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Start A Business

Are you ready to take the next steps towards owning your own business? It could easily be the best decision you ever made.

Did you know the US Tax Code is written in favor of small businesses and self-employed individuals? Self-employed individuals generally pay about half the income taxes than that of employees who earn roughly the same amount of income. They are able to accomplish this because there are a tremendous amount of tax credits and deductions that were designed solely for employers and self-employed individuals. The primary reason is our economy is basically dependent on small business. If you are ready to venture out on your own, we have the resources you need to get you started on the path towards being your own boss.

Starting a new business involves planning, making key financial decisions and completing a series of legal activities. We perform these activates for clients all over the US. We have the capabilities to form a business in all 50 states. Before deciding on a business structure, I recommend contacting our office for a FREE consultation with one of our talented accountants. We will help you determine the best business structure for your situation.

If you are ready to move forward with structuring your business, select the link below and complete the form consisting of a few simple questions and we will take care of the rest. Contact our office today to schedule your FREE consult. If you act quickly, we still have time to impact the upcoming tax season. Our rates are noted below; they do not include state fees. The rates shown below may vary depending on the state filing requirements. Once you submit the form below, we will send you the total cost along with any additional requirements and state fees. You will need to approve the package before we will submit any paperwork to the state and/or federal agency.

Business Formation Pricing (does not include state filing fees)

LLC                                    $100

Doing Business As          $50

S-Corporation                  $100

LLC & S-Corp Combo     $150

C-Corporation                    *Contact our office 

 Popular Business Structures

Sole Proprietorship

A sole proprietorship is the simplest and most common structure used to start a business. It is an unincorporated business owned and operated by one individual with no distinction between the business and the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities. A sole proprietorship does not provide any liability protection; therefore, as soon as your business begins to earn a profit you should establish your business as a separate entity by forming an LLC.

Partnership

A partnership is a single business where two or more people share ownership of the business. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, all partners share profit and losses as well as the right to make decisions.

Limited Liability Company (LLC)

An LLC is a legal structure that provides the limited liability protection of a corporation but does not require all the administrative maintenance. They are formed at the state level. The IRS does not recognize LLC's. Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations, trusts or another LLC. If there are multiple members, the IRS automatically classifies the business as a LLP (or Partnership). Unlike shareholders in a c-corporation, LLC's are not taxed as a separate business entity. Instead, all profits and losses are "passed through" the business to each member. A single owner LLC reports profits and losses on his/her personal tax return (Schedule C), just like the owner of a sole proprietorship would do. However, LLP's who have not made any elections with the IRS are required to file a form 1065 Partnership Return to report their income and expenses. If your business is earning $40K or more a year you may want to form an S-Corporation, it could save you a substantial amount in income taxes.

Cooperative

A cooperative is a business or organization owned by and operated for the benefit of those using its services. Profits and earnings generated by the cooperative are distributed among the members, also known as user-owners. Typically, an elected board of directors and officers run the cooperative while regular members have voting power to control the direction of the cooperative. Members can become part of the cooperative by purchasing shares, though the amount of shares they hold does not affect the weight of their vote.

C-Corporation (C-Corp)

A C-corporation (or C-Corp) is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Corporations are more complex than other structures and they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees.

S-Corporation (S-Corp)

An S-Corp is a corporation with the Subchapter S designation from the IRS. To make the election, you must first charter a business, this can either be an LLC or a C-Corp. I recommend an LLC due to their simplicity. Many C-Corporation owner's find the S-Corp to be an attractive option because they are able to avoid double taxation and maintain their corporate status. The IRS states, S-corporations are "considered by law to be a unique entity, separate and apart from those who own it." This limits the financial liability for which you (the owner, or "shareholder") are responsible. Nevertheless, liability protection is limited, S-corps do not necessarily shield you from all litigation. What makes the S-Corp more attractive is that profits and losses pass through to the personal tax return. There is an important caveat, however: any shareholder who works for the company must pay him or herself "reasonable compensation." Therefore, the shareholder must pay himself equal to the fair market value of the work he currently performs for the business and he or she is also paid distribution income.

Non-Profit Organization (NPO)

Basically an NPO has a purpose of something other than generating a profit for shareholders. NPOs often dedicate their time to furthering a particular social cause or advocating for a particular point of view. In economic terms, an NPO uses its surplus revenues to further achieve its purpose or mission, rather than distributing income to the organization's shareholders (or equivalents). This is known as the distribution constraint. The decision to adopt a nonprofit legal structure is one that will have taxation implications, particularly where the nonprofit seeks income tax exemption, charitable status and so on. Although charities make up an often high percentage of the sector, there are many other types of NPOs.

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