[P.O.W.E.R. Plug Podcast] The Impact of Choosing the Right Business Entity
Which business entity should you choose to start a business and why? Sole Proprietor? Limited Liability Corporation? C Corp?
When should you change your entity as your business grows? How have the new tax laws impacted business tax rates?
Knowing the answer is key. Choosing the right business entity directly impacts how much tax you pay and legal liability.
In this episode, I talk with Joye Sistrunk, Principal/Founder of Premier Group Services (PGSI), a Certified Public Accounting and Management Consulting firm in Lanham, MD. As she and her team help business owners, she finds again and again that business owners need to figure out the best entity for their business as they grow and change.
Exactly what is a "business entity"
The difference between a Sole Proprietor, LLC, S Corp, C Corp, and B Corp
How to decide which business entity is the best when you start and as you grow
How the new tax laws have made C Corps the lowest corporate tax rate in over 100 years
The financial and legal impact of choosing the right business type - and the wrong one
The biggest mistake and misunderstandings business owners make regarding business entities