In this episode of TFE Talks, attorneys Jordan Goewey and David Thompson discuss the pros and cons of different business entities, focusing on corporations, S corporations, LLCs, and professional associations in South Carolina. They explain key concepts such as corporate formalities, double taxation, S corp election benefits, and unique requirements for professional practices. Listeners will learn essential considerations for choosing the right entity and the importance of informed planning and seeking professional guidance to optimize liability protection and tax outcomes. Don’t miss these insights!

Topics in this conversation include:

• Welcome to Today’s Episode and the Topic for Today (0:55)
• Updates on Firm and Professional Achievements (3:45)
• Explaining the Formalities of Corporations (6:32)
• Tax Implications for Corporations vs. LLCs (9:30)
• S Corporation Basics and Owner Limitations (12:28)
• S Corporation Benefits: Payroll and Tax Savings (15:25)
• Qualified Small Business Stock Discussion (18:23)
• Professional Associations and Entity Choice for Professionals (21:21)
• Key Considerations When Electing Business Entities (22:48)

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of TFE Talks, attorneys Jordan and David discuss the importance of choosing the right business entity, exploring sole proprietorships, general partnerships, limited partnerships, and LLCs. They break down the tax implications and liability concerns for each structure, emphasizing how the default choices can impact your personal assets and business risks. Listeners will learn why proper entity selection and professional guidance are crucial for protecting their wealth and ensuring long-term business success. Don’t miss these great insights!

Topics in this conversation include:

• Welcome to Today’s Episode and New Recording Format (0:42)
• Sharing Recent Accolades for Jordan and David (3:11)
• Why Entity Choice Matters for Business Owners (6:18)
• Sole Proprietorships: Simple but Risky (9:24)
• Accidental Partnerships and Liability Insights (12:25)
• What Distinguishes Limited Partnerships? (15:30)
• LLCs: Flexibility, Taxation, and Asset Protection (18:36)
• Final Takeaways and Previewing the Next Episode (20:30)

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of TFE Talks, attorneys Jordan Goewey and Parker Baker break down the complex topic of Section 754 elections in partnership taxation, explaining when and why these elections matter. Listeners learn the difference between inside and outside basis, the tax implications of partnership interest transfers, and the importance of timely making a 754 election. Key takeaways include being proactive in planning, considering including 754 election provisions in operating agreements, coordinating with accountants to avoid costly tax mistakes, and so much more.

Topics in this conversation include:

• Welcome to Today’s Episode (0:37)
• What Is a Section 754 Election and When Does It Arise? (3:06)
• Understanding Inside Basis Versus Outside Basis (5:18)
• Why Mismatched Basis Matters: 754 Election Relevance (7:04)
• The Downsides or Risks of a 754 Election (8:53)
• How to Make the 754 Election and Why Timing Matters (10:14)
• Biggest Mistake: Failing to Make the Election (10:27)
• Practical Takeaways for Business Owners and Advisors (11:37)
• Importance of Planning in Advance with Operating Agreements (12:12)
• Final Thoughts and Takeaways and Where to Learn More (13:03)

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.