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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.

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Published:  Sun, 16 Jun 2019 02:00:00 GMT



Symphony Limited - Incorporation Of A Wholly Owned Subsidiary Company In Brazil

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Published:  Sat, 15 Jun 2019 02:37:00 GMT



Southampton scuttles East Quogue's incorporation bid to handle land issues

Southampton Town officials have rejected efforts by East Quogue residents to incorporate their hamlet to better handle land issues because their petition included 34 dead people and lacked ...

Published:  Thu, 13 Jun 2019 16:20:00 GMT



Industrial Controls Market Trends by 2024: Top Players- ABB Ltd, Emerson Electric Company, Honeywell International Incorporation

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Published:  Fri, 14 Jun 2019 08:42:00 GMT



Fincantieri and Naval Group Sign Joint Venture Agreement

France's Naval Group and Italy's Fincantieri signed a joint venture agreement on June 14 that delineated the terms of incorporation for a new 50/50 owned company. The companies signed an Alliance ...

Published:  Mon, 17 Jun 2019 14:20:00 GMT



Bridgewater Twp. opts to develop incorporation application

In an expected move, the Bridgewater Township Board of Supervisors on Wednesday unanimously opted to develop an incorporation petition. Approval does not mean the township will petition to become a ...

Published:  Thu, 13 Jun 2019 07:38:00 GMT



Digital Menu Boards for Restaurants: Installation Best Practices

One of the most popular "go-to" solutions in those niches is the incorporation of QSR menu boards. As with most digital signage, QSR menu boards appear quite simple on the surface. It seems that all ...

Published:  Mon, 17 Jun 2019 12:03:00 GMT



Backpage loses Delaware incorporation status

A former website that prominently promoted sex trafficking is losing its Delaware incorporation status. A Chancery Court judge has ordered that four LLCs linked to Backpage relinquish their Delaware ...

Published:  Wed, 12 Jun 2019 08:39:00 GMT



Technocraft Industries (India) Ltd. - Announcement Under Reg 30 (LODR)- Incorporation Of New Joint Venture Benten Technologies LLP

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Published:  Fri, 07 Jun 2019 18:15:00 GMT



Jetking Revolutionises Education Sector with Incorporation of Virtual Reality

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Published:  Thu, 06 Jun 2019 11:55:00 GMT



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