Business Entities

Can you have an LLC and nonprofit with the same name? Yes, but the nonprofit has to be careful how the LLC is set up. If it is the sole owner of the LLC, then the LLC would be disregarded for tax purposes, and the nonprofit is the actual taxpayer. Read more on www.quora.com It’s … Read more

What comes first EIN or DBA? You must have an EIN to get a bank account under your business name. If your state requires you to register a DBA name, you also must show proof of registration when opening an account under the name. Read more on smallbusiness.chron.com There are several factors to take into … Read more

What is the difference between a PC and a pllc? The difference between a PC and a PLLC is ultimately the same as the difference between a regular corporation and a regular LLC. One major difference is how these entities are taxed. With a PLLC, you can choose to be taxed like a C corp … Read more

Is sole proprietor same as single-member LLC? A sole proprietorship vs. single-member LLC refers to the difference between those two corporate structures. The main distinction between the two is that a sole proprietorship and the owners are one and the same, while a single-member LLC provides a divide between the two in both legal and … Read more

Is it better to be a single-member LLC or multi-member LLC? A single-member LLC is easier for tax purposes because no federal tax return is required, unless the business decides to be treated as a corporation for tax purposes. The income is reported on the member’s tax return. A multiple member LLC must file tax … Read more

Is LLC best for consulting? Many consultants prefer to operate an LLC than be a sole proprietor or a corporation owner because these entities combine many of the advantages of the other two entities. If you run a small operation and want to protect your assets, this is likely the best legal structure for your … Read more

Is an LLC better than a nonprofit? An LLC can choose to reinvest its profits into the business or to distribute some or all of its profits to the owners. This is one of the advantages of LLC ownership: when the LLC does well, you stand to profit. In contrast, nonprofit organizations cannot distribute profits … Read more

What is a fictitious entity? A fictitious name is any assumed name, style or designation other than the proper name of the entity using such name. Therefore, any time that the name does not readily identify the owner(s) of the business, it should be registered as a fictitious name. Read more on www.dos.pa.gov Businesses that … Read more

What is an LLC nonprofit? A nonprofit is an organization that operates under IRS recognition as a “”tax-exempt organization.”” An LLC refers to a limited liability company, a business organization entity that is not eligible to get the IRS exempt status. Read more on smallbusiness.chron.com A particular kind of corporate entity that does business as … Read more

What are the benefits of opening an LLC? Some of the benefits of an LLC include personal liability protection, tax flexibility, their easy startup process, less compliance paperwork, management flexibility, distribution flexibility, few ownership restrictions, charging orders, and the credibility they can give a business. Learn more here: LLC Benefits guide. Read more on howtostartanllc.com … Read more