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I'm Starting a Business - How Should I operate? - Choice of Entity

GPS to your Business Success

Release Date: 02/18/2025

Get the Most from Your Money and Life (Revisited) show art Get the Most from Your Money and Life (Revisited)

GPS to your Business Success

In this episode of the GPS to Your Business Success podcast, host Nick invites listeners to reassess their core financial beliefs for a more fulfilling life. Drawing inspiration from Bill Perkins' book Die With Zero, the episode emphasizes the value of investing in experiences over simply accumulating wealth. Nick shares strategies for finding balance between personal enjoyment and financial obligations, including family and charitable planning. By prioritizing lasting memories and thoughtful resource allocation, listeners are encouraged to optimize their lives at every stage, from the 'go-go...

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GPS to your Business Success

In this episode, Nick highlights the importance of timing when converting a traditional IRA or 401(k) to a Roth IRA. He explains how strategic conversions—timed to take advantage of lower tax rates during low-income years, stock market downturns, and other unique situations—can lead to significant savings. Nick also dives into the mechanics of IRA conversions, covering tax implications and timing strategies to help you maximize tax-free growth and boost your retirement savings. 03:25 Understanding Proactive Financial Advice 04:06 The Gambler's Wisdom 05:36 Challenge of the Week: IRA and...

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GPS to your Business Success

Join host Nick Papakyrikos as he simplifies the complex process behind how federal tax laws are created. Gain insight into why these laws can sometimes appear illogical, and explore the intricacies of the reconciliation process. Nick, a seasoned CPA and business advisor, breaks down everything from the foundational steps of bill-making to the quirky “clown car” analogy used to explain the passage of legislation. Enjoy valuable historical insights, modern examples, and a fun throwback to Schoolhouse Rock’s educational tunes and the Beatles’ “Helter Skelter.” Epsiode Breakdown: 03:27...

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GPS to your Business Success

In this episode, Nick takes a deep dive into the latest state tax proposals and examines their potential impact on both individuals and businesses. With many states introducing new budgets that often include tax hikes, Nick explores strategies for those who feel overburdened by taxes and are considering relocating to more tax-friendly environments. He covers a range of tax issues, including income taxes, 'sin taxes,' and wealth taxes, and highlights real-life examples of interstate migration. Tune in for practical advice and insights on how to navigate state tax policies with confidence and...

info_outline Shop Reputation Management show art Shop Reputation Management

GPS to your Business Success

In this episode, Nick provides invaluable insights on how auto repair shops can build trust and enhance their reputation. He highlights the significance of exceptional customer service, such as offering convenient appointment scheduling, maintaining a comfortable waiting area, and leveraging online reviews to attract more customers. Additionally, guest speakers and sponsors Steer CRM and AutoShopAnswers.com offer valuable tools and training resources to help auto shops succeed. Nick emphasizes that small actions grounded in integrity and customer focus can set an auto repair shop apart from...

info_outline I'm Starting a Business - How Should I operate? - Choice of Entity show art I'm Starting a Business - How Should I operate? - Choice of Entity

GPS to your Business Success

In this episode, Nick provides expert guidance on starting a business, focusing on how to choose the right business structure. He explores the advantages and disadvantages of different business entities, including sole proprietorships, general and limited partnerships, corporations, and limited liability companies (LLCs). Key topics include liability protection, management control, administrative complexity, and tax considerations. Nick emphasizes the value of consulting professional advisors for personalized advice and discusses factors to consider based on specific business needs. He also...

info_outline Good to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This Idea show art Good to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This Idea

GPS to your Business Success

In this episode, host Nick Papakyrikos offers essential insights for anyone considering real estate investments in 2025 or beyond. With over 37 years of experience working with small to medium-sized businesses—particularly auto repair shops—Nick discusses how recent and upcoming tax legislation could affect your real estate investment strategy. He focuses on maximizing financial benefits, covering key topics like depreciation, the Trump tax cuts, and potential changes to bonus depreciation. Nick also shares valuable tips on structuring real estate transactions and strategies to optimize...

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GPS to your Business Success

In this episode of the GPS to Your Business Success Podcast, we’re diving into everything taxes for auto repair shop owners! Nick breaks down how to keep more of your hard-earned money in 2024 and 2025. Nick emphasizes the importance of trust and integrity in running a successful shop and explains how structuring your business as an S corp can lead to significant savings on self-employment taxes. He walks through the setup process, clarifies the difference between payroll and dividends, and shares practical tips to make tax season much less stressful. If you're an auto repair shop owner,...

info_outline Stargate, AI & Your Business show art Stargate, AI & Your Business

GPS to your Business Success

In this episode, host Nick explores how artificial intelligence (AI) is transforming the business landscape—particularly for auto repair shops. Kicking off with a nod to 2001: A Space Odyssey, Nick explains that AI isn’t here to take jobs, but to enhance them for those who embrace it. He shares valuable insights from Papakyrikos CPAs, a firm dedicated to helping auto repair businesses thrive. From improving customer service to optimizing daily operations, Nick breaks down how AI can make a significant impact. Plus, he delves into Stargate, a public-private initiative aimed at accelerating...

info_outline Auto Repair Industry - The Honest Mechanic show art Auto Repair Industry - The Honest Mechanic

GPS to your Business Success

Nick draws on 37 years of experience working with small and medium-sized businesses, particularly auto repair shops, to share valuable insights in this episode. He underscores the critical role of integrity in the auto repair industry, highlighting common unethical practices and offering practical solutions for building lasting trust with customers. Key topics include the power of transparency, using photos and videos to showcase repairs, and leveraging tools like RepairPal and MotoVisuals to clearly explain repair costs. Nick emphasizes that honest, respectful communication not only sets an...

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More Episodes

In this episode, Nick provides expert guidance on starting a business, focusing on how to choose the right business structure. He explores the advantages and disadvantages of different business entities, including sole proprietorships, general and limited partnerships, corporations, and limited liability companies (LLCs). Key topics include liability protection, management control, administrative complexity, and tax considerations. Nick emphasizes the value of consulting professional advisors for personalized advice and discusses factors to consider based on specific business needs. He also shares practical tips on leveraging homestead declarations and cautions against using DIY legal services.

Episode Highlights:

05:11 – Understanding Business Structures

07:15 – Sole Proprietorship: Pros and Cons

08:27 – Partnerships: General and Limited

10:42 – Corporations: An Overview

12:19 – Limited Liability Companies (LLCs)

12:56 – Management and Control in Different Entities

16:51 – Paperwork and Complexity

24:50 – Tax Implications of Business Structures

26:44 – Understanding Tax Obligations for Partnerships

28:18 – Taxation of Corporations: C Corporations Explained

32:41 – Taxation of Corporations: S Corporations Explained

35:32 – Choosing the Right Business Entity: LLCs and Liability Protection

41:33 – Practical Considerations for Setting Up Your Business

46:09 – The Importance of Professional Legal and Accounting Advice

Helpful Links

For those looking to dive deeper into business entity structures, here are some important IRS forms and instructions:


Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success