Video: Business Structures Overview

In this lesson, Nick Palazzolo, CPA, provides an engaging introduction to the array of business structures that entities may adopt. He delves into the distinctive features of partnerships, S-Corps, LLCs, sole proprietorships, and C-Corps, laying the groundwork for understanding their taxation and structural differences. With a focus on identifying the most advantageous business structure for various scenarios, the lesson also covers the rights, duties, and legal obligations of owners and management across different entities. Nick ensures to clarify the formation, termination, and non-tax operational characteristics of these business forms, and concludes by examining the tax classification options available to LLCs, their implications, and the reasoning behind choosing one over the other.