EP 17 - Let's Get Down To Business! How To Structure Your Biz

In today's episode, I am briefly talking about the most popular business structures for entrepreneurs and influencers.    Sole Proprieter :  Single Owner Profit/Loss filed on Schedule C of your personal tax return Pay yourself as needed based on profits of the business Personally liable for business obligations LLC (Limited Liability Company) :  Register with your state, requires paying a fee (usually minimal) Obtain an EIN (a federal number assigned to your business, replaces the use of your social security number when it comes to business matters) Profit/Loss filed on Schedule C of your personal tax return Pay yourself as needed based on profits of the business Shielded from personal liability S-Corp :  Registration, as stated above, required File a separate business tax return that would flow to your personal return Could provide tax savings benefits, please consult with your tax professional or CPA Must pay yourself a reasonable salary  Shielded from personal liability    There are so many things to consider and the answer can vary from business to business, however; LLC is the most common structure that I see. Always consult with your tax professional or CPA to determine what structure is best for you and your business.    xo, Stephanie    Let's connect!   Business Minded Mama Facebook Community   Instagram: @stephanieparenza   Website: www.businessmindedmama.com