I know that this video is confusing. So things to take from this video:
1. The main advantage of LLC's and Corp's is to protect personal property and assets
2. LLC's and Corporations are separate entities. So if your company is sued or defaults on a loan, they cannot go after your personal property
3.Corporations are Double Taxed. Once at corporate level (usually 20-40%), and once as dividends (10-40%)
4. Corporations have shareholders (like any company on the stock market), LLC's have members (one person can own 70%, another 30% etc.), and Sole Proprieterships are owned by one person (most self-employed people are SP's)
