In this episode, Dan & Ian work through how to structure your small business. Entity structure is essential to understand to learn how you need to report your income and expenses. Also, the correct entity structure can protect you from personal liability in the event of a breach of contract or tort liability. There are tax-advantaged elections you can make for your small business in order to retain earnings as much as legally possible. 

Four Basic Entity Structures: 
1. Sole Proprietorship
2. Partnerships (General Partnership, Limited Partnership and Limited Liability Partnership)
3. Limited Liability Company (LLC)
4. C Corporation / S Corporation

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