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Best business structure/business entity for independent barbers, braiders and hair stylists 

The Hair CEO
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Everyone talks about the benefits of a LLC when you're an independent barber, braider or hair stylist, but do you know why?
In this video I lay out the 3 questions you need to ask yourself when you're just getting started or when you're experiencing some growth as it pertains to business entities:
Question #1: How do you want to be paid?
Question #2: How do you want to be taxed?
Question #3: What am I liable for?
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HAIR PROFESSIONAL BUSINESS RESOURCES
Tax Deductions Toolkit: www.thehairceo.com/offers/AtR...
GET CLARITY ON YOUR UNIQUE SITUATION
Book a Call: calendly.com/thehairceo/ytc
WAYS TO CONNECT WITH ME
IG: / thehairceo_
TikTok: / thehairceo
FB:
Blog: www.thehairceo.com/blog
LISTEN ON THE GO
Apple podcast: apple.co/38ag2o5
Android podcast: bit.ly/thehairceo-3lC4zB0
Spotify: spoti.fi/3MEEBbX
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ABOUT ME (JENN)
Before starting my own business coaching and accounting firm I…
- Grew a struggling hair salon to a multi-6 figure business in 5 years
- Spoke to cosmetology students on the business side of the hair industry
- Worked as a tax analyst and specialist at HR Block Small Business Advisors
- Distributed hair products to hair salons and barbershops along the East Coast
- Created a product line and online hair product eCommerce store
- Imported hair products from the Dominican Republic
- Received my degree in Economics from the University of Maryland at College Park
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DISCLAIMER
This video is for informational purposes only and may not be accurate for your unique situation. Before applying anything stated in this video, please consult with your tax advisors. For unique tax situations, please consult with your tax advisor. Thanks for watching!

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27 дек 2021

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Комментарии : 36   
@braunylee1017
@braunylee1017 Год назад
This really helped me understand how things work. I’d love to see more videos like this that break down the options. Thank
@TheHairCEO
@TheHairCEO Год назад
Thanks for the feedback, I have more videos like this planned!
@BeautyofWealth-qn9sg
@BeautyofWealth-qn9sg 8 дней назад
Love this break down girl! We coach all of our clients to get at least an LLC and if they make over $50,000 to potentially go S-corp! Thanks again for sharing.
@TheHairCEO
@TheHairCEO 8 дней назад
Thanks, I'm glad you liked it!
@masterstouchbarberlounge7937
I just discovered your channel.......thanks for simplifying this process
@tiersa-mv
@tiersa-mv Год назад
Thank you for this info. It’s explained well ❤
@latrindaa.k.atrinagoodwinr6708
@latrindaa.k.atrinagoodwinr6708 2 года назад
thanks for sharing !
@OnyekachiOkechukwu
@OnyekachiOkechukwu 3 месяца назад
After 5 years of being in the beauty industry, I finally get it right. This is so helpful especially now that im rebranding. Thank you so much😊😊
@TheHairCEO
@TheHairCEO 3 месяца назад
Glad this was helpful!! Congrats on the rebrand!
@naturallykhi5458
@naturallykhi5458 2 года назад
Very good information! I stumbled across this at the right time
@TheHairCEO
@TheHairCEO 2 года назад
Yay! I’m so happy to hear that! Let me know if you have any specific questions :)
@MadamT_
@MadamT_ 11 месяцев назад
This video is so great thank you so much for sharing. I learned a lot!
@TheHairCEO
@TheHairCEO 11 месяцев назад
Yay!! Sooo happy to hear that!
@chanellnicoleeee
@chanellnicoleeee 2 года назад
David never sleeps page sent me here excited because I am a licensed Esthetician figuring everything out
@NakedwithNakeda
@NakedwithNakeda Год назад
Thank you for making this video!
@TheHairCEO
@TheHairCEO Год назад
you're welcome!
@chrisfalet4809
@chrisfalet4809 Год назад
very helpful thank you
@reginajones8134
@reginajones8134 Год назад
Should I consider calling myself a Beauty Consultant/CEO on paper instead of a hair stylist/CEO, I am under an LLC. I'm interested in applying for grants/loans
@Nailsandlashesbykierra
@Nailsandlashesbykierra Месяц назад
When I look at my application to start an esthetician business from home I only have the option for corporate, partnership , and sole proprietorship. So far leaning towards corporate
@TheHairCEO
@TheHairCEO Месяц назад
Congrats on starting your business from home! I’m a big fan of that because expenses stay low until you grow. Sometimes, sole proprietorship also means LLC. But without seeing the application I can’t say if that is the case. Feel free to schedule a clarity call (link in channel description) if you want to discuss it more!
@allbarzent
@allbarzent 2 года назад
Love it
@TheHairCEO
@TheHairCEO 2 года назад
Thanks for watching!
@lifeasderika5951
@lifeasderika5951 Год назад
So happy I found this channel. I’m a license cosmetologist. I was working for different salons such as Supercuts etc for about 12 yrs. I now renting a salon suite and I don’t know what I need to do concerning taxes. My question is what step I need to take to make sure I’m doing the right thing or do I really have report it. Cause I also have a part time job
@TheHairCEO
@TheHairCEO Год назад
Hey DeRika!! I’m glad you found this channel too! Even with your part-time job, as a independent salon suite owner you’re required to report income once you make over $400
@ausarheru7132
@ausarheru7132 2 года назад
Does a single member LLC electing to file as an S-Corp, have to pay self employment tax on just the salary and if so; is the remaining considered (Distribution or a Dividend) and is that distribution/dividend taxed as a personal income.
@sb5081
@sb5081 2 года назад
Topic: Would a barber and hairstylist do good in partnership tax wise? What ways if so?
@quenessyomy6924
@quenessyomy6924 Год назад
What if you contract your ( Liscenced) services Out to a Liscenced stylist (ie Braid downs/temp colors/ shampoo, no chemicals), and the pay cash/cash app. That would be I099 correct? So I would pay taxes?
@alyssarose2468
@alyssarose2468 Месяц назад
If I’m just a single and not wanting to start a salon or anything, just renting a chair- should I do Sole Prop or LLC/S corp.. it’s so hard and so much info!
@TheHairCEO
@TheHairCEO Месяц назад
I like the idea of doing an LLC so you have more flexibility to implement tax saving strategies when you need it!
@Westcoastjose
@Westcoastjose 11 месяцев назад
So in all essence S-Corp is the way to go.
@TheHairCEO
@TheHairCEO 11 месяцев назад
Absolutely!
@NyeishaJ6
@NyeishaJ6 9 месяцев назад
So if I’m starting a hair business should I register my business as a sole proprietor? Or an LLC?
@TheHairCEO
@TheHairCEO 9 месяцев назад
Hi Nyeisha! There's nothing to register if you decide to run your business as a sole proprietor unless you're getting a DBA (Doing Business As). A lot of my clients who are new to the hair business start LLCs and I think it's a good decision once you've decided this is a business you're going to take serious.
@NyeishaJ6
@NyeishaJ6 9 месяцев назад
Thank you ! So much I’m glad I went with an LLC. I definitely want to take my business seriously and establish it.
@quenessyomy6924
@quenessyomy6924 Год назад
They Tax you twice because you make more money? A check and and quarterly? 🤔
@quenessyomy6924
@quenessyomy6924 Год назад
Sort of like an Assistant but your Liscensed …🤔
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