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

What Is a C-Corporation?

What Is an LLC?

What Is an S-Corp?

Which Type of Company Incorporation is Right for You?

 

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Which Type of Company Incorporation is Right for You?

Maybe when you first started out, a partnership or sole proprietorship was ideal. Your business was small, your exposure to legal liability may have been low because most of your clients or customers came to you via referrals from friends and family. But an organization's growth can mean both opportunity --- and potential headaches.

Your firm having survived its infancy, it might now be time to branch out to doing business in other states. You might have more employees and wish to offer them benefits while taking advantage of a tax deduction. Offering benefits might even result in attracting better quality employees. You might even want to raise capital by means other than personal assets or business loans. For these and other reasons, incorporating your business can be a good choice.

Once you've decided that you want to incorporate, you still have at least one more question to answer: "Which type of company incorporation is right for you?"

As an owner, you have two types of corporate structure to choose from. The C-corporation is what most folks think of when they think of incorporating. A C-corporation must accomplish a list of administrative steps to establish and maintain its status, among them the filing of a number of IRS tax documents throughout the calendar year. An S-corporation must take the same set of administrative steps but does not have to file a corporate tax return. Instead, S-corp owners report any profits or losses on their personal tax returns.

With both C-corp and S-corp structures, you establish your company as a tax and legal entity separate from you and any other owners. Creating this entity acts to protect you from liability in the event that you are sued or your company goes into debt.

Whether you select S-corp or C-corp status, incorporating your business requires the completion of a good deal of documentation that must be filed according to somewhat strict procedures. To make things even more complicated, each state sets its own rules relative to incorporation procedures. Hiring a lawyer who is familiar with your state's rules, as well as with federal statutes and provisions, is advisable. Consulting with a business tax professional before starting the process is also a good idea.

To begin the incorporation process, you must file articles of incorporation with your state's Secretary of State. In addition, you have to craft and record a set of company by-laws. By-laws do not need to be filed with any official body, but must be kept with company files. Next, you have to schedule -- at least once per year -- shareholder and board of directors meetings. When meetings are held, minutes must be recorded and kept on file. Establishing a business name with state and/or local authorities, complying with licensing regulations and obtaining a federal tax ID number are also part of the process.

If you choose the S-Corp route, you need to be sure your company meets IRS requirements for "Subchapter S" status. These requirements are routinely updated, so checking in with a tax professional is encouraged. If you do indeed qualify, you must have your shareholders vote to approve S-corp status. Once you have established S-corp status, you'll be able to sidestep the liability concerns of a sole proprietorship or partnership, as well as the cumbersome tax filing requirements of a C-corporation.

Each incorporation choice boasts its own positives and negatives. When it comes to choosing between the two, your business objectives -- tempered with sound legal and tax advice -- should inform the process.

Charlottesville: Blame the Incorporation Doctrine

There was plenty of blame and finger-pointing in the aftermath of the Charlottesville protests. One woman died and at least 33 people suffered injuries when right-wing and left-wing groups clashed during the Unite the Right Rally. Two state troopers also ...

Published:  Fri, 22 Sep 2017 10:30:00 GMT



Salt Spring looks to heal after rejecting incorporation

Salt Spring Island is a community divided as a result of Saturday's vote against incorporation, but it is resilient and will heal, according to one of the organizers of the campaign against the new form of governance. Patricia Lockie of Positively No ...

Published:  Sun, 10 Sep 2017 16:12:00 GMT



City, Town lock horns over incorporation

BELOIT - Beloit City Manager Lori Curtis Luther is standing by her news release offering annexation options to Town of Beloit residents despite town Administrator Ian Haas calling the release "unfortunate, misleading and incorrect." Luther released a ...

Published:  Wed, 13 Sep 2017 14:00:00 GMT



Edison: approved the project for merger by incorporation of Edison Trading

EDISON: APPROVED THE PROJECT FOR MERGER BY INCORPORATION OF EDISON TRADING. Milan, September 21, 2017 - Edison announces that the minutes of Edison's Board of Directors meeting held on September 20, 2017, which approved, pursuant to art. 2505 - second ...

Published:  Thu, 21 Sep 2017 09:53:00 GMT



West-side town of Beloit residents hear update on east-side incorporation

TOWN OF BELOIT-Residents on the town of Beloit's west side gathered in the Turner High School auditorium Wednesday night to gather details about the east side's efforts to incorporate. The meeting revealed little new information about the ongoing ...

Published:  Thu, 14 Sep 2017 04:34:00 GMT



The First Steps To Register A Company In Singapore

Enact A Secretary Your company needs to have a secretary. This secretary needs to be appointed, by law, within 6 months of incorporation. However, it's a good idea to enact a secretary as soon as possible so that they can alleviate some of the things ...

Published:  Sat, 23 Sep 2017 05:43:00 GMT



Heart of the Valley: City incorporation and Whiskey Row

Almost 122 years ago, Santa Marians went to the polls to vote either for or against the incorporation of the town. It was a hot subject because, if the town incorporated, Whiskey Row was sure to be history. The "wets" wanted things to stay the same ...

Published:  Sun, 10 Sep 2017 00:13:00 GMT



The crossmodal congruency effect, a tool incorporation metric, suffers from a learning effect with repeated exposures

The incorporation of a tool into a person's body representation is well established. Quantitative measures play an important role in assessing tool incorporation levels for tool use paradigms. The crossmodal congruency effect (CCE) is used to quantify tool ...

Published:  Sun, 10 Sep 2017 08:57:00 GMT



Incorporation dispute in Rock County

The Town of Beloit wants to become a village, but the City of Beloit says there are issues that still need to be addressed before that can happen. The Town of Beloit wants to become a village, but the City of Beloit says there are issues that still need to ...

Published:  Tue, 12 Sep 2017 17:06:00 GMT



BRIEF-Landi Renzo approves incorporation of A.E.B. SpA

Sept 18 (Reuters) - LANDI RENZO SPA: * SAID ON FRIDAY THAT BOARD OF DIRECTORS APPROVED THE PROPOSAL TO MERGE BY ABSORPTION THE ENTIRELY CONTROLLED A.E.B. SPA * THE MERGER IS ONE OF THE ACTIVITIES WHICH HAVE THE AIM TO IMPROVE THE MANAGEMENT EFFICIENCY TO ...

Published:  Mon, 18 Sep 2017 00:37:00 GMT



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