How to Set Up an S Corp in 2024 (Step-By-Step)
Вставка
- Опубліковано 15 чер 2024
- Form your S Corp with Northwest for $39 (exclusive deal):
bit.ly/northwestregisteredagent
^This is now our preferred LLC formation service, because it's actually cheaper for you! The $39 deal is available only to our audience so make sure you take advantage of it to set up your LLC in about 5 minutes. The process is almost exactly the same!
In this video, I'm showing you step-by-step how to set up an S Corporation in 10 to 15 minutes. This is the easiest, fastest, and cheapest way for you to create your s corp business entity. This is exactly how I set up my own S corporations myself, and I recommend any new business owner to follow through this video.
Get a reasonable compensation report for your S Corp from RCReports:
scorp.rcreports.com/startupwise/
Setting up a business entity can be quite complicated, so it's important to choose a service that does it for you. I used Northwest and Bizee (the new and improved IncFile) multiple times for my own businesses.
(ad) You can also set up your S Corp with Bizee (originally called IncFile):
startupwise.com/bizee
^
Bizee is the new and improved IncFile - they're the same company and still provide the same services, but with a new name.
I recommend the gold plan for 99% of you guys watching this. It will save you a lot of time and ensure your LLC is done correctly. Thank you for using our affiliate link as it helps keep our content free :)
Skip to 4:56 to get straight into the section on how to create an S Corp with Bizee. I'll show you how to easily and affordably create an S Corp with Bizee (if you use this link, you'll be helping support the channel at no extra cost to you). The instructions are pretty much the same if you use Northwest Registered Agent.
Setup your payroll with Gusto here and get a $100 Gift Card:
startupwise.com/gusto
^I've tried a bunch of other payroll softwares and Gusto is the best one, plus you get a free $100 gift card when you sign up and run your first payroll using my link!
Our favorite business must-haves:
💳 Best business credit cards: milevalue.com/best-credit-car...
🏦 Novo (best business bank): startupwise.com/novo
🖥️ Best AI website builder ($3/month using code STARTUPWISE): hostinger.com/startupwise
⚙️ Northwest (best $39 LLC formation service): startupwise.com/northwestLLC
💰 Payroll with Gusto (get a $100 giftcard!): startupwise.com/gusto
👨💼 Best overseas staffing agency (save 80% on payroll): paired.so/startupwise
In the first part of the video, we go through what S corps are and the pros and cons of switching over to an S corporation. In the latter part, we'll go through a screenshare of me setting up a s corp, using their platform. You'll see it's simple and easy to do, but I'll show you which options to select and how to navigate their platform.
If you're making over $50,000 net profit in your business, then it likely makes sense to switch over. You'll save on your FICA taxes (15.3%) on any distributions you take from your company, and it could end up saving you tens of thousands of dollars per year.
Request New Videos Here:
forms.gle/k9TtfauggkEpAWNQA
More tutorials on our website:
www.startupwise.com
Thank you for watching!
-Charlie
Timecode:
0:00 - Intro
0:45 - What is an S Corp?
1:38 - Advantages of an S Corp
4:56 - Walkthrough of Setting up an S Corp using Bizee (originally called IncFile)
13:53 - Conclusion
#SCORP #SETUP #HOWTO
We'll cover: s corp set up, s corp guide, s corp tutorial, setting up s corp, best way to set up s corp,
Things we will cover: best way to set up s corp, cheapest way to set up s corp, fastest way to set up s corp, best way to set up s corporation, cheapest way to set up s corporation, fastest way to set up s corporation, s corp guide 2021, s corp business entity set up 2021, best way to set up s corp, s corp tutorial, bizee
Disclaimer: Some of the links above may be affiliate links, which means that if you click on them I may receive a small commission. The commission is paid by the retailers, at no cost to you, and this helps to support our channel and keep our videos free. Thank you! All info from our videos is compiled from online sources and our own experience, and we encourage you to do your own due diligence. We appreciate your viewership!
THANK YOU SO MUCH THIS VIDEO WAS SIMPLE & EASY TO GRASP! GREAT JOB! :)
Great walk through! Just finsihed applying for my S-Corp!
Thanks again, 2 months since my original post and I've just gotten incorporated, Great Walk Through!
Set up your S Corp with Bizee (originally called IncFile): startupwise.com/bizee
Bizee is the new and improved IncFile - they're the same company and still provide the same services, but with a new name.
I recommend the gold plan for 99% of you guys watching this. It will save you a lot of time and ensure your LLC is done correctly. Thank you for using our affiliate link as it helps keep our content free :)
Enjoy the video and hope you get a ton of value from it!
Very informative video bud. I already have my LLC established. I’m learning more about the benefits of an S Corp, which I’ll be electing soon due to our profits and structure
Awesome! It's pretty easy to elect as S Corp and congrats on that
brother do you know who wants to do business through amazon which one should hold s corporation or LLC? AND IM USA CITIZEN HERE
Love the attractive UA-cam title ;). It’s just what I was looking for
Thank you for this video
Thanks for the video! Was curious if you have follow up videos about the accounting behind managing your s-corp. Do I need to start an SMB bank account? How do I hire myself as an employee of the company?
There are tons of platforms like Gusto and QuickBooks where you can hire a bookkeeper online to help you with the accounting!
bit.ly/gustopayrollstart
quickbooks.intuit.com/
And yes it's recommended to start a business bank account in order to separate the expenses from personal to business! In order to hire yourself as an employee of the company, you'd need to get yourself set up on one of those accounting platforms as an employee and start paying yourself a reasonable salary from the business! Your accountant should be able to help you out with this!
