This 1 hour recording explores the critical success factors for all entrepreneurs and how they can use proven simple techniques to ensure their success. For those of you who make it to the end, you'll be offered a substantial savings on the complete 4 CD / Workbook set that Wendy Byford has created for all people interested in developing their understanding of Entities and how they can be effectively used to reduce taxes and increase profits and liability protection.

At a recent Cash Machine Workshop, Loral Langemeier discussed the importance of using entities for both financial and legal considerations. Listen to a presentation that digs into the details of entity strategy and how you can use LLCs, Corporations and Partnerships safely and profitably.

A corporation is a business entity created under state law, which stands as an independent legal "person" apart from its shareholders and directors. A corporation's owners or shareholders receive the benefit of limited liability for the obligations of the corporation, and are thus ordinarily shielded from the corporation's creditors even in the event that the corporation cannot pay its obligations.

A limited liability company, or LLC, is a business entity that enjoys many of the characteristics of a corporation, including limited liability, while avoiding many of the more significant burdens imposed on corporations.  It also has  many of the characteristics of unincorporated entities such as partnerships and sole proprietorships.

An S Corporation is a corporation which has elected to have its profits pass through to its shareholders, in the same manner as a partnership or sole proprietorship. The shareholders of an S Corporation receive the benefit of limited liability, and are treated in the manner of partners for purposes of taxation.

What are the types of business entities? There is no one perfect choice for any business.

You must determine which of the options best fits both your current needs and your business plans.

Many people ask about the differences between a Limited Liability Company (LLC) and a Corporation when either the company or the corporation can be established to have the same tax structure and liability protection characteristics as either a “C” corporation or an “S” corporation.

First let’s point out the similarities.