Top 5 Reasons to Convert a Sole Proprietorship to an LLC!

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

[jeffteague]

I'm a sole proprietor and I don't pay any taxes as a result of it. As a corporation even as an LLC I would have to pay taxes. To protect my personal assets I carry liability insurance. My business as a sole proprietor is registered with the State and all of my business activities and finances are done separately from my personal activities. As far as audits go, I look forward to the IRS doing so because I don't fear the government at all. My bookkeeping is even more simple this way than as an LLC. My tax return is now simplified to one page. Here's the kicker, I don't pay any State taxes either. None! No income tax, no property tax, and no sales tax. All of this was made possible by joining The Tax Savers Club.

[Cookiolv]

THank you so much. I am starting my transition from sole to LLC and this video was so helpful. The words you use are easy to understand. THank you

[naomiwells]

I absolutely love your videos and you are a great communicator. I have subscribed!!

[SpaceCoastHarvest]

wow never thought about #5. fantastic video

[po_ly]

I have a much clearer understanding of the level of liability of a sole proprietorship compared to an LLC after watching this video. Thanks for the explanation!

[Hugofmunoz]

This was great! Thank you! Trying to figure out when it makes financial sense to get my LLC. I don’t really have high liability and can continue conducting business as is.

[archer]

thank you for sharing. nice info as always

[narutonguyen]

holy heck. this video helped so much and I liked how everything was simplified down so easily to understand. def want to work with you in the very near future!

[CebiGreen]

Great info! By the way, I just saw your ad on your own channel. Enjoy both.

[kristycollins]

😉Excellent content. These videos have really been a tremendous help to me as a person stepping into a entrepreneurship role. I didn’t have anyone around me that would take the time to connect the dots so it all makes sense until I came across this channel.
Thank You So Much! 😊
You do a fantastic job at explaining everything!
I’ve learned so far that clearly, that’s not everyone’s strong suit.

[Fortress]

Best tax content out there for taxes. No shiesty moves just straight up legal tax moves just like the rich

[timticlea]

Thank you for this video. This made me understand the difference clear?
So Karlton encourages business owners that makes more than $8k per month in net income not revenue to go to an LLC. This is good for you and for him or accountants.
Why? They do more work for you so they make more money but only if you make more than $8k per month you will actually be saving money and you need a good account and having more stress about doing payroll and other bookkeeping stuff.

[bloodclot]

Thank you. This helped me make the decision

[MzkrissyBLove]

🙏👏THANK YOU SO MUCH I WAS JUST ABOUT TO PULL MY HAIR OUT AND I REMEMBERED YOU MAKE ALL THESE THINGS PLAIN AND SIMPLE THANK YOU SO MUCH💐 . I AM SO GREATFUL FOR YOU DOING THIS VIDEO .YOUR AWESOME 🙏💐💝 ( WAS ON Sunbiz getting all confused, should I switch from sole proprietor to s-corp or is it LLC to s-corp wait Karlton said LLC s-corp was good but wait what's the process 😖 don't want to pay for the wrong thing . Etc. )

[tinabarnes]

I am so happy that I found you, I learn so much within 3 hours of watching you. What is the best website to file for a LLC I live in Maryland.

[aaron]

Very cool tips!!! Thanks for making this!!

[germelljohnson]

Great video. Your channel has taught me a lot so far

[blackdiamondrob]

of the videos ive watched of yours, i havent heard you talk about for example out of state entities. Do you use out of state entities to create asset protection?

[ArghRawrWhoa]

Are you married?

What do you think about reporting your business activities on a Schedule C as a Qualified Joint Venture (QJV) with your spouse instead of reporting the business activity as a partnership for federal tax purposes?

What do you think about employing your kids?

[raymondjoseph]

Single member SPs assets are not protected. Check with your state but most work this way. You have to have members in the llc. If you do then you're protected. Was an llc for 10 years and couldn't see the benefits after a few years as a single member. Paid income taxes on business profits and paid income taxes on my wages. Went back to a SP. The only protection you'll be provided is based on debt. If you run up 50k and default as a multiple member llc you and your members assets are protected. If you're a single member llc and you run up 50k in debt and default. The creditor cannot force you to sell your assets to pay the debt but they will lean your assets. If it worked the way most people think then a single member llc could default on debt and never be touched. People also believe as an single member llc you're protected from lawsuits. Not true. If you're gonna llc make sure you have members who are not your spouse. You and your spouse are considered 1 entity in the eyes of the law. Member should be a nonfamily member.