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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.

The Swiss are using blockchain to refine their clunky business incorporation process

Here's a little-known fact: it's approximately as difficult and time-consuming to incorporate a business in Switzerland as it is in the Democratic Republic of the Congo. Swiss entrepreneurs face on average a six-week-long, paper-heavy process to legally ...

Published:  Thu, 24 May 2018 14:04:00 GMT



Head-mounted Display Market - Incorporation of Gesture Recognition to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--May 25, 2018--The is expected to grow at a CAGR of approximately 37% during the period 2018-2022, according to the latest market research report by . This press release features multimedia. View the full release here: https://www ...

Published:  Fri, 25 May 2018 09:35:00 GMT



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



CLPS Incorporation Announces Pricing of $10.5 Million Firm Commitment Initial Public Offering

Shares to Commence Trading on May 24, 2018 on the NASDAQ Capital Market as "CLPS" Shanghai, China, May 23, 2018 (GLOBE NEWSWIRE) -- CLPS Incorporation (the "Company"), a global leading information technology ("IT" ), consulting and solutions service ...

Published:  Thu, 24 May 2018 07:23:00 GMT



Amesbury's big weekend arrives with Incorporation Day, Memorial Day

AMESBURY - The city will mark the 350th anniversary of its incorporation Sunday and plenty of activities are planned in observance of both that day and Memorial Day this holiday weekend. Incorporation Day opening ceremonies will be held at City Hall ...

Published:  Sat, 26 May 2018 00:17:00 GMT



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