Jan 25, 2018
In episode 11 of Financially Simple, Justin talks about the different types of business entities and why they matter.
In Business, the type of business structure you own matters, whether it be a corporation or Sole Proprietorship. Knowing which type of entity fits your business will help with the management and legal aspects of the business, especially when it comes to selling. Justin considers the different types of entities, their pros and cons, and how to go about formalizing your business as an entity.
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00:34 - What Type of Entity Should I Choose?
00:57 - When Planning to Sell, Being the Right Entity Matters
04:06 - The 4 basic Types of Entities
05:04 - Advantages & Disadvantages of Each Type
06:40 - Transference of Stock
07:30 - Flexibility
08:50 - Tax Benefits
09:25 - Documentation
13:20 - Have an Awesome Team
14:55 - Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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