Sole Proprietor vs. S-Corp vs. C-Corp (Here Are The Pros & Cons!)

If you're curious about the difference between a Sole Proprietor vs. S-Corp vs. C-Corp, then this video is for you! In this video, we'll compare and contrast the pros and cons of each business entity, so you can make the best decision for your business.

"People can sue you for just about anything, and in business, they will." 3:19

As a business owner, it's important to know the difference between these three types of corporations. This video will help you decide which type is best for your business.

We'll discuss the pros and cons of each type of corporation, and help you decide which is the best fit for your business.

Show Notes:

0:00 Intro
3:05 Why Entities are needed
7:00 Sole Proprietorship
13:41 Pros and Cons of S-Corp
19:59 Pros and Cons of C-Corp
25:20 Summary
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#scorp #ccorp #soleproprietorship

[stacysouthard]

I have never had anyone sit down and explain things like this before. I have asked and asked and asked numerous people how I need to structure my business and all anyone ever says is an LLC. I learned more in 30 minutes from you than I have in years of asking people, including accountants. Thank you for being real and honest!

[Photovideos]

30+ years in business. Never knew some of this. Pure GOLD!

[JamesAutoDude]

When you're a sole proprietorship: You earn, you're taxed, then you spend

When you're a business: you earn, you spend, then you're taxed

This alone has really opened my eyes....

Also everything else you explained, Literally the best explanation I've ever found

As for the separate tax return... Not much different then doing a schedule C which is also separate and tax preparers charge more for that too

Lastly, if you're an LLC, it's still just you with liability protection. But if you're a corporation, that's not you, you're just allowed to make decisions on its behalf lol. So even more protections and separation

[kevinhynes]

Toby, I just want to say you are the bee’s knees man. I’ve never seen anyone else explaining these things to the peons like us. Super helpful. I hope you continue making content for a long time

[thepakitrucker]

Thank you so much for explaining this so thoroughly. Everyone says llc and not once I’ve heard of a c corp until my accountant brought it up and now with your explanation this makes so much sense

[terenceeans]

As per usual, you killed it!!! So educational I'm implementing every gem that you're passing along and also passing it along.

I love the fact that you're passing all of this content from your passion of it!!! Has to be from your heart cause you have plenty of wealth, very inspiring!!!

So I've spoken to my wife and we've decided that we're going all in, based on all of the copious notes 📝 we've been taking from your channel!!!

Definitely going to I also invest into all of your other workshops 😊😊😊😊😊😊😊😊. We thank you!!!!

[Sekona.realtor]

Definitely best and clearest explanation I ever listen to thank you so much

[EpicenterLLC]

I'm always better informed when I listen to your videos. Happy New Year! Missed your cats :)

[elguapo]

Lots of valuable information for someone who just started their LLC S Corp. Thank you

[lisaevans]

I've listened to this a few times! Thanks so much.

[hrstories]

Thank you. Just started a new family trade with zero $ and applying for EIN. I will be choosing S corp.

[leahmthompson]

Thank you so much for all this great content!!❤

[bendertechnology]

Awesome video, Toby! This blew my mind. I got a ton of bad advice over the past years and I think this will help me to moving forward. If I plan to use an s-corp or c-corp for an entity, does it need to be in place on January 1 of a tax year? Thanks for sharing your knowledge!

[efrenestrada]

I see the bottle of Petrone, now I know I can trust you hahaha happy new year

[derekcasanares]

I always love watching your videos and I have a gut feeling that I will need your expertise within a year.

[takeshi]

Very good points on liability protection most dont think the worst case!

[hugomontano]

I really appreciate the explanation for the different entities. Wife and I trying to start investing in real estate, we are both W2 employees in the higher end of the bracket. We also do stock investing providing another source of income. We currently don't have a structure, what do you think of having two LLCs (one each of RE and Stocks) being in a holding company LLC taxed at C-corp? Want to avoid any non W2 income to be taxed at the higher bracket and limit it to the 21% corporate rate. Thanks

[hyojinlee]

Thank you so much for this video!! So helpful :)

[roxulerz]

Such a helpful video! I learned so much as an entrepreneur just starting out. Thank you!

[nolebeeks]

Wouldn't it be beneficial for the sp to have insurance ? And can they right it off ?