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

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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.

Yearlong incorporation study kicks off in The Woodlands

The Woodlands Township leaders may decide by early next year whether to recommend that voters consider turning the community into a city, according to township board Chairman Gordy Bunch. Bunch wrote in an email that the two consulting groups are helping ...

Published:  Mon, 14 May 2018 05:51:00 GMT



Camp uses West Virginia's coal as creative tool

The creations fall under the umbrella of McArts Fine Arts Incorporation founded by Jean Battlo and three other artists in 1979. "I wanted to do something for McDowell, so I started McArts," she said. And now she serves as Artistic Director while working to ...

Published:  Sun, 20 May 2018 06:00:00 GMT



Baton Rouge Area Chamber voices opposition to St. George incorporation

The Baton Rouge Area Chamber board has voted to formally oppose the incorporation of the proposed city of St. George. BRAC and East Baton Rouge Parish Mayor-President Sharon Weston Broome had previously gone over St. George's budgets but expressed doubts ...

Published:  Tue, 15 May 2018 08:37:00 GMT



A Claim of priority Cannot Be Made With an Incorporation by Reference

For any patent family that has two or more patents applications, the claim of priority needs to be made correctly. Otherwise, intervening references may become prior art when they could be avoided. The "˜115 Patent was the last patent in a family ...

Published:  Fri, 11 May 2018 02:26:00 GMT



New charity receiving Poland Spring aid lacks federal nonprofit status

The activities council successfully filed articles of incorporation as a nonprofit organization with the Maine secretary of state's office on Jan. 18, according to an office spokeswoman, but it has not applied for nonprofit status with the Internal ...

Published:  Sun, 20 May 2018 10:58:00 GMT



Prospect Co., Ltd - Notice: Share Trading Unit Change and Partial Amendment to the Articles of Incorporation

Prospect Co., Ltd. (the "Company") `s Board of Directors has approved the share trading unit change and partial amendment to the Articles of Incorporation. Note 1. About share trading unit change A. Reason: To comply with "Action Plan for ...

Published:  Tue, 15 May 2018 04:59:00 GMT



Town board OKs incorporation services deal

TOWN OF BELOIT - Town of Beloit Board members gave their blessing to a intergovernmental services agreement between the proposed Village of Riverside and the remaining Town of Beloit. Officials say both entities would share police, fire and public works ...

Published:  Tue, 08 May 2018 07:41:00 GMT



Matoaka residents vote to end incorporation

MATOAKA - About two dozen voters decided Tuesday that a Mercer County town chartered more than 100 years ago would no longer continue to exist as an incorporated municipality. The town of Matoaka's streets were quiet Tuesday while the polls were open.

Published:  Tue, 08 May 2018 20:05:00 GMT



Global Nerve Repair & Regeneration Market Growth Opportunities: Stryker Corporation, Boston Scientific Incorporation

May 16, 2018 (marketresearch.biz via COMTEX) -- The research study "Global Nerve Repair & Regeneration Industry" provides strategic appraisal of the Nerve Repair & Regeneration market. Our expedition specialists acutely determine the momentous aspects ...

Published:  Wed, 16 May 2018 02:55:00 GMT



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