Owning a business is a never-ending process. Everything can change in a moment. To stay in it, you have to be constantly growing and adapting.
By changing the status of your business from an LLC to an S Corp you’ll immediately start saving 15% of your distributions.
Your goal as a business owner is to make yourself replaceable. When your business can run without you, then you have achieved entrepreneurial freedom.
About Evan Van Auken
Evan is an entrepreneur, inventor, and educator. He helps people start businesses the proper way. For eight years Evan worked both as a firefighter and a CEO for his businesses. Now he runs them full time and teaches others the things he’s learned along the way.
Learn to Keep More of the Money You Earn
When Evan first got into business he quickly realized that he had a lot to learn. He learned that entrepreneurship is a practice. You have to keep working on it to get better. Many aspects of owning and running a business can only be truly learned by doing them.
One of these is getting the best tax rate possible. Evan breaks down some complex tax notions to help us understand how to keep more of the money that we make. He goes through the advantages of being an S Corp versus an LLC and how you can start keeping more of your earnings in your pocket.
Becoming Replaceable in Your Business
Evan also lays out some truths about what it means to be a business owner and not your own employee. You need to have the systems and people in place that make you redundant. When you are replaceable, you’ll have the freedom that you built your business to achieve.
By making the transition from merely owning your job to owning your business, the business will be able to run with or without you. That’s the goal. That’s what many of us are striving for.
Have you saved on taxes by changing the status of your business? How can you become replaceable in your business? Leave a comment below!