CONFUSED: Should I Start an LLC or S-CORP for Candle & Soap Business? You Might Be SURPRISED! (2022)
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- Опубліковано 7 сер 2024
- The first 1,000 people to use the link will get a 1 month free trial of Skillshare: skl.sh/blacktiebarn12221
There is no shortage of online articles and videos about starting and running a small business as a sole-proprietorship, and LLC, or and S-Corp. Many are stuffed with great business setup tips and details. Others lack some important distinctions between the three. As a candle business owner myself, I wanted to provide some insight into this for my fellow small business owners. There are pros and cons to each and reasons when its appropriate to choose one over the other. I hope this video helps give you some information to think about. As always, its best to speak with a professional CPA, accountant, bookkeeper, or small business attorney to guide you based on your specific circumstances. But I hope this overview from a fellow business owner helps get the gears turning.
Oh, and thanks for playing along with the chicken or the egg. :)
00:00 - Chicken or the egg
00:43 - s corp, llc, sole prop
02:07 - business structure vs taxes
02:54 - sole proprietorship details (+ pros and cons)
06:52 - sole prop (best for...)
07:20 - LLC details (+ pros and cons)
10:03 - LLC (best for...)
11:01 - S Corp (+ pros and cons)
15:53 - S Corp (best for...)
17:04 - Free class on Business setup
18:05 - Business Setup Keys & Tips
19:16 - Chicken or the egg
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God created the chicken that lay the egg
As a believer in creation the bible states in Genesis Then God said: “Let the earth bring forth living creatures* according to their kinds, domestic animals and creeping animals* and wild animals of the earth according to their kinds.” so i believe the Chicken was created and then produced eggs. However I am open to considering the fact that since there are so many different breed perhaps our modern day chicken was a product of cross breeding of two other ancient poultry birds, but that would still put those birds ahead of their eggs by my beliefs
Very helpful video BTW
Ty!
Yah I was definitely just being goofy snd fun with this video. To be perception honest.... I hadn't really considered the question with much thought before. Lol
@@BlackTieBarn hahah gotcha, guess that went over my head 🤣🤣🤣
I am with you the egg came first!! 🤣😂🤣😂 great information in your video. I wish it was posted a year ago when I was confused about everything… I am sure this will help all the newbies out here.
Lol. Thanks. And sorry it posted a year late. 🤣
That was an awesome break down and explanation. Thank you for this video!
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Great information for newbies like myself. Thanks Wade
Glad to help
Chicken. That egg you spoke about at the end came from two other "chicken-like" critters, which came from reptile critters, which came from out of the ocean critters, which came from smaller organism critters...and on it goes. At the end of the day, we're all critters with critter ancestors lol ;)
Lol yep. I really was just having fun with this. Lol
Great video as always!! Thank you Wade 😊
No problem
Thanks, Wade. 👍
Much needed info.
👍
Great video buddy. There are so many different areas (the business side isn't my strength) to consider when running your own business! Not to mention how many "hats" small business owners have to wear (content creator, accountant, marketer... and making the actual thing 😁)
Absolutely. We do a lot. :) but it's fun
Thank you for this because I was headed for an LLC. It makes sense to start out with the sole proprietorship being I'll be the only one running the business. But definitely looking to make it an LLC, even an S-corp🤗. So again thankyou for this enlightening information🥰
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Thank you for this information, now I have an idea what I should do.
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Good info Wade. Another important point I heard from another source is that once you file taxes under the S-Corp classification, you have to keep filing that way and can't go back to filing on your own tax return. Of course, laws may vary based on your location and laws can also change, so your advice to consult with a tax professional is the best option if you get to the point of considering this option.
Thanks for sharing!
thanks for braking this down, great video!
Np!
You're the best of the best, Wade! Would you consider making a video about your process for choosing your company name? I have one right now that my friends all like, but I can't stop thinking that I should change it 😅
Thanks! Well... it wasn't much of a process so to speak. But I mentioned it a bit in a few of my getting started videos and i think maybe a fairly recent "business roadmap" video. . I'll try to link when I get a chance
Great video! I've watched a lot of others to try and figure out the differences but yours was so much more informative and thorough - no one had mentioned that you can be an LLC and file taxes as an S-corp, for example. I'm still not sure the best approach to take with business set up when it comes to being a content creator primarily (no physical products/sales) but I think a cpa might be the best person to help figure that out? I haven't been able to find anything online that isn't just focused on a physical products business setup, weirdly! Thanks for the great video though, it made things easy to understand! ✨
Thanks Natalie. Yes definitely talk with a cpa and they can guide you. It's easier to move up then down so I'd start as sole proprietorship or llc.
Thankyou so much for another interesting video x
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Very helpful as always! My LLC is costly in NC for about $125 ( I can't remember exactly but it's that or more). Between that, the registered agent fee so I don't use my own address and they created my articles of creation for me and my insurance/guild membership, I made no profit last year. It's not popping off this year, although I have a big show coming up and that should be some actual profit this year. Still not a lot.
I should have done a DBA until April 2023 **in NC you have to renew every April, even if you initially signed up in January so remember to check that so you don't pay twice in one year!**
I'm growing my sales and getting my name out there, so it will pay off next year but it's been disheartening. I'm also going to be utilizing a UPS box instead of a registered agent so that will help. (In NC they require you to use your address and it is a matter of public record, which I don't feel too comfortable with.) Any way, we live and learn. I wish this video had been out a year ago!
Sorry it just posted. I feel like every video is late. 🤣🤣
The chicken! lol! Thanks for vid!
Great info as always, but I cried just a bit when you mentioned a parter then blew right by it lol. My cousin and I are starting a candle company together. Problem is we live in different states. I’ll find the answers with a professional, but I was hoping to hear you cover it just a bit.
Sorry partnerships ate kinda their own beast. Any business structure can have a partnership so that is why it wasn't mentioned as it's own. Basically when it comes to partnerships there is a partnership agreement that comes into play (which will be unique for every single one) which you can imagine is why it's hard to talk about. And depending on the structure you choose partners file an extra form like a k12 form to divide up the tax responsibility. But that isn't my expertise and I don't run a partnership so I didn't want to speak on something I'm not super confident or experienced with. I hope that makes sense. My advice would be to talk with business attorney first about a partnership structure (LLC most likely) and then a cpa about how to handle the tax part.
Thank you Wade!!!
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How to order, like your explainabout you start bznz and just like a bznz administration, accountantcy you have a nice explanation , smart
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LLC cost $99 here in ohio. I was recommended to pick LLC by a lawyer because it protects me.
Literally sitting down and taking notes.
🤣
Where the other birds came from then😂
🤣🤣
Definite Egg first Wade
😁
Intriguing video Wade. You know its funny you mention " belief" with the whole egg vs. chicken debate. I don't know how it relates to taxes or candles but I'll play along... 😜. You mentioned at the end that it took two different chickens to lay the first eggs which became chickens.... mmkay. Assuming that the research posted on the screen is credible- you're admitting that the chicken came first. And thus- the chicken came first- agreed. I guess " believing" in a spontaneous chicken is no more absurd than " believing" in a sponaneuous egg; which survived without a chicken to nuture it. Either way there was a Greater Creator at hand... ( I see you 🤗). Thanks for the tax break down. Hopefully one day I can join the big show as an Inc. corporation. 😉😉🌈✨🥚🐔
Yah I was mostly just being a goofball and having fun with it. I really didn't think about my answer. Lol
@@BlackTieBarn- sure thing! 🤣 👌
Great full length and detailed break down of them all. I knew the basics, but not in that detail For me the chicken came first. In my faith, there is one creator of all living things, created with the ability and purpose to then procreate and fill the earth. So just as you said it's hard for you to believe that a chicken just appeared, but if you believe two other species of birds created a chicken, then they would have had to just appeared/ been created to do that. Or the egg just appeared from nowhere 🤷🏽. Either way, there has to be an original creator of them🤔
Lol yah I hear ya. That part was more for fun. Just goofing around. :)
One question if we are sole do we still need insurance
Yes insurance is for protection from your products causing an issue.
If I have a domain do I need a llc?
Doman is just a name for a website. Llc is a business structure. Also whatever you city requires like a business license and selling permit. Your best bet is to lookup your local business center resource. It varies by city and state
😂 That is an unanswerable question! God created everything but didnt say if they were in egg form or animal form...but probably the chicken.🙃 Great video. Thanks!!
Agreed. Lol. Thanms
If the egg came first and eggs must be kept warm in order to even hatch and safe from predators to even exist to hatch, then how did the egg even survive and hatch? Add my faith to my logic, so... Nope, I vote chicken!
Nice!
With a sole proprietor, how would insurance work?
No different. Insurance doesn't really care so much about business structure. You still have a "business name' with your dba(fictitious name). So you just get an insurance policy with that name. :)
@@BlackTieBarn perfect thank you 😊
The egg came first because of changes in evolution. At first it was just another deformed baby bird, but then the deformity in a species survived long enough to be labeled a chicken.
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Hello
Chicken came first because there’s a protective layer on the egg that can only be made by chickens.