So from what I'm understanding, it seems like it boils down to how likely you are to get sued. If you're working alone and doing something that's pretty low-stakes (web development, graphic design, illustration, interior decorator, etc), then it probably makes the most sense to be a sole proprietor. If you're doing something with a higher risk of legal repercussions (construction, architecture, lawyer, physical therapist, etc), then you'd probably want to consider an LLC or S Corp. Does that sound about right?

This was eloquently broken down. Keep up the great work guys.

@LYFEAccounting

2 жыл бұрын

Thanks! Will do!

Damn, I was going to click another video first, but I think this is the best video on the subject ever made. You are so good at organizing the knowledge so it makes sense!

Love to see it & share it! Yall answer so many FAQs

This channel is outstanding!! New sub. Thank you for keeping it simple language for those of us that are so new to this. Just got my LLC.

Excellent video. Thank you! I have watched several similar videos in the past but this made everything “click”! Really appreciate this clear, well organized presentation and the graphics showing the ACTUAL forms (for us visual learners!) thanks again!

Omggg I love the structure of the material and the fact that the information is given straight up 👌

Wow! Great video🤗 I'm so glad it popped up Thanks Darling 💯

Thank you. Finally a video that just keeps it simple and straightforward.

This video was really well done, easy to understand and not overwhelming. Thank you!!

You just earned my subscription, lots of appreciation

Excellent!!! Excellent!!! Job Krystal. You explained the difference between the two entities in such a way that a minor can glean from the benefits of your knowledge and wisdom. I also love the way you recapped the structure of LLC vs S Corporations in the side panel captions. Very professional and likewise ELOQUENT. This has been the best break downs of the pros and cons between the two entities of corporations I have ever seen. Excellent Job!!!!!

Thanks for the valuable information!

Outstanding very well presented and explanation.. so many content creators need to take notes

great video simple and to the point

This is phenomenal. Thank you

Thank you sooooo much! 🥰 Currently an SP, but pretty sure need to change to LLC. 🤷‍♀

I needed this!!! Thank you 👍🏾

@LYFEAccounting

2 жыл бұрын

You're so welcome! :)

Thank you. This was on point!

Excellent breaking it down 👍🏾

Thanks, this was very informative... Aint nothing like brains and beauty!!

That was well explained!

Nice breakdown. Thank you.

Great info! 💪

Thank you! I watched at least 30 videos and until I got here I could not figure out where to start or what I wanted to do.

Excellent work in explaining the differences. Enjoying your content. Any contacts in Orlando, Fl who I can speak to about about using their CPA, bookkeeping services?

Great video! Thank you!

Awesome presentation! You did an excellent job explaining the the pros and cons of each business type. You spoke eloquently and clearly to your audience. Great work!!

@ftw305mdc5

15 күн бұрын

When starting a daycare is it better to be a sole proprietor or llc

Great job Krystal A! This was very informative. The whole team is doing a great job of informing. Do you guys support startup businesses in Texas from a CPA perspective? Thanks!

Great job explaining

Well done. Thanks.

great video , thank you.

You are a good teacher

Awesome Job! :)

My head hurts all i want is to open an online selling website 🤣😞 still got a lot to learn

@adrianamedrano6773

Жыл бұрын

Sole proprietor is what you need. That’s what I filed for

@mkayla7

Жыл бұрын

Me too

Great job Krystal!

@LYFEAccounting

2 жыл бұрын

Thanks for watching :)

Very clear and concise. I’m currently an LLC, filing as C-Corp. Starting another business and was undecided if I want to go LLC first or sole proprietor. I think I’m going sole proprietor for this one because it’s not going to make any money for a while. Thanks.

Nicely Done! Great Presentation

@LYFEAccounting

2 жыл бұрын

Glad you liked it!

Great video

Starting a new business and wasn’t sure which way to go. Honestly still not but definitely have something to think about after this video. Thank you!

@BIGNOSEPOPPA

Жыл бұрын

Did you start and your business? And if so what did you choose in terms of LLC vs the latter?

@FlawlessFinishSolutions

Жыл бұрын

@@BIGNOSEPOPPA yes I ended up starting it with a sole proprietor ship. Will switch to an LLC after making 75,000 right now it’s still so new not sure if it was worth the income in the beginning.

@BIGNOSEPOPPA

Жыл бұрын

@@FlawlessFinishSolutions I really appreciate you. I'm believe im going to put in my two weeks notice very soon. I have a brand new van so I want to start being a courier. Wish me luck.

@FlawlessFinishSolutions

Жыл бұрын

@@BIGNOSEPOPPA get out there and get it. Keep your head up in the tough moments.

@BIGNOSEPOPPA

Жыл бұрын

@@FlawlessFinishSolutions thank you so much. I'm so close. I will definitely update you as well since you helped me.

Thanks, probably going to start off as SP and than LLC

Sole proprietor running a small one person painting company

Very helpful

Very informal

Thank you!!!

Can you do a video about the benefits between creating a single member LLC vs the multi member LLC for a husband and wife buying real estate for short term rentals?

Great job

Thank you

"Or you might be confused on the entire idea and why you should actually care." LOL this

Thank you, sweetheart.

Wonderful ty

Excellent summary. For tax purposes, start up costs or annual costs, are their significant differences between an LLC and a PLLC?

