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#526 So You Just Formed An LLC... Now What?

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Manage episode 438564386 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.

Here are some of the highlights:

  • Mark and Mat stress the importance of properly setting up and maintaining LLCs and S Corps
  • Mark and Mat advise opening separate bank accounts for entities.
  • Use entity names on contracts, agreements, and property titles.
  • How BOI applies to most small businesses, exemptions for large companies.
  • Mark and Mat debate the crucial effectiveness of BOI reporting.
  • The severity of penalties for non-compliance.
  • The significance of maintaining accurate bookkeeping.
  continue reading

Chapters

1. Maintaining Your LLC or S-Corp (00:00:00)

2. LLC Maintenance Strategies (00:10:14)

3. Entity Maintenance & Compliance Overview (00:15:17)

4. S-Corp Maintenance and Tax Strategies (00:26:39)

5. Maximizing Benefits of LLC/S Corp (00:33:48)

647 episodes

Artwork
iconShare
 
Manage episode 438564386 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.

Here are some of the highlights:

  • Mark and Mat stress the importance of properly setting up and maintaining LLCs and S Corps
  • Mark and Mat advise opening separate bank accounts for entities.
  • Use entity names on contracts, agreements, and property titles.
  • How BOI applies to most small businesses, exemptions for large companies.
  • Mark and Mat debate the crucial effectiveness of BOI reporting.
  • The severity of penalties for non-compliance.
  • The significance of maintaining accurate bookkeeping.
  continue reading

Chapters

1. Maintaining Your LLC or S-Corp (00:00:00)

2. LLC Maintenance Strategies (00:10:14)

3. Entity Maintenance & Compliance Overview (00:15:17)

4. S-Corp Maintenance and Tax Strategies (00:26:39)

5. Maximizing Benefits of LLC/S Corp (00:33:48)

647 episodes

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