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Don't Form an S Corporation Until You Watch This

Electing your LLC to be taxed as an S Corporation is probably one of the most recommended tax strategies for self-employed business owners. However, there are some disadvantages of an S Corp that you should consider before you make the switch. Tax Services: https://bit.ly/3iC6FCI Personal Youtube Channel: https://bit.ly/3eaTxSL Pay Yourself & Team w/ Gusto Payroll: https://bit.ly/3KsjBXg Timestamps LLC to S Corp (0:00) What is an S Corporation? (1:50) S Corp vs C Corp (3:38) Advantages of an S Corp (5:12) The Major Disadvantage (7:24) Disadvantage #1 (8:35) Disadvantage #2 (10:20) Disadvantage #3 (11:23) Disadvantage #4 (12:50) Disadvantage #5 (14:20) When to Become an S Corp? (15:10) More Popular Uploads: Disadvantages of an LLC:    • Disadvantages of LLC: Don't Believe A...   Tax Benefits of a C Corporation:    • Tax Benefits of a C Corporation: Bett...   How to Use a Business Credit Card:    • How to Use a Business Credit Card for...   7 Popular Tax Write-Offs That Could Trigger an IRS Audit:    • 7 Popular Tax Write Offs That Could T...   How to File Your Taxes as an LLC:    • How to File Your Taxes as a LLC Owner...   How to Start a Business:    • How to Start a Business in 2024: Your...   Hey, I'm Sean with lyfe accounting. The accounting company that helps you save on taxes and build more wealth. Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos! /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).