Business Entities

Can an LLC become an S Corp? By default, LLCs with more than one member are treated as partnerships and taxed under Subchapter K of the Internal Revenue Code. And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect … Read more

What is the difference between a Washington LLC and a professional LLC? PLLCs offer the same benefits as LLCs. The main difference between a LLC and a PLLC is that only professionals recognized in a state through licensing, such as architects, medical practitioners and lawyers, can form PLLCs. Read more on smallbusiness.chron.com The correct legal … Read more

What is a sole proprietorship vs LLC? A limited liability company is a legal entity formed at the state level. An LLC exists separately from its owners-known as members. However, members are not personally responsible for business debts and liabilities. A sole proprietorship is an unincorporated business owned and run by one person. Read more … Read more

Is an ABN a sole proprietorship? It is sometimes also referred to as an ABN, DBA or Doing Business As name. In the event that it is assigned to an individual, the person is still acting as a sole proprietor (meaning that they do not have any protection from liability if they are sued for … Read more

Is a closed corporation an LLC? Under California law, certain businesses cannot be conducted by an LLC. Tax or accounting reasons, or the preferences of outside investors, may also favor a corporation. Statutory close corporations have existed in California since 1975. They are legally corporations, but offer several unique benefits. Read more on capobiancolaw.com The … Read more

What is legal existence? Certificate of Legal Existence (Good Standing. A Certificate of Legal Existence (called a Certificate of Good Standing in some states) verifies that a business entity is registered with our office and is up-to-date with the filing obligations of the Secretary of the State. Read more on business.ct.gov Legal existence alludes to … Read more

What is the best entity for a trucking company? Limited Liability Corporation Most small trucking companies and independent owner operators choose to register as an LLC, which stands for Limited Liability Corporation. An LLC is like a corporation that separates your business assets from your personal property but it is much easier to manage than … Read more

What’s the difference between Articles of Organization and articles of incorporation? Articles of Organization are generally used for LLC formation, while Articles of Incorporation are the type of documents that you need to form a C Corporation or S Corporation. But the general concept remains the same – you need to file these articles upfront … Read more

What is the difference between LLC and S Corp? Difference Between LLC and S Corp. While LLCs are often treated as pass-through entities, meaning the income of the LLC flows through to its members, S Corps are accounting entities, meaning the S Corp itself calculates income and deductions at the corporate level before income is … Read more

Which is better LP or LLC? A key advantage of forming a limited liability company is the limited personal liability it grants to every single one of its owners. This is in contrast to limited partnerships wherein only the limited partner has their personal liability shielded by the limited partnership business structure. Read more on … Read more