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#577 Which LLC is Right for Your Business

Main Street Business

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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen take a deep dive into the six LLC structures every entrepreneur, investor, and licensed professional should understand. Whether you're starting a business, protecting rental properties, or building wealth with a high-net-worth strategy, this episode breaks down how to choose and use the right LLC to match your goals.

Here are some of the highlights:

  • Mark and Mat discuss the six types of LLCs, starting with the most common type for rental properties.
  • Mat explains the benefits of a single-member LLC for asset protection and the flow-through of taxes on personal returns.
  • The importance of setting up LLCs early for protection and the potential need for multiple LLCs for multiple properties.
  • Mat breaks down the tax savings from avoiding self-employment taxes and the importance of taking a reasonable salary.
  • Mark and Mat highlight the advanced planning and asset protection strategies associated with COPE LLCs.
  • Mark and Mat introduce the series LLC, which allows for separate liability treatment for multiple properties.
  • How separating different types of LLCs for asset protection and tax planning is crucial.
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Chapters

1. Introduction to Main Street Business Podcast (00:00:00)

2. Type One: Rental Property LLCs (00:01:08)

3. Type Two: Small Business LLCs (00:08:30)

4. Type Three: LLCs Taxed as S-Corps (00:13:18)

5. Type Four: Multi-Member Partnership LLCs (00:20:30)

6. Type Five: Series LLCs (00:24:21)

7. Type Six: COPE LLCs for Asset Protection (00:27:00)

8. Bonus Types: IRA LLCs and PLLCs (00:32:21)

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