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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