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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.

HISTORY, Sept. 4: Google files for incorporation in 1998

Today is Tuesday, Sept. 4, the 247th day of 2018. There are 118 days left in the year. Today's Highlight in History: On Sept. 4, 1951, President Harry S. Truman addressed the nation from the Japanese ...

Published:  Mon, 03 Sep 2018 23:07:00 GMT



New Incorporation St Peter & St Paul Benevolent Society - Valentine Haremski

H. L. Worthington. W. W. P. Ketcham. Escanaba: L. B. Shepard. Ford River; Pier: Carrier. Frankfort: Kate Dar ley. Alpena. THE COURTS. Court of Illinois. Is.iSPecial.)--The proceedings Court today were ...

Published:  Sun, 16 Sep 2018 09:19:00 GMT



Simplex Castings Ltd. - Intimation Of Incorporation Of Wholly Owned Subsidiary Company

We wish to inform you that the Company has incorporated an wholly owned subsidiary Company Simplex Castings International Pte. Ltd. at Singapore on 12th September, 2018. The details as required under ...

Published:  Thu, 13 Sep 2018 06:37:00 GMT



Indonesia leading in AI incorporation in Asia Pacific, says Appier

Indonesia has taken the lead in AI deployments among eight Asia markets, with 65% of its enterprises polled having incorporated AI, much higher than Taiwan's 44%, according to findings of a survey rel...

Published:  Thu, 06 Sep 2018 00:48:00 GMT



The Woodlands Township invites residents to incorporation public forum Sept. 25

THE WOODLANDS, Texas -- The Woodlands Township Board of Directors invites residents to an Incorporation Planning Study Public Forum on Tuesday, September 25, 2018, from 6:30 to 9:30 p.m. at The Woodla...

Published:  Fri, 14 Sep 2018 05:58:00 GMT



DMEA proposes changes to articles of incorporation

Delta-Montrose Electric Association is asking cooperative members to approve a change to its articles of incorporation that would open up more financing options. DMEA is proposing changes to its artic...

Published:  Sat, 08 Sep 2018 23:14:00 GMT



Former Suisun mayor remembers city's last incorporation celebration

SUISUN CITY - It was Crystal School custodian Everett Mackie's eighth-grade son who came up with the winning design. City leaders were casting about for a way to honor the city's 100th anniversary in ...

Published:  Wed, 12 Sep 2018 05:43:00 GMT



Vodafone Idea raises Rs 15 bn through debt, its first since incorporation

Telecom major Vodafone Idea Limited Monday raised Rs 15 billion fund through non-convertible debentures on private placement basis -- first debt after its incorporation. "The Securities Allotment Comm...

Published:  Mon, 03 Sep 2018 09:11:00 GMT



Hendricks group opposes Town of Beloit incorporation

TOWN OF BELOIT - Town of Beloit officials have a new opponent in their efforts to incorporate into the Village of Riverside - local businesswoman Diane Hendricks. Rob Gerbitz, president and CEO of Hen...

Published:  Tue, 21 Aug 2018 08:02:00 GMT



Rs 1,500 cr! Vodafone Idea raise first debt after incorporation

Idea Cellular Ltd and Vodafone Plc on last Friday announced completion of the $23.2 billion (approximately Rs 1.6 lakh crore) merger of their India operations to create the country's largest telecom o...

Published:  Mon, 03 Sep 2018 23:12:00 GMT



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