Unlocking Your Business Potential
Should a holding company be an S Corp or LLC? An LLC is generally superior to a Corporation for a personal holding company. This is due to their relative simplicity, privacy and asset protection. A corporate tax election can be made if needed to obtain the benefits of an LLC and a Corporation. Read more … Read more
What should I enter for my business purpose? A business purpose describes the reason, or purpose, that a company was initially founded. It describes what makes a business unique, as well as what the business plans to do. Even if you live in a state in which a detailed business purpose statement is not required … Read more
Do I have to put LLC on my business card? You should always include “”LLC”” on all invoices, contracts, leases, legal records, tax returns, letterheads and other purposes. In most states, it is required to add “”LLC”” to your business name when forming your business, filing for an EIN or paying taxes. Read more on … Read more
An LLC can be an S-corp ? or even a C corporation ? depending on how the business owner chooses to be taxed. An LLC is a matter of state law, while an S-corp is a matter of federal tax law. In an LLC, members must pay self-employment taxes, which are Social Security and Medicare … Read more
How do I find out if a company is LLC in the US? Check with the State Business Department. The first way to check registration is by visiting the state’s website and looking for their registry of businesses. Note that the entity name check should always occur in the state where the business was incorporated, … Read more
There are several legal structures to pick from when creating a business, including sole proprietorships and limited liability companies (LLCs). While there are some similarities between these two solutions, they are not the same. An unincorporated firm run and owned by a single person is known as a sole proprietorship. Due to the fact that … Read more
Are nonprofits C or S corporations? No, a nonprofit organization is not a C corporation. As mentioned above, nonprofits operate under section 501(c) of the Internal Revenue Code and many of them operate under a tax exempt status. C Corporations pay taxes under Chapter C of the IRS tax code, which is where the name … Read more