#68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1

Season #1

Episode 68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1

Join Josh and Amelie to discuss entities! Should I form an LLC or an S-Corp or…what?!

Top takeaways:

  1. The answer is always “it depends,” and in this case, one of the things it depends on is how much you have to protect.
  2. Talk to an attorney or a financial advisor who specializes in small businesses, and make sure you have a CPA to make sure your LLC or S-corp business taxes are structured correctly.
  3. In some states, a single-member LLC provides 0 liability protection.
  4. An entity structure is the last line of defense (after insurance ((which doesn’t really exist for financial coaches yet)), having a personalized contract that an attorney made for you, and data security practices).
  5. Moving from sole proprietorship to S-Corp depends on your personal income and has tax and social security benefit implications.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: