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What’s an S-Corp and Should I Be One?

Being the Boss

Whether to be an S-Corp, a C-Corp, or an LLC is a question that I get asked a lot. In this blog, we’ll focus on S Corporations since there’s a lot of confusion around them. The reason for this is because people don’t really know about them unless you’ve actually researched it. And also, because not a lot of folks are delivering the correct information about S Corporations, it’s just like this buzzword that gets thrown around.  

Since it’s very important for me to provide much-needed information to fellow business owners, I’m going to do a quick overview of S Corporations – what they are, what the benefits of having an S Corporation are, and how to know when and if you should be one at all. By the end of the video, I hope you’ll have a better understanding of the advantages and disadvantages of an S corporation—so that you can determine if this is the right structure for your business. 

Inside the video

Here are the topics that I’ll discuss in detail in the video: 

  1. What’s an S Corporation? 
  1. How is the S Corp taxed? 
  1. What are the benefits of an S Corp? 
  1. Who can be an S Corp? 
  1. When should you be an S Corp? 
  1. Why would you not want to be an S Corp? 

Choosing the right entity type for your business is an important step and whether you’ve been in business for a while or you’re just starting out, take the time to make sure you’ve made the right decision. Different entity types have different pros and cons and in the long run, choosing the wrong entity type (or not choosing at all!) can cost you money and maybe even your business. Check this article if you want to find out more about LLC vs Sole Proprietorship. In the meantime, watch the video above to learn more about S Corporations!