Which Form 2220 Entities 2023-2024

Hi everyone, my name is Armand, a busy Keon, and I'm an attorney here in Los Angeles, California. I specialize in estate planning, trust and probate administration, as well as asset protection. Within the asset protection realm, I provide business consultation and formation services to my clients. Tonight, we will be discussing the different business entities available for your particular business. Thank you all for joining me today. We will go over the characteristics of each business entity and how they can protect your personal assets and provide business liability protection. A few housekeeping rules: I will be taking questions at the end, so if you have any questions, please submit them in the Q&A feature on the right-hand side of your screen. I have already received some questions via email, which I will also address. If you are experiencing technical difficulties, please send me an email, and I will guide you through it. With that being said, let's get started and jump right into discussing the first form of business entity. I have prepared some slides to assist us through the process and make things more visually understandable. The first form of business entity that most of you may already have experience with is the sole proprietorship. The sole proprietorship is the simplest form of business entity. However, it is not a separate legal entity. It directly refers to the person who owns the business. For example, John Smith is doing business as doggy daycare, and he is a sole proprietor. Doggy daycare is not a separate legal entity, and John Smith is solely responsible for any business debts or contracts. As a result, there is unlimited personal liability. Personal assets, including marital property, could be at risk. While the sole proprietorship provides the least amount of personal liability protection,...