Which Option is Best for YOUR Small Business: LLC, S-Corp, or Neither?

If you run a small business or a reselling business like me, you may be wondering if you need to incorporate as an LLC or S-Corp. In this video, I bring my tax accountant friend and expert to answer all of your (and my) questions on the topic. Make the right choice so you’re saving as much as possible come tax time AND so you’re not paying too much in administrative fees. If you want more reselling tips or tips on how to scale your small business working from home, make sure to subscribe to my channel!

#reselling #resellingbusiness #smallbusiness

Time Stamps:
1:04 Who is Dae, and why should we listen to him? (Answer: he’s an accountant!)
3:34 What is an LLC? What is an S-Corp?
17:47 Dae answers questions about LLCs and S-Corps!
18:14 What is the better option if you have employees?
22:42 How do I start an LLC?
28:02 If you are a small full-time seller, do you need an S-Corp?
28:48 What happens if you elect S-Corp tax status too soon?
30:39 What is the process to switch from S-Corp to an LLC?
32:43 Do you pay yourself the same or differently between an LLC and S-Corp?

Links mentioned in this video:
Form to switch from LLC to S-Corp: https://www.irs.gov/pub/irs-pdf/f8832.pdf

Form to apply for a FEIN for those wishing to start an S-Corp: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Address:
P.O. Box 94
Savoy, IL 61874
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Reselling Platforms, Social Media, Referral Links, and Other Misc Links.

Reselling YouTube Course: https://becky-park-courses.teachable.com/

New to Poshmark? Sign up with my referral code BECKYPARK and earn $5 off your first purchase, just for signing up! Use this link: https://poshmark.com/closet/beckypark

Visit my eBay store: https://ebay.com/usr/beckypark

New to Mercari? Sign up with my referral code and earn $10 off your first purchase, just for singing up! Use this link: https://merc.li/9uRSHub

Kidizen: https://get.kidizen.com/pfb4n – use my code (pfb4n) to earn $5 of credit when you sign up!

Instagram: instagram.com/beckyparkonposhmark

List Perfectly affiliate link: https://listperfectly.com – use code BECKYPARK to earn a 30% discount off your first month!

PosherVA affiliate link: https://posherva.com?via=beckypark – use code BECKYPARK to save 20% on your first payment!

New to ThredUp? Sign up using my referral link and earn $10 off your first purchase! ThredUp Referral Link: http://www.thredup.com/r/UFVKRV

The song I use at the beginning of all my YouTube videos is recorded by a former student of mine! The song is called “Your Court,” and you can find it on iTunes or Spotify. Her name is Ti Steele 🙂
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Links to other reselling tools I use on a daily basis:

Samtian Photo Box: https://amzn.to/36JFYQA
Dymo 4XL
: https://amzn.to/2FNYXOP
Dymo Compatible Shipping Labels (1 roll)
: https://amzn.to/2Gyr9W1
SALAV Garment Steamer (this is not my exact steamer but it’s similar!): https://amzn.to/2Wskh2I
ACCUTECK Shipping Scale: https://amzn.to/2LN8p9K
Deity Mic: https://amzn.to/3a006DF
J Beauty Clear Bags (smaller size, pack of 500): https://amzn.to/2VGWiP4
J Beauty Clear Bags (larger size, pack of 100): https://amzn.to/2VJqYz9

Scotch Tape: https://amzn.to/2CuSvuA
un-du Sticker Removal: https://amzn.to/2ZvAvtQ
Tide Stain Remover: https://amzn.to/34anJn3
Ring Light for YouTube videos and modeling photos (also comes with bluetooth clicker): https://amzn.to/2BXd6ev
Camera Shutter Remote Control (similar to the one I use): https://amzn.to/2ZaUf8q

Disclaimer:
Becky is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com.