EP25: Entity Selection And My Story Of How I Had My First Entity Created

<p><span style="font-weight: 400;">Deciding the structure of your business is the crucial stage for every entrepreneur. In this new episode of the</span> <strong><em>Wealthy CEO Accelerator</em></strong> <span style="font-weight: 400;">podcast, let's go over entity selection and how you can adequately save the most money in taxes with the specific entity you decided to choose. There are several types of entities, and I want you to understand all the kinds of entities that there are because there are so many, and every single entity has its pros and cons.<br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️</strong> <span style= "font-weight: 400;">A sole proprietorship may not be the best entity if you're making 50-70K dollars annually because you will be reporting all of your income and expenses on your individual return. If you want to grow and have a huge business, usually being the sole proprietor is not the best entity. <br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">The single-member LLC gives you protection from getting sued and from anybody who decides to go after your assets, such as your home, savings, car, and other things you achieved. Know more about these legalities and speak to an attorney to properly advise you what entity makes sense from a legal aspect and what entity makes sense to make sure that you are 100 percent protected in your business. <br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">Remember that a single-member LLC or any entity does not replace insurance agents, make sure and think about what type of insurance you need to be protected. <br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">But you need to remember, if you're a corporation, you always need to file two returns. If you're a C-Corp, S-Corp, or a multi-member LLC, you need to file two returns. And those are you need to know your dates, too. <br /> <br /></span><strong>✔️</strong> <span style="font-weight: 400;">If you're going to go t