What do you do if the business you are acquiring is in a different state then where you live. Which state do you set up the S corp? I live in MA and the business is in NH. Thanks
Hey so I’ve done some research because the comment below stated he filed this wrong if he wanted to be an LLC with S corp status.
I just spoke with the representative from incfile and they said the steps you want to take are
1.) select LLC and state
2.) select any plan BUT to make things easier select the gold plan BECAUSE the IRS form 2553 will be filled out and submitted and that form will convert you into an S corp
IF Follow this guys steps than you will by DEFAULT be classifying yourself as a Corporation with S Corp status which is NOT an LLC
Yes I'm not sure if I unintentionally said I wanted to be an LLC with S Corp status, but this video teaches you how to set up an S Corp directly. An official S Corp is NOT the same as an LLC filed as a S Corp status. Sorry for any confusion!
So I'm a contractor, owner of the gas station pays me and i hire and pay the employees.
So on the business type section I selected gas station and convenience store.
So since I'm not the owner what happens cuz there was no other options to select in this case, all other licenses are provided by the owner.
Is that gonna cuz any issue later?
So I'm a contractor, owner of the gas station pays me and i hire and pay the employees.
So on the business type section I selected gas station and convenience store.
So since I'm not the owner what happens, all other licenses are provided by the owner.
Thanks
So I'm a contractor, owner of the gas station pays me and i hire and pay the employees.
So on the business type section I selected gas station and convenience store.
So since I'm not the owner what happens cuz there was no other options to select in this case, all other licenses are provided by the owner.
for permanent resident in usa which one should i hold s corporation or permanent LLC for doing e business through amazon ??
Are these the same steps if you have an LLC already established? I want to transfer LLC to S Corp. Thanks
Question could I set up S Corp in another state while I'm living in California? Like Business in Nevada but I live in California but I can also operate through out the whole USA and other countries around world?
I am thinking of converting my dba to an LLC and start operating as an LLC on Jan 1st 2024. Can I start a process now and put the LLC starting date on Jan 1st 2024? Is there an option for that on the Incfile website?
When describing what the business does. If I end up going pass the bounds of the description is that a problem? Also how vague can I make the description?
Great video. I'm a free lance film maker, thinking of forming an S corp to write off my manager and other tax benefits. If I do jobs and get paid through my s-corp can I sign up for unemployment benefits if need be? I've researched a bit and it seems that if i'm an employee, set up with a w-2 through the s- corp, and if I pay into the unemployment pool, then I should be eligible. But curious if anyone has any info on that? Thank you!
wondering if the business address is hard to switch? Currently getting my EIN and do not have an "office" other than home office.
You can just change it on the statement of information that is required to be filed every year!
Does it help with quarterly taxes
Is there a difference between forming an llc with an s corp election or forming an s corp directly?
An s-corp is NOT an LLC. You have to start a for-profit corporation and then file the for to designate as an S-corp
Can you change the share holder down the road or no?
Yes!
What i can i do if i don't have SSN
I purchased an online business address is it okay to put that information in instead my personal address or a registered agent address?
Yup! Virtual business addresses work just fine
Wow!!!! May I have a appt I need you help!
Does my business have to already be incorporated or an LLC before I can use this site to set up S Corp?
Nope! You can start your S Corp right from the get go without already having an LLC or being incorporated.
@@StartupWise Thank you for the reply! If I do that, does it also incorporate my business at the same time?
@@ThisisTylerCain Yes!
If I’m a sole proprietor already with a storefront business which already have an EIN, state and county licenses etc how would one convert to sCorp?
😎
Hi, do u need an llc to get s-corp?
Nope!
What happens after the FREE Registered Agent Service for a year expires?
You can change the registered agent to yourself, or you can renew, or you can choose a different RA service to use! Totally up to you
@@StartupWise I see, thank you.
Wait so it’s a one time payment
Yup!
I don’t understand one thing though, u said we have to pay a self employment tax on our W-2? Don’t you mean we pay self employment tax on our 1099?
For S Corps, you're liable for self-employment taxes on the salary portion of your income!
disclamier - I am not a CPA nor lawyer. But from what I have learnt, you are also an employee(while being the shareholder) of your S corp. The s corp will pay you some amount of salary which is why you get a W2 for that amount.
How to you set your self on payroll?
There's tons of software online like Quickbooks, Wave, and Gusto that can do everything for you, and all you would need is a bookkeeper if you don't want to do it yourself!
@@StartupWise what does this mean? Also how do I pay myself a salary and leave everything as distribution
Bro i think you put it as a s corp, and not an llc with s corp taxation
Your right except he classified himself as a standard Corporation
What do you mean
Theres 2 ways, 1 an actual scorp, and the 2nd one that is an llc but with s corp benefits
@@jaimegranero9027 which better
@@jarenventures llc with scorp taxation
I am an actor. Can I create an S-Corp?
Almost all actors are considered self-employed, meaning you can create an S-Corp to save on taxes if you make enough every year!
$254 is free, why u lying to us
The constant editing after every sentence is the most annoying editing of all time! Please explain future videos without having to stop after every sentence and edit
I didn't notice the jerky transitions until I read your comment. Now I can't unsee it.