Business structure

Can an S corp have no employees? An S corporation is a special form of corporation, named after the relevant section of the Internal Revenue Code. In principle, an S corporation can have no employees. However, in practice payments to its officers may be classified as wages, with tax implications. Read more on smallbusiness.chron.com S … Read more

What are the advantages of an LLC? Benefits of an LLC Limited liability. Members aren’t personally liable for actions of the company. Management flexibility. Easy startup and upkeep. Limited liability has limits. Self-employment tax. Consequences of member turnover. Read more on www.nerdwallet.com Limited Liability Companies (LLCs) are gaining popularity as a preferred company form among … Read more

What is an S corp vs LLC? While LLCs and S corporations two terms are often discussed side-by-side, they actually refer to different aspects of a business. An LLC is a type of business entity, while an S corporation is a tax classification. It lets the Internal Revenue Service (IRS) know that your business should … Read more

What are the pros and cons of a LLC? Pros and Cons of Limited Liability Corporations (LLC) The Pros The Cons Members are protected from some (or sometimes all) liability if the company runs into legal issues or debts. Unless you are running the LLC alone, the ownership of the business is spread across its … Read more

Can you have different businesses under one company? Yes, you can have multiple businesses under one LLC, but there are other options to consider depending on your business scenario. Whether you are expanding your business, restructuring, or perhaps taking on an entirely different segment or focus area, there are different ways to structure your LLC. … Read more

Which is better for taxes LLC or S-Corp? Find out whether your company should be an LLC or S corporation. LLC owners must pay self-employment taxes for all income. S-corp owners may pay less on this tax, provided they pay themselves a “”reasonable salary.”” LLCs can have an unlimited number of members, while S-corps are … Read more

How many managers should an LLC have? LLCs must have at least one person who manages the company, similar to what a board of directors does in a corporation. Read more on www.upcounsel.com Limited Liability Due to the flexibility they provide to business owners, companies or LLCs are a common type of business structure. How … Read more

What are advantages of LLC? An LLC’s simple and adaptable business structure is perfect for many small businesses. While both corporations and LLCs offer their owners limited personal liability, owners of an LLC can also take advantage of LLC tax benefits, management flexibility and minimal recordkeeping and reporting requirements. Read more on www.legalzoom.com One of … Read more

Should a record label be an LLC? Is an LLC good for a record label? Yes. An LLC will give you personal liability protection against potential business risks as well as give your record label more tax options and credibility. It is relatively inexpensive and simple to form and maintain an LLC. Read more on … Read more

Can an LLC have two presidents? Your company may legally be permitted to have co-presidents, although that is not clear in every state. For example, California law provides that a corporation “”shall”” have as officers, at a minimum, a secretary, a chief financial officer, and a chairperson of the board or “”a president”” or both. … Read more