In this episode, we will take a closer look at the particularities of what it means for an LLC to take an S-Corp election.

Highlights

• Why an LLC with S-Corp election is advantageous for solopreneurs or small business owners
• In-depth breakdown of the four things to consider for any corporate structure
• How the S-Corp election affects member classes and its potential implications to business growth plans
• How taxation rules change with S-Corp election
• The two tax deadlines for LLC with S-Corp election
• Different steps to execute an S-Corp election
• IRS requirement for business owners to pay themselves a 'reasonable salary' with an S-Corp election
• Personal experience about the positive impact of the 'reasonable salary' requirement on self-valuation

Episode Resources

• Book Recommendation: Overcoming Underearning - https://www.amazon.com/Overcoming-Underearning-TM-Simple-Richer-ebook/dp/B000W93AH4
• IRS Form 2553 - https://www.irs.gov/pub/irs-pdf/f2553.pdf
• Connect with Krystal Williams
• https://providentiagroup.com 
• https://www.linkedin.com/in/krystaldwilliams