Hello everyone, for those of you who are familiar with my tax video series, you know that I normally speak on subject matters relating to individuals. Well, in this particular video, I am going to discuss a business matter. Yes, I am well-versed in that area as well. The particular business matter that I'm going to discuss in this video is business structures. I have chosen this subject because I have noticed that a larger number of people are wanting to start their own business or have already started businesses and they are trying to figure out what the best business structure is for them. Well, as I am not going to have time to go into deep detail regarding each business structure, I will briefly discuss some important highlights of each business structure and let you know the types of forms that will need to be completed when you're preparing your taxes. Now, the following business structures are a sole proprietorship and LLC, a partnership corporation, and an S corporation. Now, let me talk about each one of these briefly. For the sole proprietorship, if you are an individual who goes into business for yourself and you alone, you do not have any partners, you are considered a sole proprietor, unless you are considered a single member LLC, which I will speak about a little bit later. Now, as a sole proprietor, a couple of important things to know is that there is no protection for your personal assets if you were to be sued. As a sole proprietor, a sole proprietor is an unincorporated business entity. Again, as a sole proprietor, there is no protection for personal assets if you were to be sued. Also, as a sole proprietor, when you are completing your income taxes, you will...
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Video instructions and help with filling out and completing Are Form 1120 Schedule M 3 Entities
