
Decide This First When Starting Your CA Small Business - LLC or Sole Proprietor?
Published at : November 02, 2021
This Decision is Important - Here's the Difference - Decide This First CA Small Business. Explaining the difference between LLC and sole proprietor - Deciding if your business should be a sole proprietor or a limited liability company (LLC) can mean the difference between saving costly setup and annual fees, saving thousands per year in taxes, an protecting yourself and your personal assets.
INCFILE for filing your LLC $0 + state fees only (affiliate link): https://shareasale.com/r.cfm?b=617326&u=709885&m=53954&urllink=&afftrack=
CAL GOLD for researching what permits/licenses are needed for your CA business: https://www.calgold.ca.gov/
0:00 Intro
0:27 What is a sole proprietor
0:50 Defaulted to SP - so do I have to file other paperwork?
1:23 SP can operate under their legal name
1:53 SP owner + business are one and the same
2:15 LLC separated business + personal
2:19 SP does not offer asset protection - LLC does
2:58 LLC disregarded entity - taxes pass through
3:10 LLC have the option to ELECT S corp tax classification
3:31 Understanding S Corp election is important to weighing the benefits
3:55 TAX SAVINGS for some with LLC taxed as an S-Corp explained
5:03 LLC as and S-Corp must pay yourself as an employee on payroll
5:48 SP fees are low
6:05 LLC annual tax, setup costs
6:40 QUICK RECAP of important points
Para subtítulos en español, haga clic en CC en el lado derecho del video
Đối với phụ đề tiếng Việt, hãy nhấp vào CC ở phía bên phải của video
如需中文字幕,請點擊視頻右側的 CC
GREAT TOOLS + FREEBIES:
Please note that links to the websites below are for products and services I use, love, and trust. They are affiliate links which means I will receive a small commission when links are used to purchase an item.
CASH BACK
$40 from using my link + cash back on online purchases at many popular retailers for purchases you are already making
https://www.rakuten.com/r/GINNYS276?eeid=28187
Get FREE STOCKS:
https://act.webull.com/kol-us/share.html?hl=en&inviteCode=JWDMRKG5hn7A
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KAJABI – 30 days FREE
Create your website, ecourses, mailing list, opt-ins, podcast, and more
https://app.kajabi.com/r/QkdkQzLZ/t/c7owwww7
PRINTFUL -- creating a print on demand shop: https://www.printful.com/a/4555630:862d9311f9525d4445673439b4b5a5f3
BLUEHOST – Web hosting for 3.95/month
https://www.bluehost.com/track/ginnysilveraffiliate/
GUSTO – payroll software (get $100 promo)
https://gusto.com/r/ginny8
CANVA – easy graphic design
https://partner.canva.com/c/2886454/619765/10068
TAILWIND – powerful tool to maximize Pinterest to market your business
https://tailwind.sjv.io/c/2886454/1005723/13164
FIVERR – Find freelance services (logo deisgn, animations, etc)
https://fvrr.co/3CYV3iu
TUBEBUDDY – tool to grow your YouTube
https://www.tubebuddy.com/GINNYSILVER
17 HATS – Small business management software
https://www.17hats.com/card/hwxtpkbgzs
BOOK BOLT to help sell on KDP: https://bookbolt.io/1307.html
Please note that I ONLY reply to EDD questions in video comments + livestreams. All other forms of contact regarding EDD will not receive a reply.
BUSINESS INQUIRIES ONLY:
Collabs/sponsorships: collab@ginnysilver.com
Press: press@ginnysilver.com
Coaching inquiries: hello@ginnysilver.com
FOLLOW MY WORK:
Photography: http://retrospectimages.com
Coaching: https://bowp.mykajabi.com/wedding-photographer-business-coach http://ginnysilver.mykajabi.com/
Instagram: http://www.instagram.com/ginnysilver
Free Resources for Photographers: https://bowp.mykajabi.com/
Shop Lightroom Presets: https://bowp.mykajabi.com/presets
DISCLAIMER:
Ginny Silver and Retrospect Images, LLC provides content to Youtube for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in these videos shall not be construed as legal, financial, tax, government, or other advice. You are urged to contact a certified professional to help your individual needs.
