Unlocking Your Business Potential
What is the difference between a LLC and a DBA? A limited liability company (LLC) is a business entity type that provides limited liability protection. A DBA (doing business as) name is simply a registered name for a business. DBAs can be used by sole proprietorships, partnerships, LLCs, and corporations. Read more on howtostartanllc.com There … Read more
Is it better to be an S corp or C corp? S corporation advantages. Single layer of taxation: The main advantage of the S corp over the C corp is that an S corp does not pay a corporate-level income tax. So any distribution of income to the shareholders is only taxed at the individual … Read more
Can an S corporation have one owner? An S corporation is a pass-through entity-income and losses pass through the corporation to the owners’ personal tax returns. Many small business owners use S corporations. In fact, 70% of all S corporations are owned by just one person, so the owner has complete discretion to decide on … Read more
Can I sell products as a sole proprietor? Because a sole proprietorship only consists of one person and does not have its own separate identity, you cannot simply sell or transfer the business itself as you can when you dissolve a limited liability company (LLC). However, because you personally own its assets, you can sell … Read more
Is it better to be self employed or S corp? While an S-corporation may save you in self-employment taxes, it may cost you more than it saves. As with larger corporations, an S-corporation has both start-up and ongoing legal and accounting costs. In some states, S-corporations must also pay additional fees and taxes. This tax … Read more
Should my fitness business be an LLC? Yes. An LLC will give you personal liability protection against potential business risks as well as give your personal training business more tax options and credibility. It is relatively inexpensive and simple to form and maintain an LLC. Read more on howtostartanllc.com Starting a fitness business can be … Read more
What is a disadvantage of partnerships over sole proprietorships? A partnership has several disadvantages over a sole proprietorship. 1) Shared decision making can result in disagreements. 2) Profits must be shared. 3) Each partner is personally liable not only for his or her own actions but also for those of all partner- a principle called … Read more