Doing Business as a Corporation
Do you know that there are two kinds of popular corporations? You might have wanted to incorporate your business, but might be unsure about the options of these types of entities. There are a variety of very useful features as a S-corporation versus C-corporation that are often overlooked by business owners. In this session, Dan Kim, Partner and Director of Client Services, will discuss what kind of corporation may fit your current business and personal situation.
0:00 - Introduction
0:13 - Community CPA and CEO Information
1:37 - No Responsibility Disclaimer
2:35 - What is a C-Corporation?
3:59 - Pros of being a Corporation
4:41 - Cons of being a Corporation
5:08 - C-Corp vs S-Corp
6:01 - What is a S-Corporation?
6:55 - Can an S-Corp be an LLC?
7:31 - Qualifications to be an S-Corp
8:13 - How is S-Corp taxed?
8:44 - Pass through impact on personal taxes
10:35 - Employment Tax Savings
11:12 - How to become an S-Corp
11:38 - Timeline for Form 2553
14:20 - Revoking S-Corp Election
16:47 - Due date of Revocation
18:13 - C-Corp vs S-Corp Refresher
19:10 - Community CPA contact information
About Community CPA
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Community CPA is a firm specializing in growing small and mid-sized businesses. We are your next-level CPA firm and your trusted advisors who speak your language.
Contact us for accounting, advisory & legal, audit and attest, payroll, taxation
Email: [email protected]
Telephone: 515-288-3188
Website: www.communitycpa.com
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Disclaimer: CommunityCPA, as part of our services to our valued clients, is providing these seminars in order for businesses to cope with the current pandemic. We are not responsible for any damages the attendees or viewers may suffer as a result of following any of the advice or information provided. Although we are doing our best to stay informed, the current situation is very dynamic and the information could change at any time without any notice. Our information and advice is not legal in nature and should not be construed as such. Please consult your legal counsel if you should need any legal advice.