002 What Corporate Entities are the Right Fit for You and How to Use Them

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Applying for a business entity is incredibly important – not only for your business, but also to protect you, your loved ones, and your personal assets. So, it’s important to understand what each entity does and to choose the one that best fits your business. With so many corporate entities available in the United States, many new business owners can get frustrated and confused trying to pick the right one for their business model.

Should you simply stick with an LLC. – or is a C-Corp entity a better choice? What benefits are the benefits of each type of entity? And, how exactly do you use a corporate entity to protect yourself and your assets?

Today, I’m going to explain the importance of establishing yourself as a business entity, how to determine which one is right for you, what each one protects, and how you can use it in your business – and your life.

Why make money as an individual when the benefit is being a company.

In this episode, you’ll learn:

  • How to choose the correct entity for your business – and your investments.
  • What are “pass-through” entities?
  • The benefits you receive from an LLC., L.P., C-Corp, and S-Corp entity.
  • Why you need a trust.
  • Why you need business insurance.

Loral Langemeier’s Tax Tips:

  • As a business, if you have a designated home office, you can write off that portion of your house on your taxes.
  • As a business, any services, products, or supplies – including house cleaning and some clothing – can be used as a tax deduction.

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