How to Form an S Corp
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- Опубліковано 14 жов 2024
- How to form an S Corp is a step by step guide instructional video on how to form an S Corporation. Many of our clients with an LLC ask how do I set up an S Corp? The S Corp is simply just a tax method. You will need your C Corp or LLC to elect the S Corporation tax method. You do so with the Form 2553 to make the S Corp Election, which is just one of the many steps necessary for creating an S Corp. So please let us know any questions or comments about our how to form an S-Corporation video and series.
So this instructional guide is your go-to video for S Corp Formation and your S Corp Setup. This is also perfect for you if you want to start an S Corp. Please check out our other videos about S Corps and S Corp taxes.
If you have any questions about these S Corporation taxes or S Corporations in general, please leave a question or comment below.
We hope you enjoy this video about How to form an S-Corp.
Thank you all!
If you would like to apply for your EIN with the IRS, please be sure to use the official IRS website here: www.irs.gov/bu...
For more information, check out our helpful website: clearvaluefinance.com/
your website is notworking, i am trying to reach you
You are the greatest thing to happen to accounting since we switched from Roman numerals!
Hahahahahb thank you so much for that comment Cookefan59!
Thank you for this. Your videos are 100x better than any of the websites out there. If taxes were explained as simply as this, it wouldnt be that confusing.
As someone in their early 20s who’s only business class in school was cut, this channel is one of the best things I’ve found 🙏🏻🙏🏻
Just saved my partner and I $475. An attorney wanted $2000 retainer to start the S corp for us. Will now be doing all on my own then giving to my cpa to review and keep us on track. Thank you!
Excellent video
Thank you for getting right to the point and not bullshitting me.
You summarize things i learned in 5 year to 15 mins
I'm already overwhelmed by this high level of overview. LOL. I'm not a tax accountant but I'm watching your channel now. Thank you for your sharing!
Awesome video great value ! Can't believe I didn't have to hire my own CPA to learn this; thanks a million! Left a like and definitely subscribed.
Thank you so much,
Brian Kim! You're awesome!!!!!! I've been marathon'ing through your vids and learning so very much! Super close to creating a LLC with SCorp election, just need to overcome this last bit of fear before taking this huge step. A question I have is 'would it be ok to start the whole process, creating LLC and SCorp after April 15th? Or anytime after I file my 2019 taxes? I don't want to miss the deadline for next 2020 year taxes by not having all this completely ready.' Also, subscribed and will most likely watch all your vids! Thanks for the great work!
Hi Eric, if you create your LLC IN 2020, then you have 75 days from formation to elect the S-Corp status to be taxed as an S-Corp for 2020. If you want to elect S-Corp status for 2021, then you need to do so anytime from now until March 15th, 2021. I hope that helps! Thanks for marathoning and I hope they've been helpful! We're going to produce some awesome S Corp vids after tax season. Thanks for all your support Eric!
Lol same
just do it omg life is short when you die you will regret it
I was missing wage and UI numbers, Thank you for this video!
Very clear and well explained. Thank you!
Thank you!! This was very easy to understand and helpful!!
This video is so helpful!! 😊thank you!!
extremely insightful thanks for the content. will def watch more of your videos.
High value video, clear and concise! Greatly appreciated!
I believe in some states it's through the Secretary of Treasury as well
thank you so much for such detailed information. Greatly appreciated it
Loved this video!!!! Thank you so much, I am starting my own business and your videos have been life changing!
Very good stuff! thanks for sharing!
This information is very clear & complete, THX.
your video made me understand so much better thank you
thx bro. i was so intimated doing this but you made it seem so simple! thanks
Thank you so much for your clear precise instructions!!
Thanks for the info. Going to try and do it all on my own. Wish me luck .
Opolis offers payroll AND Ives access to group cost healthcare!
Very insightful compared to other videos ✨ Question: If you already have an LLC could you change it to be taxed as an S-Corp??? I just want to verify that yes you can
Thank you Brian. Very informative. I listen to all your videos
Thanks again Adarsh for ALL YOUR SUPPORT! It's very much appreciated!
very clear and very good. easy understanding step by step
Very informative video and thank you for putting in the work and giving all the details. 👍👍
This is video is awesome! Thank you for sharing your knowledge.
Good Educational Content
Brian Kim you are an Effing Legend!!!!!!!!!!
This is so helpful. thank you so much!
Thank you for these great and informational videos, I'm learning so much about forming an S Corp! You mention in this video that you discuss "determining your salary" for Payroll in an S Corp in a different video. Can you please point me in the direction of which video that is? Thank you so much!
yes I was wondering also
Thank you for your videos.
Thanks for your videos 🙏 liked and subscribed now 😊
Thank you so much for the guidance and for taking the time to make this video. I am sharing your link with anybody who really needs to know how to do this.
Hey Brian, thanks for providing such benificial content. I have a question I’m an independent contractors working for a company I get paid under 1099 I make more than 80k+ & am growing. I wanted to turn my independent contractors status to an S-Corp Llc is this possible?
Where can I find the videos about savings between sole proprietorship and S-Corp? I didn't see in under the S-Corp playlist. Thanks for all the great content you share!
Very helpful! Thank you very much for your time and effort to make this. Truly appreciated.
Very helpful, thank you Brian.
Great explanation. Thanks
Thank you so much for taking the time to teach us!! This is great information!
Thank you so much for your video! i am already working with attorney to form my first ever business in my 50s' as a therapist in a Prof Corp S and it is very difficult to get the details and things I need to be aware of . I would like to know about how you determine the number of shares: I will be the only employee of my own PC S. and the attorney recommends 100,000, Thank you again!!!
Thank you!
Should I open an a corp even if I have not secured clients yet? Need to buy some stuff to get my biz started.
I just happened to find him like during the 1 stimulus check updates cool that he talks a lot about taxes. I've been going over this book called Tax free wealth by Tom Wheelwright. I'm actually almost done with it I think. I've been reading it at random times for a few weeks. It's a little longer bc I also take notes from it lol.
Thank you for your insight. Can you do a video on how to dissolve an S-corp that has assets and a video about getting meeting minutes current, templates, and what should be included in meeting minutes? Thank you
Currently I have an LLC
Thank you for the video. When you say form your business entity....do you mean go through the process to create an LLC first. Then follow steps 2-7 to create the S Corp? I'm new at this.
Hi Key Key, I'm happy that you're interested in learning! Yes, forming a business entity means to create an LLC or a corporation first. S-Corp is just a tax method for your business entity. So you can be an LLC that gets taxed as an S-Corp or you could also be a corporation that gets taxed as an S-Corp. It results in the same thing. I hope that helps!
Thank you so much for this awesome video
I was able to apply for domestic Professional corporation in the Texas SOS website. And labelled it's as Inc.
I did not open as as LLC or C Corp first.
I am missing something.
Thank you for the information. Can you please include a link to all the videos you referenced in your video? I tried to look in your channel for the videos you said to check out, but can’t find it. Thank you for the helpful information.
Thank you this was good information
thank you
Hey, I’m one of your followers and I like your channel. Quick question, Can an owner or an officer of an s corporation collect an unemployment insurance if their hours have been reduced due to Covid-19.
I know it's a good idea to automate payroll , but is it worth it to do it manually if you ate onlyn1 owner and shareholder?
@ClearValue Tax - Mr. Brian Kim, THANK YOU so much for your professional overview. I deeply appreciate your insight. As a professional Facilitator regarding international financial instruments, and putting together a formal business entity, you are right on time!
I seriously would like to seek your professional counsel ASAP (May '2020). I could really use your help in setting up properly before dividends are being received.
P..S. I can we connect (Future Client)??
Best Regards,
B. E. Greene
Thank you for your time and energy; highly appreciated; your videos are great.
Hey Brian, I appreciate all the info. I'm in the process of opening an independent insurance agency in Georgia. I have already formed a Corporation with the State and filed for an S Corp with the IRS. My question is, what tax accounts exactly do I have to create with the Georgia Department of Revenue so I can set up my Payroll. I know that I will still have to set up Payroll for myself even though I will be the only person working for the company for now. Thanks in advance!
You need to sign up with the GA Department of Revenue and GA Department of Employment Security (for state unemployment taxes). The federal side with IRS is the employer social security and medicare + federal unemployment tax. I hope that helps!
Great content! I have a sole propriotership (Never registered a company). I want to be able to change to be taxed as an S CORP this 2020 but I don't know if i have enough time to make this change!
Hi ! I'm currently 1099 in my part time job , do I need S Corporation? Do just pay taxes annually? Thank you for your videos and I'll do marathon on all your videos to learn more 😊
TYVM
I’m in network marketing. We put the funds in 4 different accounts. Compensation, Business expense, profit, and taxes (from the book Profit First).
Can we just use one of those bank accounts or does it have to be a brand new account?
you are so helpful OMG
Hi! Do you know the link to the website you mentioned allowing you to search up your EIN? i looked everywhere!
You should just google “apply for ein irs” and go to the irs website in the search results. It should be one of the first to pop up. I hope that helps!
It doesn’t say how you form your business entity with the secretary if state. Do you call? Do you file online??? Where is the step by step?. Thank you in advance!!!
Brian can you do this with independent contactors I’m a llc of a babershop with 1099ers does it change much and can I become a S Corp ?
