#526 So You Just Formed An LLC... Now What?

Main Street Business

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.

Here are some of the highlights:

• Mark and Mat stress the importance of properly setting up and maintaining LLCs and S Corps
• Mark and Mat advise opening separate bank accounts for entities.
• Use entity names on contracts, agreements, and property titles.
• How BOI applies to most small businesses, exemptions for large companies.
• Mark and Mat debate the crucial effectiveness of BOI reporting.
• The severity of penalties for non-compliance.
• The significance of maintaining accurate bookkeeping.

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1. Maintaining Your LLC or S-Corp (00:00:00)

2. LLC Maintenance Strategies (00:10:14)

3. Entity Maintenance & Compliance Overview (00:15:17)

4. S-Corp Maintenance and Tax Strategies (00:26:39)

5. Maximizing Benefits of LLC/S Corp (00:33:48)