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Incorporate your business
If you are wanting to save on taxes by incorporating your small business, we can help. With the different options on restructuring your business, it can be confusing to choose which is best for you. Call us for a free consultation and know if a C-corporation, S – Corporation, or LLC is right for you.
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Incorporating
There are many advantages to incorporating your business, but which entity do you choose. We can help you make the right decision when it comes to re structuring your business.
LLC – Limited Liability Company
This entity provides liability protection from your personal assets. It has a lower cost of setting up and maintaining. It can have a single member or multi members running the company. If the company is multi member then a separate tax return must be filed for the LLC, IRS form 1065.
A LLC does not pay any Federal Income Taxes and is considered a pass-through entity. This means that all the profits or losses are transferred to each of the individual members. Each member receives an IRS form K1 from the LLC detailing the members profits or losses depending on their ownership percentage. Smaller businesses tend to structure their company as a LLC.
C – Corporation
This entity provides the fullest protection available to your personal assets. It can have an unlimited number of shareholders. This entity is not considered to be a pass-through and pays it’s own taxes. A separate tax return is filed for the corporation, IRS form 1120. The corporation does not distribute IRS form K1 to it’s shareholders. C – Corporations may distribute earnings to it’s shareholders by dividend or wages earned.
S – Corporation
This entity can be described as a mix of both a LLC and C – corporation. The S – corporation provides similar protection to your personal assets as the C – corporation. It can only have a maximum of 100 shareholders though. The S – Corp is considered to be a pass-through entity and distributes IRS form K1 to report share of profits or losses.
To receive S-Corp status one must apply with the IRS to be considered an S-Corp after you have received approval of incorporating form the Secretary of State.
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Have questions or need guidance?
Explore Your Business Structure
Begin by considering which business structure best suits your goals, whether it's a sole proprietorship, partnership, LLC, or corporation. Our experts can help you make an informed decision, so you can start your business on the right path.
Start the Registration Process
Once you've decided on a structure, our team will take the necessary steps in registering your business name, acquiring the necessary permits, and ensuring compliance with local and state regulations.
Establish Financial Foundations
Now its time to set up essential financial systems, including opening a business bank account, implementing accounting software, and creating a budget. Effective financial management is critical to your business's success.
Ready to launch your business with confidence?
Contact us today, and let our experienced team guide you through these steps to ensure a smooth and successful start to your entrepreneurial journey.