S-Corp vs Sole Proprietorship: Understanding Your Business Structure Options and Tax Implications
Speaker: Scott Transue
Speaker Designation: Tax Consultant - Quickbooks Trainer
Speaker: Scott Transue
Speaker Designation: Tax Consultant - Quickbooks Trainer
Choosing the right business structure is crucial to the success of your small business. Both S-Corps and sole proprietorships have their advantages and disadvantages. Sole proprietorships are simple and easy to set up with little bureaucratic requirements, while S-Corps offer personal asset protection and low tax rates. You should consider your business's nature, needs, and goals before deciding which business structure is the best for your business. A consultation with a licensed business attorney or tax professional will offer valuable insights to make an informed decision.
The business structure of a company plays a crucial role in the economic growth and financial stability of a business. Two of the most common business structures utilized by small business owners are S-Corporations and Sole Proprietorships. Understanding the differences between these two business structures can be an essential aspect of making informed decisions for small business owners.
While S Corporations and Limited Liability Companies (LLCs) are similar because they provide liability protection for business owners and allow for pass-through tax treatment, there are many differences as to how they are operated, complied with, and taxed. It’s best that accountants, CPAs, and tax professionals are up to date on entity advantages to assist their clients in making the best decision when it comes to choosing which entity option is best for their business.
If you are a small business owner or a startup, you need to choose a proper business structure that impacts your business's tax status, liability protection, and funding opportunities. Attending this session can help you gain valuable insights and make informed decisions about the business structure that best suits your business goals.
This webinar aims to provide a comprehensive understanding of the two business models - S-Corporation and Sole Proprietorship. The discussions will focus on the tax implications, liability protection, and funding opportunities of each business structure. Ultimately, by the end of the session, attendees will understand the pros and cons of each structure and which one is right for their business.
The discussion will focus primarily on the following topics:
This webinar session is ideal for small business owners, entrepreneurs, and startup owners who are looking for ideas to maximize their business's potential and want to learn about which structure will help them achieve their goals.
Additionally, accountants, financial consultants, and attorneys who advise business clients will also benefit from attending this session.
Scott Transue is an Enrolled Agent with the IRS, licensed to represent taxpayers in all 50 states. He is an award-winning speaker and trainer on taxation and debt collection. He is also a QuickBooks ProAdvisor. He has presented seminars on accounting topics throughout the country and coached over 3,000 people in improving their entity’s performance. He is a Remote Tax Advisor for TurboTax. He holds a Masters in Accounting from Walden University and Master of Public Administration degree from the State University of New York at Albany. His professional career has included time as commissioner of finance for the city of Gloversville, New York and as a senior accountant with the New York State Department of Environmental Conservation.
