- Employer identification number (EIN)
- Registered agent services
- Articles of amendment
- Articles of incorporation
- Certificate of good standing
- Foreign entity registration
- Articles of dissolution
- Certified copies
We assist businesses in making the right choice by presenting the pros and cons of various alternatives (i.e., LLC, Partnership, Corporation). Formation Services include all city, county, state, and federal filings, and all initial corporate/business formation paperwork. We’ll work with your CPA or tax preparer to find out what type of formation offers you the best tax advantages.
Once the business is profitable, incorporation can offer several significant benefits. Your business is a separate legal entity and as such, creditors or legal actions usually go against your corporation and its assets, not your personal assets. Your business has tax flexibility from which you may personally benefit. You can choose the most tax-efficient way to pay yourself, including dividends, salary, bonus, or a combination.
When choosing a business entity, you should consider: (1) the degree to which your personal assets are at risk from liabilities arising from your business; (2) how to best pursue tax advantages and avoid multiple layers of taxation; (3) the ability to attract potential investors; (4) the ability to offer ownership interests to key employees; and (5) the costs of operating and maintaining the business entity.
Depending on how fast the state processes business filings, it can generally take between a week to ten business days. In some states, once your intake information is received, the state agency often issues approval for the limited liability company within only three business days.
An LLC is best used when two or more people are considering a business or investment venture. The LLC provides significant advantages over both general partnership and limited partnership structures. Similar to an S corporation, it does not have its restrictions on the way distributions are allocated to members.
The biggest difference between C and S corporations is taxes. C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner or employee. An S corporation doesn’t pay tax. Instead, you and the other owners report the company revenue as personal income.
Tax savings may be the first thing that you think of when forming a business entity. Choosing the right business entity is the first step in helping you save money in the long run.
