week 2: BUSINESS STRUCTURE
& ENTITY BASICS
Entity 101 – What You’re Set Up As (and What It Means)
Week 2: Business Structure & Entity Basics
Get clarity on where you stand and what to focus on next
ESSENTIAL FOUNDATION STEPS
COMPLETE THESE CORE ITEMS TO MOVE FORWARD CONFIDENTLY INTO WEEK 3
Start Here Required 15 mins
Sole Proprietor & LLC
C-Corp & Partnerships
S-Corp Election
Decision Framework
Go Deeper & Get Extra Support
ADDITIONAL RESOURCES TO ACCELERATE YOUR PROGRESS AND PROVIDE PERSONALIZED GUIDANCE
Additional ResourcesOptional As needed
Before Week 3 starts:
Must Do:
- ☐ Run your S-Corp savings calculation using the examples provided
- ☐ Download and set up your tax filing calendar with deadlines
- ☐ Identify your biggest liability risks using the assessment
- ☐ Mark S-Corp election deadline (March 15th) on your calendar if applicable
Should Do:
- ☐ Schedule consultations with professionals if entity changes are needed
- ☐ Research your state's specific LLC costs and requirements
- ☐ Set up calendar reminders for S-Corp election deadlines
- ☐ Review the entity comparison chart for your revenue level
- ☐ Document your current entity's tax elections
Could Do:
- ☐ Start organizing your business formation documents
- ☐ Research reasonable salary ranges for your industry (for S-Corp planning)
- ☐ Create a timeline for any needed entity formation or changes
- ☐ Review your business insurance coverage for entity alignment
- ☐ Explore the enhanced business entity analyzer tool
WEEK 2 PREVIEW: BANKING & EXPENSE MANAGEMENT
Once you complete the entity optimization above, you’ll be ready to dive into banking setup, expense tracking, and financial organization systems.
WEEK 3 FOCUS AREAS
✓ Setting up proper business banking (separation from personal accounts)
✓ Choosing the right expense tracking system (app vs. spreadsheets vs. software)
✓ Automating transaction categorization and bank feeds
✓ Creating monthly financial review processes
✓ Building tax-ready expense documentation systems
Ready to Move to Week 3?
Complete all required tasks above to unlock Banking, Card, and Intro to Business Expenses
Progress: required tasks complete