Starting  A Business

Are You Starting a New Business?

Below, we walk you through all the important steps you should take. Or choose a section to jump to it.

Starting A Business
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 a Coproration or LLC?  

What is the best recommendation for you and your business? Corporations and LLC’s both provide limited liability protection and tax benefits. But when is the best time for you to start one?
In the following 2 minute video, Scott explains the what to consider when forming a new Corporation or LLC.

Benefits of Corps and LLCs
When forming a Corporation or LLC, you can expect specific benefits. 

What can you expect to get when you form a corporation or LLC? Understanding the benefits of formation helps put you on the right track for greater business success. Do you know all the things you get when you form one?

In the following 2 minute video, Scott explains the benefits and opportunities, and how they work and why they are so important to you.

S-Corp vs. C-Corp

Understanding the differences between the two different ways a Corporation can be taxed is essential in deciding what is best for your company.

There are two different ways a Corporation can be taxed. (C) Corporations, are considered separate tax payers, and (S) Corporations are referred to as a pass thru. All Corporations when they are formed will default to the (C) classification. So if you want to be taxed as an (S) Corporation you must file form 2553 with the IRS. Either (C) or (S) taxation can be beneficial. However, what is right for you will depend upon your business.

In the following short video, Scott defines how a (C) Corporation is taxed vs. an (S) Corporation.

LLC Taxation
Limited Liability Companies (LLC) have a unique tax treatment within the tax code. This is because they are a hybrid between both Corporation and Partnership law.

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 it has. However, regardless of the number of owners an LLC can elect to be taxed as a (C) Corporation by filing form 8832 with the IRS, or form 2553 to be taxed as an (S) Corporation.

In the following 2 minute video, Scott shows you how LLC’s are taxed and what might be right for you.

Asset Protection 101

If you are looking to protect an asset, it is critical to understand the differences between a Corporation and a LLC.

The traditional approach to asset protection planning has been the same for about 100 years. Take an asset that you own, move it out of your name, and quit claim or transfer it into an entity; a Corporation or LLC. 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.”

In the following 2 minute video, Scott will explain the differences between the two entities types for protecting assets that are essential for you to consider.

What Happens After Formation?
So once you have formed your Corporation or LLC, what comes next? There are a lot of names for this topic; recordkeeping, formalities, minutes, resolutions, etc. They are all meant to describe one thing: the voice of the company.

In the next 2 minute video, Scott describes how compliance (the voice of your company) determines whether you are properly operating as a Corporation or LLC.

Need Some One-0n-One Help?

Save hours of research figuring out what your responsiblities are in running your company. Request a  no-obligation consultation with one of our associates and we’ll get you on the right track fast.