Damn, I was going to click another video first, but I think this is the best video on the subject ever made. You are so good at organizing the knowledge so it makes sense!
So from what I'm understanding, it seems like it boils down to how likely you are to get sued. If you're working alone and doing something that's pretty low-stakes (web development, graphic design, illustration, interior decorator, etc), then it probably makes the most sense to be a sole proprietor. If you're doing something with a higher risk of legal repercussions (construction, architecture, lawyer, physical therapist, etc), then you'd probably want to consider an LLC or S Corp. Does that sound about right?
@dflosounds You make a lot of sense. I'm a chef and plan to launch a cafe and catering company. I plan to start with the sole proprietorship and upgrade to an LLC. As long as I document everything, I pretty protected against possible lawsuits.
@@martialag Sounds good, but be sure it won’t be difficult in your state to switch from entity to entity- for mine it allegedly is but I can’t confirm that from personal experiences.
@@martialagI am starting a cleaning service and am thinking of doing the same. Have you looked into having your clients sign some sort of hold harmless document?
Awesome presentation! You did an excellent job explaining the the pros and cons of each business type. You spoke eloquently and clearly to your audience. Great work!!
Excellent!!! Excellent!!! Job Krystal. You explained the difference between the two entities in such a way that a minor can glean from the benefits of your knowledge and wisdom. I also love the way you recapped the structure of LLC vs S Corporations in the side panel captions. Very professional and likewise ELOQUENT. This has been the best break downs of the pros and cons between the two entities of corporations I have ever seen. Excellent Job!!!!!
@@BIGNOSEPOPPA yes I ended up starting it with a sole proprietor ship. Will switch to an LLC after making 75,000 right now it’s still so new not sure if it was worth the income in the beginning.
@@FlawlessFinishSolutions I really appreciate you. I'm believe im going to put in my two weeks notice very soon. I have a brand new van so I want to start being a courier. Wish me luck.
Can you do a video about the benefits between creating a single member LLC vs the multi member LLC for a husband and wife buying real estate for short term rentals?
Very clear and concise. I’m currently an LLC, filing as C-Corp. Starting another business and was undecided if I want to go LLC first or sole proprietor. I think I’m going sole proprietor for this one because it’s not going to make any money for a while. Thanks.
So, I am working with a travel agent hosting agency who recommends the same things that you've overviewed here. The only thing now, is that I am very intimidated by going sole proprietorship - in the event that a client goes on a travel, and then tries to sue or stop payment. Right now though, I cannot afford the fees associated with my state to file for an LLC. So I am really at an "intimidation stop" right now, not knowing what route to choose. My business is not open yet, and another aspect that is holding me up, is not knowing if I "have" to go LLC route, if I am the sole proprietor but my business name is not my own name.
This was so cool! Easy to follow ☀️ I am a sole proprietor at the moment. I do not like it because of the risk of lawsuits. I look forward to prospering and moving onto LLC status
Excellent work in explaining the differences. Enjoying your content. Any contacts in Orlando, Fl who I can speak to about about using their CPA, bookkeeping services?
I want to start a very small service based home business, so I am leaning towards sole proprietorship, but I worry about losing everything in a lawsuit. I'm not afraid of paperwork but it's $800 a year (plus smaller fees) to have a LLC in my state. That's a huge chunk for one person charging $30/hr.
Excellent video. Thank you! I have watched several similar videos in the past but this made everything “click”! Really appreciate this clear, well organized presentation and the graphics showing the ACTUAL forms (for us visual learners!) thanks again!
Great job Krystal A! This was very informative. The whole team is doing a great job of informing. Do you guys support startup businesses in Texas from a CPA perspective? Thanks!
LLCS that are single owned do they get 10099s NEC? I’m confused ? Should I ask them how they are filing (S corp or C corp) ? Trying to do 1099s and it gets tricky with them
For a fictitious business name statement, /DBA... Does the owner, the individual that is doing the business have to be listed as the registrant? Can a sole proprietor , hire a registered agent, I don't want to be my own RA. Thanks for your helpful videos!
Question if I do junk removal and collect cash from all my jobs how do I report that just putting it in the business account as a sole proprietor and i get taxed on all that money besides my expenses ?
Hello again I currently have a business, not operating, since I relocated to another state, the business I currently have I’m the sole proprietor and would like to operate as LLC instead, could you guide me?
Great video with critical gems to keep in mind. Question: if an LLC was setup in 2021 but no revenue was generated, do u suggest opting for the S corp tax election or should one wait until the LLC makes some money? There were several expenses related to the LLC setup.
