Corporation, LLC & Limited Partnership Formation

Corporation, LLC, or Limited Partnership Formation

Preferred tax benefits, asset and liability protection, and the opportunity for unlimited business growth. These are just a few of reasons to form a business entity. We form business entities in all 50 states, and even around the world. Our one price service includes everything to form your company including; name searches, all state filing fees, record book, articles, ownership certificates, and personal assistance with getting all the initial documents completed. Don’t be fooled by lower prices elsewhere! No one does more, and cares more about your success than Burnett & Associates, Inc.

Additional Education and Information

Forming an Entity for Your Business

Whether you have been a sole proprietor for a while, or you are starting a new business venture out of your existing business, it is always a good idea to consider a Corporation or LLC. But which one is best? What is the best recommendation for your circumstances? Both Corporations and LLC’s provide limited liability protection. But there can be a big difference between the two when it comes to taxation.

Forming an Entity for Asset Protection

The traditional approach to asset protection planning has been the same for about 100 years. Take an asset that you own, and move it out of your name, and quit claim or transfer it into an entity; Corporation, LLC or Limited Partnership. Therefore, if you are no longer the owner of the asset, no one can sue you and take it away from you. “Own nothing, but control everything.”

The Basics of Corporate Taxation

There are two types of Corporations for tax purposes. (C) Corporations, which are considered separate tax payers, and (S) Corporations which are referred to as a pass thru. All Corporations when they are formed default to the (C) classification. So if you want to be taxed as an (S) Corporation you must file a 2553 form with the IRS. Each option can be beneficial. However, the choice will depend upon the type of business.

The Basics of LLC Taxation

Limited Liability Companies have a unique tax treatment within the code. This is because they were created as a hybrid between Corporation and Partnership rules. As a result, they have many cross over benefits. An LLC will default for tax purposes to either a sole proprietor or partnership, based upon the number of owners. However, regardless of the number of owners an LLC can elect to be taxed as a Corporation by filing form 8832 with the IRS.

Everything You Need to Know About DBA’s

When a business owner wants to start a new business activity, but they don’t want to form a new business or company, they may want to start a DBA. A “Doing Business As” or DBA is an application that is filed in the county where the owners existing business is located. It represents that the new activity is going to be done under the umbrella of the older company. But when is the right time for a DBA?

3 Benefits of Forming a Corporation or LLC

When you form a Corporation or LLC nothing about what you do for a living will change. But everything about how you do that business will! Forming a Corporation or LLC will provide you with asset protection and reduced taxation. But the most important thing that it will bring to the table is credibility. Image is everything in business. Customers see reliability behind the INC or LLC.