When forming a Corporation or LLC, you can expect specific benefits
Below, we walk you through the different types of entities and how they could benefit you.
To Incorporate or Not to Incorporate? Should you incorporate your new or existing business?
All corporations begin as a C Corporation. The C Corporation pays a separate tax on its income. When you take money from your C Corporation profits, the money is taxed again as a dividend. However, as a C Corporation owner, you can partake in a wide variety of employee benefits.
The following video is designed to help you understand, decide and proceed if a Corporation is right for you.
LLCs
If you have been a sole proprietor for a while, or you are just starting a new business venture, you might be wondering; When is it a good time to consider an LLC?
Is an LLC the right choice for you? A Limited Liability Company is a legal entity separate from its owners, and organized under the business law statutes of each state. Similar to a Corporation, the LLC offers limited liability to its members, which includes personal asset protection.
In the following 2 minute video, Scott explains the benefits and opportunities, and how they work and why they are so important to you.
A professional corporation, or PC, is a variation of a corporation for licensed professionals who want to incorporate their practice.
Which professionals require a PC vary by state, but often Accountants, Attorneys, Engineers, Medical Doctors and Veterinarians require a professional corporation.
In the following short video, Scott defines a professional corporation with the advantages and disadvantages.
Professional LLC
Professional Limited Liability Companies (PLLC) generally must comply with the rules of the state licensing board for your profession.
The types of licensed professionals that must form a PLLC rather than an LLC are set by each state, and not all states offer the option of a PLLC, in which case the choice would be a Professional Corporation.
In the following short video, Scott defines a professional LLC with the advantages and disadvantages.
A Non-Profit is a special type of corporation that has been organized to meet specific tax-exempt purposes.
Examples of Nonprofits include: religious organizations, charitable organizations, political organizations, credit unions and membership clubs
In the following 2 minute video, Scott will discuss the benefits and responsibilites of forming a nonprofit corporation.
LP
A Limited Partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the Limited Partnership, and a limited partner, who has limited liability but cannot participate in management.
Limited Partnerships offer significant asset protection opportunities. Limited partnerships provide such asset protection because of the way the laws that govern partnerships treat partners and partnership assets.
In the next 2 minute video, Scott will explain what asset protection is provided by a limited partnership.
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