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What are the Main Differences between an LLC and an S-Corp?

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What Is an LLC?

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Which Type of Company Incorporation is Right for You?

 

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What Is An LLC?

When you first come up with the idea of a business, it’s the most tempting thing in the world to jump right in and get started. But the realities of taxation and federal and state regulations are best faced during the planning stages of a new venture. For small business owners, the legal structure of the concern can affect taxation on both a federal and state level – as well as a host of other legal and financial matters. Among the choices in structure are sole proprietorship, limited liability corporation (LLC), S-corporation, and partnership. Of these, the LLC is prized by some but often misunderstood.

What is an LLC? An LLC is a legal entity separate from any of the individuals involved in ownership of the venture. Among the primary attractions of this structure is that no owner – or member, as defined in this structure – is individually liable for the debts or obligations of the business. This factor may not seem relevant when sales are booming and the business is flush. But during times of economic distress, if the business falls on hard times, it can save you the inconvenience of sleepless nights.

Commonly, the LLC structure is applied to partnerships and other businesses with a small number of owners. But sole proprietors too can take advantage of its benefits.

Taxation
The federal government taxes LLCs in one of two ways: As a pass-through entity or as a corporation. When an LLC is taxed as a pass-through, the profits go to the owners. The owners in turn pay taxes on those profits when they file their individual tax returns.

Formation
Each state treats the LLC structure differently. Generally, it is simplest to form an LLC in the state in which you do business. However, if you prefer, you can form an LLC in a different state. You must become familiar with the regulations of the state you choose to avoid running afoul of any rules. Some owners choose to form an LLC is a state different from their own – a foreign state – because their native state levies high taxes.

Registered Agent
A registered agent is a person or company on whom notice must be served in case of a lawsuit. It’s no fun thinking about potential legal action even before your business is off the ground, but when you form an LLC, you have to name a registered agent. You can choose an owner or manager of the LLC. But naming an independent party or even another company can lend peace of mind. In fact, any adult who lives in the state where the LLC is formed and who has a street address -- rather than a post office box -- can serve as your registered agent. Of course, you want to select a registered agent who is responsible and trustworthy.

Management
The LLC members may choose to manage the entity for themselves. If your members are scattered about the United States, however, it might be prudent to hire a manager. Of course, no matter what your choice, regular communication with the manager is essential to successful business operation.

An LLC is a business structure that may offer tax advantages. Consult your accountant and/or tax professional and consider carefully when deciding whether to form an LLC.

Woodlands board likely to select incorporation consulting firm this week

The Woodlands Township Board of Directors is moving forward with an evaluation of possible incorporation with board members likely selecting a consulting firm this week to help in the process. The township's Board of Directors is set to meet in a special ...

Published:  Fri, 19 Jan 2018 15:59:00 GMT



Research delivers insight into the building information modeling market

This research report analyzes the building information modeling market, with a focus on key firms in the industry such as Nemetschek, Autodesk, Inc., Bentley Systems Incorporation and Trimble Navigation Limited. Research By Markets adds "Global Building ...

Published:  Sun, 21 Jan 2018 10:28:00 GMT



Berlin incorporation informational meetings set

With the election less than one month away to decide if Berlin incorporates, two informational meetings have been set for early February. The meetings are set Feb. 1 and Feb. 6 at 6 p.m. at the Berlin Community Center. Patrick Bates and others involved in ...

Published:  Thu, 18 Jan 2018 07:43:00 GMT



SEC rescinds Rappler's incorporation papers

THE Securities and Exchange Commission (SEC) has revoked the incorporation papers of online news site Rappler, Inc. and its parent company for failing to meet the constitutional limits on foreign ownership, as investors closely monitor the ruling's ...

Published:  Mon, 15 Jan 2018 07:15:00 GMT



Incorporation of Ex-Combatants in Humanitarian Demining: Lessons from Colombia, Somaliland & Southern Somalia

As part of the peace effort between the Colombian government and the FARC, a pilot program was launched in 2015 allowing ex-combatants from the guerrilla to collaborate with Army soldiers in humanitarian demining-an urgent task given the country's ...

Published:  Thu, 18 Jan 2018 12:19:00 GMT



Dilip Buildcon rises 3pct on incorporation of subsidiary to explore mining activities

Money Control reported that shares of Dilip Buildcon added 3 percent intraday as it has incorporated a subsidiary to explore the mining activities. A new company has been incorporated named as DBL-VPR Mining for exploring sector of mining activities ...

Published:  Mon, 08 Jan 2018 23:19:00 GMT



CDL: Announcement on Incorporation of Subsidiaries

11:29a CDL: Scheduled date for release of the Unaudited Financial Results for the Year.. 01/12 MILLENNIUM PTHORNE HOTELS: CDL hires Georgeson to woo investors in M&C Hotels b.. 01/11 CDLHT: Completion of Divestment of Mercure Brisbane and Ibis Brisbane 01 ...

Published:  Tue, 16 Jan 2018 02:31:58 GMT



Town fires back at city in incorporation dispute

TOWN OF BELOIT - Town officials fired back at Beloit City Manager Lori Curtis Luther after she announced the city believes it no longer can pursue boundary agreement discussions. In a news release Wednesday, Town Administrator Ian Haas said Luther and the ...

Published:  Thu, 11 Jan 2018 13:00:00 GMT



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