Choosing the right business structure can be overwhelming for most business owners. That’s mainly because not everyone has a background in accounting or tax law.
And it’s no surprise that there is often some confusion about what S Corp and C Corp mean, their benefits and disadvantages, and what factors should be considered in choosing which one would work best.
Join Matt DiFrancesco and Stuart Sorkin, Founding Member at The Business and Legal Advisors, as they discuss industry insights and the key differences between the two business structures to help entrepreneurs and collision shop owners make an informed decision about which is right for their business.
They also talked about:
(02:46) How Stuart got involved in planning with automotive collision shops
(05:12) What lifestyle practice means
(07:17) The biggest challenge in the industry
(07:47) How can shop owners overcome the shortage of talent
(09:20) The importance of having employees sign a training bonus agreement
(13:04) S Corp vs. C Corp
(16:22) The biggest problem with S Corporations
(18:59) Two drawbacks of becoming a C Corporation
(20:57) What goodwill means
(25:42) What business owners should consider in choosing a business structure
(27:20) The real issue with most entrepreneurs
Connect with Stuart Sorkin:
Email: SSORKIN@SHSPC.COM
Websites: https://stuartsorkin.com/
https://businessandlegaladvisors.com/,
LinkedIn: https://www.linkedin.com/in/stuart-sorkin-84a528/
Phone: +1 (301) 320-1152
Connect With Matt DiFrancesco:
(814)201-5855
LinkedIn: Matt DiFrancesco
LinkedIn: High Lift Financial
Facebook: High Lift Financial
About Our Guest:
Stuart Sorkin is the founder of The Business and Legal Advisors, a consulting firm specializing in the financial and legal protection of business owners, executives, and entrepreneurs throughout the United States and overseas at every stage of their business life cycle.
As a former entrepreneur, CPA, and attorney with more than 30 years of experience, he possesses a unique set of capabilities to assist a business owner with the challenges of growing and/or exiting a business.
He works with startups and small to mid-size business owners to integrate their personal financial and estate planning goals with the development and implementation of growth and/or succession or exit strategy for their business.
Stuart is also the co-author of “Expensive Mistakes When Buying & Selling Companies…and How to Avoid Them in Your Deals.”
Stuart Sorkin has been interviewed by the Wall Street Journal, Time Magazine, USA Today, Money Magazine, and BankRate.com on a wide range of tax matters. He is also a frequent lecturer on exit strategies, estate planning, and asset protection to various professional and small business organizations and associations.
DISCLAIMER:
The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a High Lift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.