@yooo2568 if you have the funds the llc may be more worth it as you might be able to get cheaper prices for the products you will use by getting commercial accounts.
This is my first business. Went to the county to set up a DBA. Haven't made money yet. But should I open up a LLC instead? or can I open a LLC with my fictious name?
Im 21 and just got my application for a sole proprietorship approved, and i want to pursue a handyman business that charges under $1000. Any advice? I know well enough to cut my losses and not risk anything for stuff im not educated on. Thats what the trip fee is for lol.
Also if someone were to "sue me for all i got"...they wouldnt be able to get very much as i own nothing right now, and if im making payments on a vehicle would they be able to get that from me before its actually paid off
So if I were to start a business in digital marketing, would an LLC be best since digital marketing and greatly affect the appearance of a business? Idk why but I just have a hard time understanding all this information. It’s so much
But wait. If a single member LLC has the liability split between all the members, then the single member has 100% of liability. So liability is not limited and is the same as sole proprietorship? In that case, the only difference between sole proprietor and single member LLC is having to pay the $800/year fee for having the LLC?
Really great Info. Question i hope can get answered. I feel like sole proprietor is better for me at least for now. But there is one thing. I want to run multiple brands for my photography business for different types of photography. But doing a Sole proprietor, you can only have one DBA. So should I file an LLC for that reason and than file a DBA under that llc for the second brand? I don't see any way to do two brands with just sole proprietor
What if a sole proprietor is also an employee of another company? In this case, how will the tax of the salary from the company the sole proprietor works for be calculated?
Damn, I was going to click another video first, but I think this is the best video on the subject ever made. You are so good at organizing the knowledge so it makes sense!
So from what I'm understanding, it seems like it boils down to how likely you are to get sued. If you're working alone and doing something that's pretty low-stakes (web development, graphic design, illustration, interior decorator, etc), then it probably makes the most sense to be a sole proprietor. If you're doing something with a higher risk of legal repercussions (construction, architecture, lawyer, physical therapist, etc), then you'd probably want to consider an LLC or S Corp. Does that sound about right?
@dflosounds You make a lot of sense. I'm a chef and plan to launch a cafe and catering company. I plan to start with the sole proprietorship and upgrade to an LLC. As long as I document everything, I pretty protected against possible lawsuits.
@@martialag Sounds good, but be sure it won’t be difficult in your state to switch from entity to entity- for mine it allegedly is but I can’t confirm that from personal experiences.
@@martialagI am starting a cleaning service and am thinking of doing the same. Have you looked into having your clients sign some sort of hold harmless document?
Awesome presentation! You did an excellent job explaining the the pros and cons of each business type. You spoke eloquently and clearly to your audience. Great work!!
When starting a daycare is it better to be a sole proprietor or llc
Excellent!!! Excellent!!! Job Krystal. You explained the difference between the two entities in such a way that a minor can glean from the benefits of your knowledge and wisdom. I also love the way you recapped the structure of LLC vs S Corporations in the side panel captions. Very professional and likewise ELOQUENT. This has been the best break downs of the pros and cons between the two entities of corporations I have ever seen. Excellent Job!!!!!
This channel is outstanding!! New sub. Thank you for keeping it simple language for those of us that are so new to this. Just got my LLC.
This was eloquently broken down. Keep up the great work guys.
Thanks! Will do!
This video was really well done, easy to understand and not overwhelming. Thank you!!
Starting a new business and wasn’t sure which way to go. Honestly still not but definitely have something to think about after this video. Thank you!
Did you start and your business? And if so what did you choose in terms of LLC vs the latter?
@@BIGNOSEPOPPA yes I ended up starting it with a sole proprietor ship. Will switch to an LLC after making 75,000 right now it’s still so new not sure if it was worth the income in the beginning.
@@FlawlessFinishSolutions I really appreciate you. I'm believe im going to put in my two weeks notice very soon. I have a brand new van so I want to start being a courier. Wish me luck.
@@BIGNOSEPOPPA get out there and get it. Keep your head up in the tough moments.
@@FlawlessFinishSolutions thank you so much. I'm so close. I will definitely update you as well since you helped me.
Thank you. Finally a video that just keeps it simple and straightforward.
Love to see it & share it! Yall answer so many FAQs
Thanks, probably going to start off as SP and than LLC
Thank you sooooo much! 🥰 Currently an SP, but pretty sure need to change to LLC. 🤷♀
Thank you! I watched at least 30 videos and until I got here I could not figure out where to start or what I wanted to do.
