If you might ever sell your company for millions of dollars, you need to know about QSBS years in advance of selling—so act sooner than later. The IRS has a specific definition of a Qualified Small Business Stock (QSBS) which, at the least, is an active domestic C corporation. Investopedia lists the specifics, and the entertaining video below shares personal stories from multiple founders about the QSBS tax election process that could help you avoid paying taxes on millions of dollars in capital gains when you sell your business. This video’s guest was the founder of Teachable and currently is working on Carry Money to help small business owners implement the Solo 401K. Carry Money has dozens of financial literacy guides. Again, QSBS is for C corporations, not S-Corps or LLCs. You’ll need to file some paperwork at least 5 years in advance of selling your C-Corp and does not apply to stock options, only ownership (e.g. exercised options). And don’t miss the 30-day filing deadline! Check out this article to learn some of the considerations for converting your business entity to become a C-Corp for the QSBS benefit.