How do the different business entities work? How are they taxed? How are they different?

In this episode, Evon provides a basic guide to the differences between:

• Sole Proprietorships
• Partnerships
•  Limited Liability Companies (LLCs)
• S-Corporations
• Corporations

If you own an optometry practice or are an independent contractor, hopefully this episode brings some clarity around how the different types of businesses operate.

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what’s on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.

Resources mentioned on this episode:

• The Optometry Money Podcast Ep. 47: An Optometrist’s Guide to How Income Taxes Work
• IRS.Gov Reasonable Compensation for S Corporation Officers
• IRS.Gov How to Apply for an EIN

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.