Business Law

Can You Have Limited Liability?

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Can you have limited liability? Limited liability in general means that the liability of a business owner is limited to the amount that the owner has invested in the company. Corporations are considered separate entities from their owners and shareholders, so their liability is separate. Read more on www.thebalancesmb.com The legal notion of limited liability … Read more

Is a Certificate of Existence Required in Connecticut?

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Is a certificate of existence required in Connecticut? Attorney General William Tong and Secretary of the State Denise Merrill said in a statement Tuesday that the mailing from a company that calls itself CT Certificate Service suggests that Connecticut businesses must pay it a fee of $112.50 to obtain copies of a “”””Connecticut Certificate of … Read more

Can an LLC Owner be on Payroll? Explained

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Can an LLC owner be on payroll? Generally, an LLC’s owners cannot be considered employees of their company nor can they receive compensation in the form of wages and salaries. * Instead, a single-member LLC’s owner is treated as a sole proprietor for tax purposes, and owners of a multi-member LLC are treated as partners … Read more

Incorporating in Illinois: Cost and Tax Implications

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How much does it cost to incorporate in Illinois? File Illinois Articles of Incorporation. $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state. Read more on … Read more

Can an LLC be a nonprofit in Virginia?

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In most states, an LLC cannot be a nonprofit. Since many nonprofit agencies apply to the IRS for tax exemption purposes, known as 501(c)(3) status, a nonprofit LLC registered as a corporation may complicate that application. Read more on smallbusiness.chron.com Limited liability companies (LLCs) may be established as nonprofit organizations in Virginia. It is crucial … Read more

Is there a Federal Fee for LLC?

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Is there a federal fee for LLC? Every LLC that is doing business or organized in California must pay an annual tax of $800. This yearly tax will be due, even if you are not conducting business, until you cancel your LLC. Read more on www.ftb.ca.gov In the US, limited liability companies, or LLCs, are … Read more

Understanding PA S Corporations: All You Need to Know

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What is a PA S corporation? A PA S corp is any domestic or foreign corporation that is operating in the state of Pennsylvania and doing business. The only exceptions are businesses that have completed the Election Not to be Taxed as a Pennsylvania S Corporation form, which is REV-976. Read more on www.upcounsel.com A … Read more

Do I Need to Register as a Foreign LLC in Virginia?

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Do I need to register as a foreign LLC in Virginia? According to Virginia’s LLC Act, you are required to register your foreign company with the state of Virginia if you are “”transacting business”” in Virginia. However, state laws governing when foreign companies must collect state sales tax in their state provide some guidance on … Read more

What Happens to Business Contracts When Name Changes?

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What happens to business contracts when name changes? If the actual name of the company changes, then your contracts will remain valid. This is especially try if the company is using a business identification number. In many countries, they can change their name easily, because all companies use a business number. Read more on www.quora.com … Read more