How to Choose the Right Entity: LLC vs. S-corp vs. C-corp
4.2 (88 ratings)
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How to Choose the Right Entity: LLC vs. S-corp vs. C-corp

A clear explanation of the differences between LLC's, s-corporations, and c-corporations for entrepreneurs
4.2 (88 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,353 students enrolled
Created by Scott Brookens
Last updated 7/2016
English
Current price: $10 Original price: $95 Discount: 89% off
5 hours left at this price!
30-Day Money-Back Guarantee
Includes:
  • 41 mins on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Know the difference between a corporation and an LLC, including the specific differences between c-corporations, s-corporations, and LLC's
  • Understand the benefits of operating a business under a legal entity
  • Understand the situations in which a particular type of entity is best and when they should form a c-corporation vs. an s-corporation vs. an LLC
  • Grasp the tax consequences associated with c-corporations, s-corporations, and LLC's
View Curriculum
Requirements
  • This course is designed for beginners, but a basic background in business concepts is beneficial
Description

This course discusses in detail the differences between LLC's, s-corporations, and c-corporations. So many entrepreneurs, when starting businesses, do not have a clear understanding of the differences between the different types of entities that are available and why one of those entities are better or worse than another. This course dives into the nuances that are associated with each type of entity. In the course we discuss: 

  1. Why you need a legal entity for your business
  2. The differences between LLC's, s-corporations, and c-corporations
  3. The tax advantages associated with LLC's, s-corporations, and c-corporations
  4. Situations in which you should choose one entity over another

This course covers a relatively complex topic, but explains that topic and associated concepts in a simple and easy-to-understand manner. Best of all, you should be able to complete the course in less than an hour! 

Who is the target audience?
  • This course is designed to help individuals that are interested in starting a business or individuals that want to know more about legal and tax concepts associated with starting a business
  • This course will not benefit individuals that are not starting a business or are simply not interested in the legal and tax aspects of starting a business.
  • This course covers technical concepts and, therefore, individuals not interested in technical details should not take this course
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Curriculum For This Course
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Introduction and Overview
1 Lecture 02:08

This lecture includes an introduction to the instructor and an overview of the content that will be covered in the course.

Preview 02:08
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What is an Entity and Why are they Necessary?
2 Lectures 05:50

In this lecture we talk in detail through the reasons why you should form a legal entity if you are considering starting a business. We talk through the main benefits that are associated with operating a business under the umbrella of a legal entity. 

Preview 01:49

In this lecture, I provide a visual illustration and example of the main benefit of operating your business under a legal entity in order to better explain that benefit. 

Preview 04:01

This quiz will test your understanding of the benefits of operating your business under a legal entity.

Benefits of a Legal Entity
3 questions
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Entity Options: Corporations & LLC's
2 Lectures 05:26

In this lecture we discuss the corporation entity in detail, going into the legal and management structure of corporations in detail. 

Preview 02:56

In this lecture we discuss the LLC entity in detail, going into the legal and management structure of LLC's in detail and the differences / similarities between LLC's and corporations. 

Discussion of Limited Liability Companies (LLC's)
02:30
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Tax Considerations
4 Lectures 21:17

In this lecture, we dive into some basic tax concepts that you need to understand in order to grasp the differences between c-corporations, s-corporations, and LLC's. 

Overview of Tax Considerations
05:09

In this module, we discuss how c-corporations are taxed.

C-Corporation Taxation
04:02

In this module, we discuss how LLC's are taxed. 

LLC Taxation
05:38

In this module, we discuss how s-corporations are taxed.

S-Corporation Taxation
06:28

This quiz will test your understanding of the tax consequences of each entity type.

Review of Tax Considerations
3 questions
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Which Entity is Best and Course Review
2 Lectures 06:21

In this lecture we'll discuss the scenarios in which one entity is better than another and situations in which you should consider one entity option over another. 

Which Entity Option is Best?
04:51

In this lecture we will summarize all the content that we covered in the course for your review.

Review and Conclusion
01:30
About the Instructor
Scott Brookens
4.2 Average rating
130 Reviews
2,251 Students
3 Courses
Attorney / Entrepreneur

I'm a business law attorney and I help entrepreneurs start businesses. Before I became an attorney, I managed two small businesses from the initial startup phase through a fast-paced growth stage. It was a wild ride where I discovered a true love for all things business!

Additionally, I come from a family of business owners. My parents purchased a small business when I was young and they still own it to this day. While I was growing up, I worked for them and had the opportunity to see first hand the challenges and rewards that come with choosing the path of entrepreneurship. Now, I have the privilege of being their attorney and walking with them in a different way as they continue to grow their business.

Given my entrepreneurship background and legal expertise, I understand both the technical side of getting a business off the ground and I appreciate the risk and challenges that entrepreneurs must go through each day to keep their businesses up and running. All said, I love business and I love helping people start their own entrepreneurial journeys!

Lastly, but most importantly, I am a husband to an amazing wife and a father to two amazing children. My family is what drives me forward and keeps me going each day. I could not do what I do without their support every step of the way!