S Corps, LLCs, and C Corps - Choosing the Right Business Structure (Year-End Series)

In this episode we unpack the often-confusing world of business structures. From LLCs to S-Corps, they explore how each entity works, when it makes sense to switch, and the financial ripple effects those decisions can create.

We break down key considerations like payroll setup, salary versus bonuses, and the compliance requirements business owners frequently overlook. Along the way, they emphasize the importance of strategic planning and partnering closely with tax professionals to ensure both your business and personal finances stay aligned.

Whether you're choosing your first business structure or re-evaluating your current one, this episode offers practical insight, clear explanations, and the guidance you need for confident decision-making.

02:33 Understanding LLC Structures
03:05 Tax Implications and Professional Advice
06:30 Payroll Setup and Best Practices
09:54 Choosing the Right Payroll Provider
12:36 Switching to an S-Corp: Timing and Draws
14:19 Understanding Paycheck Regularity and IRS Expectations
14:32 Bonus vs. Regular Pay: Strategic Considerations
15:17 Tax Strategies for High Earners and Boutique Firms
16:16 Compliance and Strategic Planning in Payroll
18:04 LLC vs. S Corp: Tax Implications and Structures
19:13 The Complexity of C Corporations
21:51 Importance of Operating Agreements and Key Person Insurance
24:45 Exit Strategies and Scalability
26:02 Engaging with Tax Professionals

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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.