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:
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Check the box that describes what you filed with your state:
If you checked "LLC" or "Corporation", answer these:
What state did you form in?
Do you have an Operating Agreement (LLC) or Bylaws (Corp)
Do you have an Operating Agreement (LLC) or Bylaws (Corp)
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):
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Check how you filed business taxes last year (or plan to file this year):
If you use an accountant, what type of tax return does my business file?
Current annual revenue (approximate):
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Current annual revenue (approximate):
Expected growth in next 2-3 years:
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Expected growth in next 2-3 years:
Number of business owners:
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Number of business owners:
Do you both actively work in the business?
(If married and both involved in business)
Do you both actively work in the business?
Do you file joint personal tax returns?
(If married and both involved in business)
Do you file joint personal tax returns?
Rate your business liability risk:
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Rate your business liability risk:
Specific risk factors (check all that apply):
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Specific risk factors (check all that apply):
PART 3: TAX & PAYROLL ANALYSIS
How do you currently pay yourself?
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How do you currently pay yourself?
Do you have other employees?
Do you have other employees?
Last year's self-employment tax (from Schedule SE):
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If you don't know, estimate:
(Business profit X 15.3%)
PART 4: GOALS & PAIN POINTS
Check your biggest concerns (select all that apply):
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Check your biggest concerns (select all that apply):
In 2-3 years, I want to:
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PART 5: ANALYSIS & RECOMMENDATIONS
Step 1: Entity Alignment Check
Legal Entity (what you filed):
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Tax Treatment (how you file):
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Step 2: S-Corp Election Opportunity Calculator
Complete this if you're currently taxed as sole proprietor or single-member LLC:
Reasonable Salary for Your Role:
Potential annual savings:
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(Profit above salary X 15.3%)
Net estimated savings (per year)
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(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):
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Tax-efficient structure for your revenue level (_/3):
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Structure supports your growth plans (_/2):
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Good compliance and record-keeping (_/2):
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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
