50 min listen
353. Jonah Gruda on Choosing the Right Entity Type for Your Practice
FromUnleashed - How to Thrive as an Independent Professional
353. Jonah Gruda on Choosing the Right Entity Type for Your Practice
FromUnleashed - How to Thrive as an Independent Professional
ratings:
Length:
59 minutes
Released:
Feb 16, 2021
Format:
Podcast episode
Description
A common question independent consultants ask is what type of entity they should use to establish their practice. In this episode, Jonah Gruda reviews the most relevant aspects of the five types of entities that are most commonly considered: Sole proprietorship Partnership Limited Liability Company S-Corporation C-Corporation For each entity type, Jonah reviews: Formation requirements Liability Exposure Taxation at the entity level Tax rates Tax reporting Compensation Number of owners Self-employment tax Jonah Gruda is a Tax Partner at Mazars and specializes in income taxation, executive compensation and stock option planning, estate and gift planning and wealth preservation. Jonah can be contacted through Mazars or LinkedIn. Download this a comparison of entity types that Jonah and I discuss on the show. Key points include: 01:48: Introduction to the two broad categories of business entities 08:56: The three types of partnerships 12:33: Legal operating agreements 15:11: Overview of limited liability partnerships 18:06: Overview of a limited liability company 27:31: Electing to be taxed as a C corporation 29:55: S-corps and c-corps 43:27: Filing fees Unleashed is produced by Umbrex. For independent consultants interested in joining our global community, visit www.umbrex.com Contact the host, Will Bachman: unleashed@umbrex.com
Released:
Feb 16, 2021
Format:
Podcast episode
Titles in the series (100)
11. Dorene Stockman on business insurance for independent professionals: Our guest today is Dorene Stockman, an insurance agent with the Owens Group, an independent agency. Dorene helped me get my own insurance policy, and I thought she was very knowledgeable and a helpful advisor on that process, so I asked her to be on... by Unleashed - How to Thrive as an Independent Professional