Unlocking Your Business Potential
When should I switch to an S corp? When it comes to accounting, the easiest time to switch is January 1st. Forming your S Corp at the beginning of the tax year makes record keeping and tax preparation easier because you’ll need to track your S Corp finances separately from your sole proprietor finances. Read … Read more
Why you should choose an LLC for your business? An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets – like your vehicle, house, and savings accounts – won’t be at risk in case your LLC … Read more
What is the difference between an S corp and a partnership? A partnership includes at least two people who operate a company together. An S corporation is an LLC or corporation that made a taxation election, allowing the business owners to have profits and losses pass through the business to them. Neither business structure has … Read more
Why would a company change from an LLC to a corporation? “”If your company is exhibiting significant growth, converting from an LLC to a corporation will give you the flexibility to allocate some profits to qualify for a lower income-tax bracket,”” says Paul Sundin, a CPA and tax strategist for Emparion. Read more on www.legalzoom.com … Read more