Correctly choosing between a partnership or an S Corp when forming your business will provide maximized tax savings and legal protection. Jo Ann Koontz (Koontz & Associates, PL) and Marina Parkin (Koontz & Parkin, CPAs) explore the details of each entity and help you choose which is right based on your type of business.
1:12 What type of entity to choose for your business?
5:58 Forming partnership without having an LLC.
8:29 Forming LLC for protection.
9:34 Flexibility of ownership: S Corp and Partnerships.
12:27 Complications with foreign owners.
16:29 Ownership percentage and operations agreement.
23:51 Adding someone as owner shareholder.
30:36 Choosing S Corp when business sells goods and consulting services.
38:54 Choosing partnership when business is holding real estate.
49:09 How selecting the correct entity can improve your lending and unwriting process.