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.
Podcast Link
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
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