Hi, Thank you for a very informative video. One question. I have an s-corp. I am the sole owner of my s-corp. My s-corp has been paying unemployment insurance to both NYS and Federal. However, my business has no work for almost two months already. Therefore, I need to file for unemployment benefits as an employee. May I know what is the instruction for me to file for unemployment benefits? THANK YOU.
Great video than you.
what if I have a separate bank account that I treat as a business account . all my expenses and income are for my business only. I keep a separate bank account that is my personal, where I make all my personal expenses. would I still need to create another bank account with my EIN #? Or how would I got on about that?
If I am currently being paid as a self-employed, independent contractor, by a company that provides me a 1099. Can I change into an LLC and then into an S-Corp at this point in the year. Or do I need to wait until next year?
how do i know whether to form an s-corp via c-corp or llc
Thank you so much for this !
Does this method apply to California? I was told LLCs are pointless in California especially for Medical professionals
can you cover distributions and 1120 form, I haven't seen you cover it, thanks!
So I will have an ein for my llc and my scorp? I have an llc with an ein
hello, not sure if your reading this but, i recently made a Esports team, and i want to become an organization any tips on how to do this? would an LLC be better?
❤️❤️❤️❤️❤️
Can I put 100 shares while forming an S-Corp?
I'm finding mixed info online. I've read you have form an entity (LLC in my case) then elect SCorp if you meet certain criteria but when I use service such as IncFile, LLC as well as SCorp is shown as type of entity. I don't think I need an LLC protection. I would like to elect SCorp for tax saving strategy. Can you clarify whether I need to form and LLC or just the SCorp in which case I am electing SCorp for my tax return automatically once required criteria is set up? Thanks for yr time.
How do you do the form of business of entity ??
Hey Brian, I messed up a lot really need some advice Started a NY cleaning company in sept and Add the S Corp. I file my taxes on my
Own but now I’m having some
Confusion should I be filling together or seperste
What if I am doing E-Commerce and I filed my LLC in Wyoming but I live in a different state? Do I still need to file on the state level for one or both states even if all sales and inventory is done strictly online?
20%, 40% and 40% shareholders of an S-Corp: do dividends need to be evenly distributed say 100k = 20k, 40k and 40k? Or can 1 shareholder receive all the dividends?
Went to the bank to open a checking but they still require my personal SSN, In addition to the EIN, why?, thought S Corp is separate from personal
Thank you for the video how do I add someone to an S Corp in California?
With so many legalities of forming an S corporation I don't see me going to Legal zoom, and with out not knowing much abut it, I would form an S corporation only if I could anticipate making so much money that the cost of running the S corporation will be offset.
What happens if you got an EIN number but never used it?
Yes, you need to weigh the pros and cons. If you get an EIN and don't use it, the IRS won't bother you. I know from experience on that.
I am not able to locate the other videos on S corps that he continues to reference. Can someone give me direction?
So if my s-corp is ran by me and me only I have to take income from the s-corp in the form of K1 and a paycheck or just one or the other?
No... he's saying the K1 is a statement that you have to file to show the profits and losses of the entire entity on your own personal tax return. I though an S- corp protected you from that. I thought you only had to report what you pay yourself. I'm pretty about that
Hold up wait wait wait... I though an s corp protected me from having these profits reflected on my personal tax return? I want my companies profits t9 only reflect inside the company. I only want what I pay myself to reflect on my 1040. Not the total profits of the entire business. How do I do that? File a C corp? I'm lost now...
Are you saying a sole proprietorship doesn't qualify as a business entity that can elect for s corp taxation?
A sole proprietorship is not a legal entity.
Im a spokenword artist and i will soon be releasing my project, so im.creating an entertainment company that i can use to book shows for myself etc, im trying to figure out if an S corp would be in my best intrest and would i still pay myself a "salary" eventhough my pay would be sporadic and based off when shows are booked?
Best of luck with the spoken word bro!
How many shows you done so far it’s been a minute
Weird seeing your face and not talking about the stimulus package lol
I need to setup my stock trading company....
🔥
Question. If someone has an LLC and then filled out the ss4 and went under Corporation tab and then selected S corporation right from the get go would that be acceptable and save having to file form 2553.
Hi Salvatore, that would be more convenient, but no that wouldn't work. That S Corp option is for existing S Corps to get a new EIN. If you did it that way, when you file your S Corp return, the 1120S, they'll see that your EIN was never approved to report as an S-Corp and the return will be rejected. I know from experience because people have dropped the ball on the S-Election and when we file as an S-Corp... REJECTION.... thanks for watching Salvatore!
So if selecting the Corp tab then s corp you would still need to submit the 2553 or would it be a different form
@@salvatorepuccini4261 did u ever find out ?
@@dsingh6412 yes you need to fill out the 2553. I filled it out and got the letter back from the Irs accepting our status.
Hello 👋
Hi Makenzi! Did you have any questions about this video?