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Related Articles

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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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Meeting Preview: Woodlands board to tackle incorporation issues at Thursday meeting

The newly re-elected quartet of incumbents on The Woodlands Township Board of Directors were sworn in for their new two-year terms on Wednesday night, Nov. 28, by Precinct 3 Justice of the Peace Edie ...

Published:  Wed, 20 Mar 2019 14:25:00 GMT



Images Associated with the 1799 Town Incorporation Celebration

Wood Tavern (site of the Town Incorporation Celebration , March 18, 1799) .. razed in 1959. (J.E. Fogelberg Collection ) Wood Tavern (site of the Town Incorporation Celebration , March 18, 1799) .

Published:  Tue, 19 Mar 2019 15:02:00 GMT



Community leaders look at results of Skidaway Island incorporation vote

CHATHAM COUNTY, GA (WTOC) - On Tuesday, voters from our area headed to the polls for the 2019 Special Election. Voters on Skidaway Island decided for the island to remain a part of unincorporated ...

Published:  Wed, 20 Mar 2019 15:23:00 GMT



James Island incorporation bill has support and critics

CHARLESTON, SC (WCSC) - An old argument is back on the table in the South Carolina State House. Representative Peter McCoy's HB 3661 would allow unincorporated areas of James Island to rejoin the town ...

Published:  Wed, 20 Mar 2019 09:50:00 GMT



SCOTUS Rejects Bare Metal Defense in Maritime Products Liability Actions Involving Asbestos Exposure

Devries, et al, 586 US ___ (2019), Justice Kavanaugh, writing for the majority in a 6-3 decision, ruled that manufacturers have a duty to warn when: (i) their products require incorporation of a part; ...

Published:  Thu, 21 Mar 2019 12:53:00 GMT



Skidaway Island votes down Incorporation proposal

Skidaway Island voters had their chance to become their own city on Tuesday, but the majority of them said "no thanks". The incorporation proposal was shot down by an overwhelming margin of 3,656 ...

Published:  Tue, 19 Mar 2019 18:05:00 GMT



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