Discover what an S-Corp is and learn all the essentials in our ultimate guide for beginners. 👉 Get Tailor Brands ➜ https://bit.ly/4mueoyQ 💥EXCLUSIVE DISCOUNT AUTOMATICALLY APPLIED💥 ──────────────────────────────────────────── Check out our featured videos: 🔗 ZenBusiness Review - https://www.youtube.com/watch?v=xwMEdra-sZg 🔗 LegalZoom Review - https://www.youtube.com/watch?v=1zlUByAFO5s 🔗 Tailor Brands Review - https://www.youtube.com/watch?v=oI2mvyG7WMY ──────────────────────────────────────────── AI Sales and Customer Service Chatbot ➜ https://bit.ly/hmesave 90% DISCOUNT AUTOMATICALLY APPLIED Discover what an S-Corp is and learn all the essentials in our ultimate guide for beginners. Timestamp Sections : 00:00 Intro 00:20 What is an S-Corp? 02:07 How it works 04:18 S-Corp Stock 06:40 Limited Liability 08:03 S-Corp Cons 09:08 Comparison to other business structures 10:51 How to Get S-Corp? 11:31 Tailor Brands 14:43 Pricing & Costs 16:19 Recommendation 16:47 Outro ------------------------------------------------ Introduction to S-Corporations ------------------------------------------------ Hey guys, welcome back to the channel. In today's video, we are talking about S-Corporations or S-Corps. We’ll cover what they are, some of their pros and cons, and how to get one started. An S-corp is a tax classification that can also be its own business entity, often evolving from an LLC. It provides special tax benefits, limited liability protection, and adds credibility to your business. The main advantage of an S-corp is the tax perks: profits and losses are passed through to shareholders' personal tax returns, potentially lowering the tax rate. Shareholders working within the business are paid a salary subject to self-employment taxes, but can also receive distributions from profits, which are not subject to these taxes. This can lead to significant savings on self-employment taxes compared to a sole proprietorship. ------------------------------------------------ Ownership and Limited Liability ------------------------------------------------ Ownership in an S-corp is divided into shares of stock, with each share representing a piece of ownership. Shareholders must agree on their portion of the stock, which cannot exceed 100 shares, and only certain entities and individuals can be shareholders. Shareholders with more stock have more influence over company decisions and voting rights, impacting their share of the company's profits. S-corp shareholders benefit from limited liability protection, meaning personal assets are generally protected from business liabilities. This enhances business credibility and allows ownership interests to be transferred, ensuring business continuity beyond the life of its owners. ------------------------------------------------ Getting Started and Support ------------------------------------------------ Starting an S-corp involves choosing a business name, filing Articles of Incorporation, naming directors, and adopting bylaws. To gain S-corp tax benefits, you must file Form 2553 with the IRS within 75 days of starting your corporation. Maintaining an S-corp requires keeping detailed records, holding annual meetings, and filing annual reports. For those overwhelmed by these requirements, services like Tailor Brands can help with everything from filing taxes to marketing your business. They offer various plans, from free basic support to comprehensive assistance for around $200 a year, plus state fees. Tailor Brands also provides valuable marketing resources, making it easier to brand your business. Hope you enjoyed my What is an S-Corp? The Ultimate Guide For Beginners Video.