Unlocking Your Business Potential
Is sole proprietor better than LLC? The main difference between a sole proprietorship and an LLC is that an LLC will protect your personal assets if your business is sued or suffers a loss. Most serious business owners choose to form an LLC vs. a sole proprietorship because an LLC legally separates the owner’s personal … Read more
Is it better to be a 1099 or LLC? The 1099 lists all the year’s income and the independent contractor pays taxes on it the same way any other sole proprietor does: using a Schedule C alongside self-employment taxes. An LLC can help more than one owner avoid the double taxation that sometimes comes with … Read more
Can you be a sole proprietor and an LLC? A limited liability company (LLC) cannot be a sole proprietor, but an individual can do business as an LLC. If you are a sole proprietor, you own and operate your own business, but it is not a corporation. A limited liability company is a business structure … Read more
Is sole proprietor same as individual? A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. Read more on www.sba.gov Although the phrases “sole proprietorship” and “individual” are sometimes … Read more
Should my farm be a LLC? As you likely know, a properly organized LLC provides protection against liability lawsuits. However, limited liability companies can be also used to efficiently transfer farm assets over a period of time. All business owners, including farmers, should strongly consider the use of an LLC. Read more on www.farmprogress.com The … Read more
How are sole proprietorships and corporations similar? A sole proprietorship is where the single owner operates the business. A partnership is similar, however, it is owned by two or more individuals. A corporation is a legal entity separate from the owners of the business. Read more on info.legalzoom.com Corporations and sole proprietorships are two of … Read more
Why is Nike a LLC? Business Pulse. Nike Inc. co-founder Phil Knight on Tuesday said he has formed a limited-liability company to hold 128.5 million shares of his powerful Class A shares of Nike stock. The LLC seems designed to continue the sportswear giant’s long-term direction. Read more on www.bizjournals.com One of the biggest and … Read more
Can you have an S corp with 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 … Read more
What are three key differences between a corporation and a partnership? The main difference between a partnership and a corporation is the separation between the owners and the business. Corporations are separate from their owners, but in partnerships, owners share the business’s risks and benefits. In a partnership, two or more individuals who wish to … Read more
Is a general stock corporation an S Corp? Upon formation, all for-profit stock Corporations are General Corporations and by default they are classified by the IRS as a C-Corporation for tax purposes. Some business owners may wish to remain a C-Corp, while others may want to become an S-corp. Read more on www.incnow.com Selecting the … Read more