Incorporation Knowledge Base
Everything on incorporating your business, filing your taxes and complying with all federal and state laws. Choose any of the menu items, brows the guide and educate yourself on business incorporation and business taxes.
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LLC (Limited Liability Company)
This type of business entity
combines elements of partnership and corporate structures. LLC is a
legal form of business
company that provides
limited liability to its owners (members), and has the
characteristics of an
unincorporated association (as appose to a corporation). The
primary characteristic an LLC shares with a corporation is
limited liability, and the primary characteristic it shares
with a partnership is the availability of
pass-through
income taxation.
S Corporations
S Corporations benefits from a special tax efficient treatment given to it by Internal Revenue Service (IRS) code. A corporation can eliminate the disadvantage of double taxation of general corporate profits and shareholder dividends by obtaining S Corporation status with the IRS. Shareholders then report their portion of the S. Corporation's taxable income on their personal tax returns.
C Corporation
C Corporation is a separate legal structure from its shareholders and shields personal assets of those shareholders from judgments against the business. The Internal Revenue Service (IRS) refers to general corporations as "C" Corporations. General Corporations are taxed on their profits using the IRS corporate tax rates and additionally any dividend paid to the shareholders is taxable by them. This tax structure also known as "double taxation."
LLC Vs. Inc
There are many available corporate
structures; choosing the right corporate structure is critical to the
success of your business. If you choose the wrong corporate structure,
you could severely hurt your ability to establish corporate credit. It
could also impact how much personal liability you have within your
company. Let's review the different types of business structures
available today to see which may be the best fit for your company.
Incorporation Glossary
Terms and abbreviations for incorporation
and forming a corporations. Legal terms.