Video: Introduction to Business Structures

In this lesson, Nick Palazzolo, CPA, embarks on an exploratory journey through various business structures, laying the groundwork for understanding complex tax scenarios faced by different entities. He clearly delineates between the characteristics, taxation, and implications of choosing one entity type over another, like C-Corps, S-Corps, LLCs, and sole proprietorships. Aided by examples and easy-to-follow comparison charts, Nick elucidates the foundational knowledge required to distinguish between entity structures – a skill that's not just critical for the exam but practical for real-world business scenarios. Engaging with the material, Nick ensures that the subtleties of limited liability, taxation at the entity versus individual level, and benefits of certain deductions, such as the QBI, are within reach. Plus, he offers memory hooks for essential tax forms and navigates through the nomenclature maze by explaining terms like 'disregarded entity' in a way that is clear, concise, and relevant for upcoming detailed lessons.