INCFILE for filing your LLC $0 + state fees only (affiliate link): https://shareasale.com/r.cfm?b=617326&u=709885&m=53954&urllink=&afftrack=
CAL GOLD for researching what permits/licenses are needed for your CA business: https://www.calgold.ca.gov/
0:00 Intro
0:27 What is a sole proprietor
0:50 Defaulted to SP - so do I have to file other paperwork?
1:23 SP can operate under their legal name
1:53 SP owner + business are one and the same
2:15 LLC separated business + personal
2:19 SP does not offer asset protection - LLC does
2:58 LLC disregarded entity - taxes pass through
3:10 LLC have the option to ELECT S corp tax classification
3:31 Understanding S Corp election is important to weighing the benefits
3:55 TAX SAVINGS for some with LLC taxed as an S-Corp explained
5:03 LLC as and S-Corp must pay yourself as an employee on payroll
5:48 SP fees are low
6:05 LLC annual tax, setup costs
6:40 QUICK RECAP of important points
Para subtítulos en español, haga clic en CC en el lado derecho del video
Đối với phụ đề tiếng Việt, hãy nhấp vào CC ở phía bên phải của video
如需中文字幕,請點擊視頻右側的 CC
GREAT TOOLS + FREEBIES:
Please note that links to the websites below are for products and services I use, love, and trust. They are affiliate links which means I will receive a small commission when links are used to purchase an item.
CASH BACK
$40 from using my link + cash back on online purchases at many popular retailers for purchases you are already making
https://www.rakuten.com/r/GINNYS276?eeid=28187
Get FREE STOCKS:
https://act.webull.com/kol-us/share.html?hl=en&inviteCode=JWDMRKG5hn7A
https://join.robinhood.com/ginnys8
KAJABI – 30 days FREE
Create your website, ecourses, mailing list, opt-ins, podcast, and more
https://app.kajabi.com/r/QkdkQzLZ/t/c7owwww7
PRINTFUL -- creating a print on demand shop: https://www.printful.com/a/4555630:862d9311f9525d4445673439b4b5a5f3
BLUEHOST – Web hosting for 3.95/month
https://www.bluehost.com/track/ginnysilveraffiliate/
GUSTO – payroll software (get $100 promo)
https://gusto.com/r/ginny8
CANVA – easy graphic design
https://partner.canva.com/c/2886454/619765/10068
TAILWIND – powerful tool to maximize Pinterest to market your business
https://tailwind.sjv.io/c/2886454/1005723/13164
FIVERR – Find freelance services (logo deisgn, animations, etc)
https://fvrr.co/3CYV3iu
TUBEBUDDY – tool to grow your YouTube
https://www.tubebuddy.com/GINNYSILVER
17 HATS – Small business management software
https://www.17hats.com/card/hwxtpkbgzs
BOOK BOLT to help sell on KDP: https://bookbolt.io/1307.html
Please note that I ONLY reply to EDD questions in video comments + livestreams. All other forms of contact regarding EDD will not receive a reply.
BUSINESS INQUIRIES ONLY:
Collabs/sponsorships: collab@ginnysilver.com
Press: press@ginnysilver.com
Coaching inquiries: hello@ginnysilver.com
FOLLOW MY WORK:
Photography: http://retrospectimages.com
Coaching: https://bowp.mykajabi.com/wedding-photographer-business-coach http://ginnysilver.mykajabi.com/
Instagram: http://www.instagram.com/ginnysilver
Free Resources for Photographers: https://bowp.mykajabi.com/
Shop Lightroom Presets: https://bowp.mykajabi.com/presets
DISCLAIMER:
Ginny Silver and Retrospect Images, LLC provides content to Youtube for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in these videos shall not be construed as legal, financial, tax, government, or other advice. You are urged to contact a certified professional to help your individual needs.

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