How to Start an S Corp

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=tPcpBnwtWUU

Did you know small businesses often overpay their taxes by as much as 30%? • Common pitfalls include: • Not fully understanding deductions • Using the wrong filing status • Poor or no tax planning • Navigating a complex tax code • If your business is profitable and you want to pull money out in a tax-efficient way, electing S-corp status can be a game-changer—potentially saving you thousands each year. • Ready to Maximize Your Tax Savings? • 1. Schedule a FREE Call with a Tax Professional: • https://go.truic.com/40XIIKa • (Discover exactly how much you can save) • 2. Create an S Corp with Northwest: • https://go.truic.com/3QMiEf7 • 3. Learn More About S Corps: • https://howtostartanllc.com/what-is-a... • Take action now to keep more of your hard-earned profits! • If you use our discount links, you get a discount and we receive a small commission. Thanks for supporting our work! • ---------- • In this video we go over how to start an S Corp and how it is different from a typical business structure. We will explain when you should choose S corp status and the steps that are needed to form an S corp. • For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S-corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business • 📙 For a detailed step by step guide on starting an S-Corp as an LLC, go here: • https://howtostartanllc.com/start-an-... • ---------- • Need to Talk to a Tax Specialist for your S Corp Questions? • Head here: go.truic.com/4bYbNHd • ---------- • 📙 For a detailed step by step guide on starting an S-Corp as an LLC, go here: • https://howtostartanllc.com/start-an-... • 🔖 Find the best name for your business with our free Business Name Generator tool: • https://epicbusinessnames.com/ • 👨🏽‍💼 Want a professional service to start your business for you? See our top 5 Formation Services: • https://howtostartanllc.com/reviews/l... • TIMESTAMPS • 0:00 - Intro • 0:46 - How to : Form an S Corp • 0:59 - Step 1 : Name Your LLC • 1:19 - Step 2 : Choose a Registered Agent • 1:32 - Step 3 : File your LLC Articles of Organization • 1:48 - Step 4 : Create your LLC Operating Agreement • 2:04 - Step 5 : Get an EIN • 2:38 - Option 2 : Hire a Formation Service • 2:59 - Summary • ------------- • 🎯 Key Topics Covered: • Understanding S-Corps • The video begins by clarifying that an S-Corporation is not a business structure but rather a tax designation. While both LLCs and corporations can be used to form an S-Corp, the video recommends and focuses on using an LLC as the foundation. This approach combines the flexibility of an LLC with the tax advantages of an S-Corp. • Step-by-Step Formation Process • The video breaks down the complete formation process into five crucial steps: • 1. Name Your LLC • Selecting a unique, distinguishable business name that complies with state-specific naming requirements. The video mentions free tools like their Business Name Generator and naming guides to help with this process. • 2. Choose a Registered Agent • Designating a registered agent who will accept legal papers and tax documents on behalf of your LLC. This person or entity must be listed on your formation documents. • 3. File Articles of Organization • Filing the official registration documents (also known as certificate of formation or organization in some states) to legally establish your LLC with the state. • 4. Create Operating Agreement • Developing a legal document that outlines the LLC's leadership structure and member roles. The video mentions their free operating agreement tool as a resource. • 5. Get EIN and File Form 2553 • Obtaining an Employer Identification Number (EIN) from the IRS website and completing Form 2553 to elect S-Corp status. This final step is crucial for establishing the S-Corp tax designation. • • Professional Formation Services Option • For those who prefer not to handle the formation process themselves, the video discusses the option of hiring a formation service. The key recommendation is to ensure the service uses an LLC (not a corporation) as the foundation for the S-Corp. • --------------- • S Corp Resources: • 📙 Instructions for IRS Form 2553 for electing S Corp Status: • https://howtostartanllc.com/form-an-l... • Videos Mentioned: • 🎥 LLC vs Corporation for forming an S corp video: • • Forming an S Corp - Should you use an... • 🎥 LLC vs S Corp • • S Corp vs LLC (Should you choose an ... • 🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams. • #scorp #distributions #taxes #SCorpExplained #howtostartanScorp #BusinessTax #Entrepreneurship #SmallBusiness #BusinessTaxation #SmallBusiness #LLCTaxation #BusinessStructure #TaxStrategy #truic

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