Business Set-Up

Do you need assistance setting up your business?  Did you know you can choose from the following – what is best for you?

C-Corporation
A C-Corp, also known as a corporation, is a type of entity that is formed and regulated on a state level. The corporation is formed by filing Articles of Incorporation with the Secretary of State within the state of incorporation.
Corporations are required to hold annual meetings for both the shareholders and the board of directors. The annual meetings are held to discuss and decide on important decisions that are faced by the corporation. Ownership in a corporation is expressed through the issuance of shares, while the management of the corporation is governed by a board of directors who are elected by the shareholders.
**Always contact your Attorney or Accountant to be sure if this is the right way for you to do business.
 

S-Corporation
The S-Corporation, or S-Corp, also known as the subchapter or small business corporation, is a tax code that was created and enacted into law by congress in 1958. It was created to encourage small and family business creation, while eliminating the double taxation that conventional corporations were subjected to.
Unlike traditional C-Corporation, the S-Corporation is not subject to corporate income taxes. The S-Corporation is essentially a tax designation that is recognized by the IRS. Similar to the LLC the income generated by an S-Corporation will flow through to the personal income tax returns of the shareholders meaning that the entity is not required to pay taxes on a corporate.
The stock of S-Corporations is freely transferable. This free transferability of interest means the shareholders of S corporations are able to sell their interest without obtaining the approval of the other shareholders.
**Always contact your Attorney or Accountant to be sure if this is the right way for you to do business.
 

LLC - Limited Liability Company
Unlike corporations, LLCs are much less formal in structure and how it is managed and are not required to hold annual meetings or keep minutes. The structure of the LLC is very much the same as that of a partnership (or a sole proprietorship in the case of a single member LLC), but with the limited liability protection.The LLC members or owners are the ultimate authority, and are responsible for all aspects of the LLC.**Always contact your Attorney or Accountant to be sure if this is the right way for you to do business.
 

Foreign Corporation
A foreign corporation is a term used in the United States for an existing corporation that is registered to do business in a state or jurisdiction other than where it was originally incorporated.
 

Sole Proprietorship
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy’s Nail Salon. The fictitious name is simply a trade name–it does not create a legal entity separate from the sole proprietor owner.Sole Proprietorship is NOT eligible for Workers Compensation exemption.**Always contact your Attorney or Accountant to be sure if this is the right way for you to do business.
 

DBA (Doing Business As)
 The operating name of a company, as opposed to the legal name of the company. Some states require DBA or fictitious business name filings to be made for the protection of consumers conducting business with the entity.
 

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