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      August 19, 2019

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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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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.

'College life wasn't a fairy tale before incorporation'

Nothing's as good as it used to be. D'you remember way back when everybody worked hard for an honest living, there were only three channels on the telly, and paedophiles hadn't been invented? D'you ...

Published:  Sat, 10 Aug 2019 01:07:00 GMT



Greenville's petition for incorporation dismissed by review board

GREENVILLE - The town's petition to incorporate as a 36-square-mile village was dismissed Wednesday, but the Wisconsin Incorporation Review Board has given the town one year to refile the petition ...

Published:  Wed, 14 Aug 2019 14:56:24 GMT



Medical Professional Reimbursement and "Fraudulent Incorporation'

The No-Fault Regulations, 11 NYCRR 65-3.16(12), provide: A provider of health care services is not eligible for reimbursement under section 5102(a)(1) of the Insurance Law if the provider fails to ...

Published:  Wed, 07 Aug 2019 09:11:00 GMT



LLC Versus Incorporation: Which Should I Choose?

The decision to form either a limited liability company (LLC) or a corporation depends on the type of business an individual is creating, the possible tax consequences of forming the corporate entity, ...

Published:  Wed, 14 Aug 2019 14:40:00 GMT



Kingston's 325th parade was a hit

Everyone loves a parade, and on Saturday, August 3, 2019, in observance of its incorporation in 1694, the town of Kingston had a fabulous one. It was more than 70 entries of great marching bands, ...

Published:  Sat, 17 Aug 2019 17:10:00 GMT



Proposed anti-LGBTQ Labor Department rule would let federal contractors discriminate

The rule says, "A religious purpose can be shown by articles of incorporation or other founding documents, but that is not the only type of evidence that can be used." "The problem isn't ...

Published:  Wed, 14 Aug 2019 11:04:00 GMT



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