Episode 109 Choosing the Correct Business Entity for Your Company ft. Sole Proprietorship, LLC, DBA, S. Corp

Which business entity is right for you? Tune in to find out!

Episode Introduction: 

In this week’s episode of Law Chat with Girija, we’re talking about four different business “entities” and how each of them differs from one another, as well as how to determine the right one for your business.

Episode Summary: 

Girija Patel walks us through the differences between a Sole Proprietorship, an LLC, a DBA, and an S-Corp. Evaluate as you listen along to find the best fit for your company.

Main Takeaways:

Sole Proprietorship: 

1. It is the default setting when you start a new business.

2. It has very little paperwork needs.

3. There’s a huge exposure to personal liability.

4. It isn’t classified as an entity per se.

Limited Liability Company (LLC):

1. It is classified as a legal entity.

2. An LLC can be filed online.

3. A basic name search is done while filing.

Doing Business As (DBA):

1. Also known as “Assumed Name”.

2. It is to be filed in your county of business.

S-Corp:

1. It is a tax classification.

2. It isn’t classified as a business entity.

3. An LLC can register to be an S-Corp too.

Resources:

Sole Proprietor vs. LLC Free Downloadable: https://yourcontractbuddy.com/5-day-free-legal-audit-challenge/

Learn How to do a FREE Name Search Online: https://youtu.be/YovEBj7hXbk

Get the visual experience, watch the videocast for the episode here: https://youtu.be/dqDQhE7A2ek

Help us mentor other entrepreneurs through the power of storytelling by rating us and leaving a positive review on Apple Podcast: https://podcasts.apple.com/us/podcast/law-chat-with-girija/id1528580730

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