Legally Legit® Podcast
Creative entrepreneur? Service-based business owner? Need legal and business advice that actually makes sense? That’s where the Legally Legit® Podcast (formerly The Legal Paige® Podcast) comes in! Hosted by Paige Griffith, J.D., founder of The Legal Paige®, this show simplifies the legal side of running a business, giving you practical, no-fluff advice on contracts, client disputes, intellectual property, and more. Expect expert guidance, real-life business lessons, and candid conversations. Plus, she keeps it real about what it’s like juggling entrepreneurship and motherhood. Tune in, take notes, and let’s get your business legally legit®!
Legally Legit® Podcast
192. Is an S-Corp Right for Your Business? Here’s What You Need to Know
This week on the Legally Legit® Podcast (formerly The Legal Paige® Podcast), I’m diving into one of the most requested topics and an absolute game-changer for small business owners: S-Corps! If you’re gearing up for tax season and wondering how to save thousands, you’ll want to tune into this episode.
I'll break down everything you need to know about S-Corporations, including what they are (hint: it’s a tax designation, not a business entity), how to elect S-Corp status, and why it might be the smartest move for your business. Plus, I’ll walk you through important considerations like reasonable salaries, tax savings on self-employment taxes, and how to know if an S-Corp is the right fit for you. Whether you’re a seasoned entrepreneur or just starting out, I share practical tips and advice to help you stay legally legit and maximize your tax savings.
*NOTE: This is a re-air of Episode 77: Understanding The Benefits Of S Corps and Taxes
What You’ll Learn in This Episode:
- What an S-Corporation is and how it differs from other business structures.
- The steps to elect S-Corp status, including filing Form 2553 by March 15th.
- How an S-Corp can save you thousands on self-employment taxes.
- The importance of paying yourself a reasonable salary (and what that means).
- Key factors to consider when deciding if an S-Corp is right for your business.
Mentioned in This Episode:
- IRS Form 2553: Electing S-Corp Status
- Legal and Tax Resources for Small Business Owners
Links and Resources:
- TLP Bookkeeper Referral List
- What the Heck is an S-Corporation?
- DIY LLC Registration Guides
- Single & Multi-Member Operation Agreements
Join the TLP Facebook Community, a safe space to ask any questions related to the law or your business: https://tlpfacebook.com/
Visit The Legal Paige for contract templates, blogs, and additional legal resources, and follow me on Instagram: https://thelegalpaige.com/
Need 1:1 legal support for your business? https://griffithsuazolaw.com/