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

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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.

Industrial Floor Mats Market 2020-2024 | Incorporation of Multiple Safety Features in Mats to Boost Growth | Technavio

Technavio has been monitoring the industrial floor mats market and it is poised to grow by USD 806.15 million during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report ...

Published:  Wed, 01 Jul 2020 05:20:00 GMT



Oriental Petroleum declares cash dividend, eyes investing in renewable energy

MANILA, Philippines - Oriental Petroleum and Minerals Corp. (OPMC) at its annual stockholders' meeting held on June 25 declared a cash dividend of P0.0005 per common share, with the amount to be paid ...

Published:  Sun, 05 Jul 2020 09:00:00 GMT



Navarre incorporation effort fails to get enough signatures to get on August ballot

The effort to incorporate Navarre took a blow recently when the organizing group failed to get enough petitions to make it onto August primary ballot.

Published:  Mon, 22 Jun 2020 13:56:39 GMT



Bluetooth Headphones Market to Hold Revolutionary Growth Owing to Incorporation of Wireless Headsets With Smart Devices Till 2025 | Million Insights

The global Bluetooth Headphones Market size is projected to touch USD 17.5 billion by 2025, according to a new report by Million Insights. The market is expected to grow at a CAGR of 12.3% over the ...

Published:  Thu, 02 Jul 2020 01:47:00 GMT



CAC to issue incorporation certificates with tax numbers

Certificates of incorporation of companies registered under Part A of the Companies and Allied Matters Act will now be issued with Tax Identification Numbers. According to the Corporate Affairs ...

Published:  Mon, 29 Jun 2020 16:32:00 GMT



Angola: Minister Announces Incorporation of Optical Fiber in Aerial Communications

Angolan minister of Transport Ricardo D'Abreu announced Wednesday the inclusion of fiber optic cable in air navigation services, installation of digital radio and new security systems, as one of the ...

Published:  Thu, 02 Jul 2020 06:01:00 GMT



COVID-19 lockdown sees incorporation of 16,000 new companies: Report

Despite slowdown in overall business activity due to the coronavirus pandemic, close to 16,000 new companies have been registered since India's lockdown began on March 25. Of the 16,000 companies, ...

Published:  Wed, 24 Jun 2020 00:59:00 GMT



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