check but I don’t. And I’m qualified.
Thank you
Unfortunately no there is not
@@ginnysilver ok. Thank you Ginny for your reply
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Is incfile better than legalzoom ?
Incfile is $0 plus state fees. Legalzoom starts at $80 + state fees.
Hi Ginny. Your business coaching is excellent
Going to need you help setting up a new photo business.
Thanks so much! Full length video on starting a photography business is in my videos ❤️
Do you know if your name of the business can still be an entity in a S - Corp. Some people don't want their real name to be known?
An S-Corp is just a taxation classification that can be elected for an LLC. An LLC would have a registered business name - yes. However your name would be listed on the secretary of state and articles of incorporation filings which are public filings required for an LLC.
Support comment!
You're the best!!
What if I want to be a "non-profit sole proprietorship entity?"
That is not possible - sole proprietorships are for profit ventures.
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Do you do mentorship?
Hi! I am not accepting new coaching clients at this time, but you can enter your contact email in this link to get on my mailing list which will be notified when I open up to new students: ginnysilver.mykajabi.com/self-employment-livestream
Happy Halloween!
Spooky thing is tomorrow.
OMG next video: Those who were unable to make rent for 11/2021. How is everyone coping? Job, income, housing options, etc.
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How's it going? Hope you are well!
Ginny----will you disclose which are you???
I am am an LLC
@@ginnysilver Thanks for the disclosure......and Happy Halloween 🎃🎃
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And taxed as a disregarded entity - my net profits are extremely variable and I don't want to issue myself a regular salary and am not an s Corp as a result since I can't plan easily in advance.
What about an S-corp?
I talk about S Corp taxation status in the video....
seeing 5:03 applogies
@@ginnysilver check ty
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i need a part time job my early retirement at 62 only 1235 dollars not good
We hope the best for you 💖
Good luck in your work search!
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Thank you!
the majority of Californians expecting direct deposits did not get one, this is just another CA thing that needs ro be investigated
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If you are referring to GS stimulus, did you already receive it in the first round? Did you file state income taxes? Dis you have an AGI of $1-75k in total? When did you file your return?
my business totally tanked so i went from "s-corp status" to "escort status" lol uggh :,-(
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Say LLC fast 💨 Five times 😂
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Kinda sounds like "AOC"
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Two haters 😏
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