Very informative information thank you 🙏🏽 however how or what site would I get an LLC form to file??

Thank you for that. I learned a lot. Question, if I invest in an investment club with a sole prop EIN, are gains considered income?

Awesome Professor! Thank you for helping to keep us on the same page.

Please explain the difference between sole proprietorship and (individual with a DBA)

So, I am working with a travel agent hosting agency who recommends the same things that you've overviewed here. The only thing now, is that I am very intimidated by going sole proprietorship - in the event that a client goes on a travel, and then tries to sue or stop payment. Right now though, I cannot afford the fees associated with my state to file for an LLC. So I am really at an "intimidation stop" right now, not knowing what route to choose. My business is not open yet, and another aspect that is holding me up, is not knowing if I "have" to go LLC route, if I am the sole proprietor but my business name is not my own name.

Currently I am a sole proprietor but I am established my LLC.

Great video with critical gems to keep in mind. Question: if an LLC was setup in 2021 but no revenue was generated, do u suggest opting for the S corp tax election or should one wait until the LLC makes some money? There were several expenses related to the LLC setup.

@LYFEAccounting

2 жыл бұрын

I'd wait until the LLC started generating some revenue. General rule of thumb is at least $50k in revenue before filing an S Corp election.

For a fictitious business name statement, /DBA... Does the owner, the individual that is doing the business have to be listed as the registrant? Can a sole proprietor , hire a registered agent, I don't want to be my own RA. Thanks for your helpful videos!

Great

Thanks for the vid! How does it work if I’m trading stocks?

LLC here. Do I need to file taxes if I didn't generate any income in the LLC? There were expenses. Texas.

LLCS that are single owned do they get 10099s NEC? I’m confused ? Should I ask them how they are filing (S corp or C corp) ? Trying to do 1099s and it gets tricky with them

Cant you do a video on Co-ops cooperatives?

Awesome video, Im an sole owner LLC, profit is over 450K through consulting, so should I change to S CORP?

Can a LLC be started by a trust or should the LLC be started first and later placed within the trust?

Hi, which is better? Sole proprietor or dba for online tshirt business?

Hello again I currently have a business, not operating, since I relocated to another state, the business I currently have I’m the sole proprietor and would like to operate as LLC instead, could you guide me?

Do you recommend a new KZreadr to be Sole proprietor or form an LLC in the very beginning stage?

Sole Proprietor and think about changing it to a LLC

Question if I do junk removal and collect cash from all my jobs how do I report that just putting it in the business account as a sole proprietor and i get taxed on all that money besides my expenses ?

So if I used my Ecommerce LLC for things outside of e-commerce is that a problem?

So If I don't make much with my business ..I shouldn't make an EIN yet? I have an LLC but no EIN yet

S corp! And I actually am going to stay S corp after watching this hahah thank you!

My business is a LLC but I filed my taxes as a sole proprietor based on my accountant advise. That’s that make sense? I’m a one member business Thanks

Hi, I’m a Sole proprietor and I won’t to be a single LLC how do I do it?

Under a sole proprietorship, does the business get a name or is it just the name of that person?

This is my first business. Went to the county to set up a DBA. Haven't made money yet. But should I open up a LLC instead? or can I open a LLC with my fictious name?

@espianmashias9565

11 ай бұрын

It’s been 8 months can you tell us the answer to your good question?

But wait. If a single member LLC has the liability split between all the members, then the single member has 100% of liability. So liability is not limited and is the same as sole proprietorship? In that case, the only difference between sole proprietor and single member LLC is having to pay the $800/year fee for having the LLC?

@wenderful1577

3 ай бұрын

That's a good Q... Somewhere else I read something similar to your Q

@lukastemberger

3 ай бұрын

@@wenderful1577 Yeah, and no one wants to answer it lol

@wenderful1577

3 ай бұрын

@@lukastemberger I did find a short clip that answered it on KZread look up. The lawyer mentioned , "flow through taxation"

@lukastemberger

3 ай бұрын

@@wenderful1577 I'll have to ask questions to find out what that means next...

@wenderful1577

3 ай бұрын

@@lukastemberger 🤣 there's a pretty good flow chart you can find through google

You can STILL! Take out a fictitious name and get a business loan and account with a sole proprietorship

So if a LLC makes no money it still pays taxes?

I just want to save money on taxes if I profit 100k a year , what should I do I live in california they tax us into poverty

What if a sole proprietor is also an employee of another company? In this case, how will the tax of the salary from the company the sole proprietor works for be calculated?

Really great Info. Question i hope can get answered. I feel like sole proprietor is better for me at least for now. But there is one thing. I want to run multiple brands for my photography business for different types of photography. But doing a Sole proprietor, you can only have one DBA. So should I file an LLC for that reason and than file a DBA under that llc for the second brand? I don't see any way to do two brands with just sole proprietor

@tashierockz

2 жыл бұрын

You should check your states requirements. In California, you can have additional names and it’s only $5 dollars more.

What if you had $0 income for a sole properitorship?

LLC

I need to change from Sole to LLc I don't want to be sued

Are we able to schedule a call with you ? :)

You didn't answer the bigger question which one is more beneficial if you're profit 50 or 100k annually. 😢

Sole only guy

Mama

Sounds like we’re paying WAY too much tax…

You so cute

Thank you