Can you do a video about the benefits between creating a single member LLC vs the multi member LLC for a husband and wife buying real estate for short term rentals?
Outstanding very well presented and explanation.. so many content creators need to take notes
Omggg I love the structure of the material and the fact that the information is given straight up 👌
Very clear and concise. I’m currently an LLC, filing as C-Corp. Starting another business and was undecided if I want to go LLC first or sole proprietor. I think I’m going sole proprietor for this one because it’s not going to make any money for a while. Thanks.
My head hurts all i want is to open an online selling website 🤣😞 still got a lot to learn
Sole proprietor is what you need. That’s what I filed for
Me too
So, I am working with a travel agent hosting agency who recommends the same things that you've overviewed here. The only thing now, is that I am very intimidated by going sole proprietorship - in the event that a client goes on a travel, and then tries to sue or stop payment. Right now though, I cannot afford the fees associated with my state to file for an LLC.
So I am really at an "intimidation stop" right now, not knowing what route to choose. My business is not open yet, and another aspect that is holding me up, is not knowing if I "have" to go LLC route, if I am the sole proprietor but my business name is not my own name.
Thanks for the valuable information!
Very informative information thank you 🙏🏽 however how or what site would I get an LLC form to file??
Wow! Great video🤗 I'm so glad it popped up
Thanks Darling 💯
You just earned my subscription, lots of appreciation
This was so cool! Easy to follow ☀️ I am a sole proprietor at the moment. I do not like it because of the risk of lawsuits. I look forward to prospering and moving onto LLC status
Thank you! Very clear!
That was well explained!
Excellent work in explaining the differences. Enjoying your content. Any contacts in Orlando, Fl who I can speak to about about using their CPA, bookkeeping services?
great video simple and to the point
I want to start a very small service based home business, so I am leaning towards sole proprietorship, but I worry about losing everything in a lawsuit. I'm not afraid of paperwork but it's $800 a year (plus smaller fees) to have a LLC in my state. That's a huge chunk for one person charging $30/hr.
That's cheap.... that's less than 70$ a month to be in business..
If you can't put that aside then find a difference business to go into
you don't need an LLC. Just business insurance.
LLC here. Do I need to file taxes if I didn't generate any income in the LLC? There were expenses.
Texas.
Excellent video. Thank you! I have watched several similar videos in the past but this made everything “click”! Really appreciate this clear, well organized presentation and the graphics showing the ACTUAL forms (for us visual learners!) thanks again!
Great job Krystal!
Thanks for watching :)
Please explain the difference between sole proprietorship and (individual with a DBA)
Nicely Done! Great Presentation
Glad you liked it!
Super clear and helpful. Thank you!
This is phenomenal. Thank you
About to purchase a quadplex? New to this so which one does everybody recommend?
I needed this!!! Thank you 👍🏾
You're so welcome! :)
Great job Krystal A! This was very informative. The whole team is doing a great job of informing. Do you guys support startup businesses in Texas from a CPA perspective? Thanks!
LLCS that are single owned do they get 10099s NEC? I’m confused ? Should I ask them how they are filing (S corp or C corp) ? Trying to do 1099s and it gets tricky with them
Sole proprietor running a small one person painting company
Nice breakdown. Thank you.
Thank you for that. I learned a lot. Question, if I invest in an investment club with a sole prop EIN, are gains considered income?
Great job explaining
You are a good teacher
Hi, which is better? Sole proprietor or dba for online tshirt business?
Excellent breaking it down 👍🏾
Thank you. This was on point!
Awesome video, Im an sole owner LLC, profit is over 450K through consulting, so should I change to S CORP?
Great video! Thank you!
when i looked up LLC it wants to elect someone to collect all forms and taxes can i do it myself
Thanks, this was very informative... Aint nothing like brains and beauty!!
Great info! 💪
Can a LLC be started by a trust or should the LLC be started first and later placed within the trust?
For a fictitious business name statement,
/DBA... Does the owner, the individual that is doing the business have to be listed as the registrant? Can a sole proprietor , hire a registered agent, I don't want to be my own RA. Thanks for your helpful videos!
Cant you do a video on Co-ops cooperatives?
Excellent summary.
For tax purposes, start up costs or annual costs, are their significant differences between an LLC and a PLLC?
Question if I do junk removal and collect cash from all my jobs how do I report that just putting it in the business account as a sole proprietor and i get taxed on all that money besides my expenses ?
