Episode 7 of the Circle Legal Business Fix-It Show teaches you how to choose the right type of business entity for your company! Hosts Kelley Keller and Susan Gunelius welcome Circle Legal Tax and Financial Advisor Joe Elwood to the show who explains what the different types of business structures are and the pros and cons of each, so you can set up your business using the structure that best meets your needs and goals.

Choosing the right business structure is critical because making the wrong choice can limit opportunities in the future, put your personal assets in jeopardy, and end up costing you a lot more money in the long run. The types of business entities discussed in this week's show include:

Sole proprietorships
General partnerships
Limited partnerships
Limited liability companies (LLCs)
S-corporations
C-Corporations

A lot of factors should go into this decision, so listen and learn so you don't make expensive mistakes! And if you've already started your business and chosen your business structure, now is the time to change it (if it makes sense to do so)!

Scroll to the end of the article to listen now or keep reading to get the highlights and read the full transcript.
Transcript and Audio of Episode #7
Announcer: It’s time to LIFT your business and your life on the Circle Legal Business Fix-It Show with your hosts Kelley Keller and Susan Gunelius. Learn how to build a business you love on a solid foundation that delivers the future you want for you and your family. Here are your hosts, Kelley and Susan.

Kelley Keller: Innovative companies, business owners, and families welcome to the Circle Legal Business Fix-It Show where you’ll learn to LIFT your business and your life with help from recognized legal and business experts you can trust. I’m your host, Kelley Keller, coming to you from the iHeartMedia studios in Harrisburg and with me is my co-host Susan Gunelius who is joining us remotely via video conference. Hi Susan.

Susan: Hi Kelley. Looking forward to today’s show.

Kelley: Yes, this is a good one. We have our special guest Joe Elwood with us today. We’ll get to him in just a minute. For everybody who’s a new listener, I want to make sure we bring you up to speed about this show and what it’s about. The Circle Legal Business Fix-It Show is all about building and maintaining---and maintaining being an important part of that---a solid LIFT foundation. LIFT is the essential Legal, Insurance, Finance, and Tax building blocks of your business. Without a strong LIFT Foundation, even the most innovative companies will fail.

Today’s show will cover yet another important part of building and---here we go---also maintaining your LIFT Foundation---choosing the right business entity. This one is actually a tough one for most of us, even though we don’t realize it. Too often, we create a business in what seems to be the easiest and fastest way, and usually most economical, without really considering whether or not it’s the best fit for what we’re trying to do and what our ultimate goals are for our business. But fortunately, we have Circle Legal’s very own tax and financial advisor, Joe Elwood, with us today to guide us through what may seem to be a simple task on the surface but more often than not can be a very tricky process. Welcome back, Joe, to the Circle Legal Business Fix-It Show.

Joe: Thank you, it’s great to be here again.

Susan: Hi Joe, it’s great to have you back on the show today. I want to just give our listeners a quick refresher on your background, so they understand how lucky we are to have 50 years of financial and tax experience here so we can pick your brain today. Joe has 20 years of experience working in large corporations in finance, focusing on cash flow, credit, and accounts receivable, you name it. He left the corporate world and started his own business. He is enrolled to practice for the Internal Revenue Service as an Enrolled Agent.