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Business Structure Worksheet: What Entity Am I?

This worksheet will help you identify your current business structure, understand if it's optimized for your situation, and determine what changes (if any) might benefit your business.

PART 1: CURRENT SITUATION ANALYSIS

Check the box that describes what you filed with your state:

Check the box that describes what you filed with your state:
A
B
C
D
E
F
If you checked "LLC" or "Corporation", answer these:

What state did you form in?

What year did you form?

Do you have an Operating Agreement (LLC) or Bylaws (Corp)

Do you have an Operating Agreement (LLC) or Bylaws (Corp)
A
B
If you checked "Not Sure," look for these documents:

1. Articles of Organization (LLC)

2. Articles of Incorporation (Corporation)

3. EIN letter from IRS

4. Business license

5. Partnership agreement

Check how you filed business taxes last year (or plan to file this year):

Check how you filed business taxes last year (or plan to file this year):
A
B
C
D
E
F

If you use an accountant, what type of tax return does my business file?

PART 2: BUSINESS PROFILE

Current annual revenue (approximate):

Current annual revenue (approximate):
A
B
C
D
E
F

Expected growth in next 2-3 years:

Expected growth in next 2-3 years:
A
B
C
D
E

Number of business owners:

Number of business owners:
A
B
C
D
E

Do you both actively work in the business?

(If married and both involved in business)
Do you both actively work in the business?
A
B

Do you file joint personal tax returns?

(If married and both involved in business)
Do you file joint personal tax returns?
A
B

Rate your business liability risk:

Rate your business liability risk:
A
B
C
D

Specific risk factors (check all that apply):

Specific risk factors (check all that apply):

PART 3: TAX & PAYROLL ANALYSIS

How do you currently pay yourself?

How do you currently pay yourself?
A
B
C
D
E
If you run payroll:

Payroll company

Annual salary amount:

Do you have other employees?

Do you have other employees?
A
B

Last year's self-employment tax (from Schedule SE):

If you don't know, estimate:

(Business profit X 15.3%)

PART 4: GOALS & PAIN POINTS

Check your biggest concerns (select all that apply):

Check your biggest concerns (select all that apply):

In 2-3 years, I want to:

In 2-3 years, I want to:
A
B
C
D
E
F
G

PART 5: ANALYSIS & RECOMMENDATIONS

Step 1: Entity Alignment Check

Legal Entity (what you filed):

Are these aligned?

Are these aligned?
A
B
C

Tax Treatment (how you file):

Step 2: S-Corp Election Opportunity Calculator

Complete this if you're currently taxed as sole proprietor or single-member LLC:

Annual Business Profit:

Reasonable Salary for Your Role:

Potential S-Corp Savings

Profit above salary:

Potential annual savings:

(Profit above salary X 15.3%)

Net estimated savings (per year)

(Potential annual savings MINUS estimated additional costs e.g. payroll, accounting)
S-Corp makes sense if net savings >$2,000 annually

Step 3: Protection Gap Analysis

If you checked Medium/High/Very High liability risk but have no LLC or Corporation:
⚠️ PROTECTION GAP IDENTIFIED - Consider forming LLC immediately

Step 4: Your Optimization Score

Give yourself points for each "yes":

Appropriate liability protection for your risk level (_/3):

Tax-efficient structure for your revenue level (_/3):

Structure supports your growth plans (_/2):

Good compliance and record-keeping (_/2):

Total Score (_/10)

8-10 points: Well optimized, focus on maintaining good practices
6-7 points: Good foundation, a few areas to optimize
4-5 points: Some significant improvements needed
0-3 points: Structure needs comprehensive review