Hello again I currently have a business, not operating, since I relocated to another state, the business I currently have I’m the sole proprietor and would like to operate as LLC instead, could you guide me?
Currently I am a sole proprietor but I am established my LLC.
Awesome Professor! Thank you for helping to keep us on the same page.
can I start as sole proprietor and as my biz grown switch to LLC?
yes you can, you just can't double dip. one or the other.
great video , thank you.
Great video with critical gems to keep in mind. Question: if an LLC was setup in 2021 but no revenue was generated, do u suggest opting for the S corp tax election or should one wait until the LLC makes some money? There were several expenses related to the LLC setup.
I'd wait until the LLC started generating some revenue. General rule of thumb is at least $50k in revenue before filing an S Corp election.
Very helpful
Great video
Well done. Thanks.
Thanks for the vid! How does it work if I’m trading stocks?
Awesome Job! :)
thank you!
Great job
If operating as a sole proprietorship would it be necessary to have a bussiness name?
Very informal
For a detailing business what is the best route?
Depends on how much stuff you own . If you are young and dont own anything besides your company vehicle then its alright but just be careful
@@MrJ183I’m just going to start one in January.
@@MrJ183thank you for your reply
@yooo2568 if you have the funds the llc may be more worth it as you might be able to get cheaper prices for the products you will use by getting commercial accounts.
Thank you!!!
Thank you, sweetheart.
This is my first business. Went to the county to set up a DBA. Haven't made money yet. But should I open up a LLC instead? or can I open a LLC with my fictious name?
It’s been 8 months can you tell us the answer to your good question?
Thank you
So If I don't make much with my business ..I shouldn't make an EIN yet? I have an LLC but no EIN yet
Wonderful ty
Sole Proprietor and think about changing it to a LLC
I plan to form a sole proprietorship and form a LLC later.
doesn't it cost to change? unless you have that free amendment through your registered agent?
Hi which state do you practice in?
So if I used my Ecommerce LLC for things outside of e-commerce is that a problem?
My business is a LLC but I filed my taxes as a sole proprietor based on my accountant advise. That’s that make sense?
I’m a one member business
Thanks
S corp! And I actually am going to stay S corp after watching this hahah thank you!
Do you recommend a new UA-camr to be Sole proprietor or form an LLC in the very beginning stage?
Im 21 and just got my application for a sole proprietorship approved, and i want to pursue a handyman business that charges under $1000. Any advice? I know well enough to cut my losses and not risk anything for stuff im not educated on. Thats what the trip fee is for lol.
Also if someone were to "sue me for all i got"...they wouldnt be able to get very much as i own nothing right now, and if im making payments on a vehicle would they be able to get that from me before its actually paid off
"Or you might be confused on the entire idea and why you should actually care." LOL this
Great
So if I were to start a business in digital marketing, would an LLC be best since digital marketing and greatly affect the appearance of a business? Idk why but I just have a hard time understanding all this information. It’s so much
Hi, I’m a Sole proprietor and I won’t to be a single
LLC how do I do it?
But wait. If a single member LLC has the liability split between all the members, then the single member has 100% of liability. So liability is not limited and is the same as sole proprietorship?
In that case, the only difference between sole proprietor and single member LLC is having to pay the $800/year fee for having the LLC?
That's a good Q... Somewhere else I read something similar to your Q
@@wenderful1577 Yeah, and no one wants to answer it lol
@@lukastemberger I did find a short clip that answered it on UA-cam look up. The lawyer mentioned , "flow through taxation"
@@wenderful1577 I'll have to ask questions to find out what that means next...
@@lukastemberger 🤣 there's a pretty good flow chart you can find through google
Under a sole proprietorship, does the business get a name or is it just the name of that person?
Really great Info. Question i hope can get answered.
I feel like sole proprietor is better for me at least for now. But there is one thing. I want to run multiple brands for my photography business for different types of photography. But doing a Sole proprietor, you can only have one DBA. So should I file an LLC for that reason and than file a DBA under that llc for the second brand? I don't see any way to do two brands with just sole proprietor
You should check your states requirements. In California, you can have additional names and it’s only $5 dollars more.
has no one here heard of business insurance?? you should have it either way but if you can't pay LLC fees at least get that much.
So if a LLC makes no money it still pays taxes?
I just want to save money on taxes if I profit 100k a year , what should I do I live in california they tax us into poverty
What if a sole proprietor is also an employee of another company? In this case, how will the tax of the salary from the company the sole proprietor works for be calculated?
What if you had $0 income for a sole properitorship?