Welcome back to another edition of Smart Money Life, a place where we will be talking about some of your biggest expenses and how to save money on them. Today’s topic is a good one, “What kind of corporation do you need if you are a business owner?”
This is one of the most common questions we get here. What we like to do is also ask the question, “Are you set up correctly?” Whether you are a solo business owner, a partnership, or a larger company, it’s so important to be set up correctly.
The other day, we had somebody come in and ask us this question. As it turns out, they were set up as the wrong type of corporation, and we were able to save them $3,000 instantly by sorting that out. He was registered as an LLC, when he should have been registered as an S Corp (we will get into the specifics in a later video).
Within 5 minutes of our consultation with this person, we were able to put money back in his pocket, and help ensure that his business continues to flourish by filing correctly.
If you have any questions for us, just give us a call or send us an email. We are your #1 real estate resource!