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Possible Business Structures
When To Use an S Corporation:
a. When the owners live
in a state with no personal state income tax.
b. When one or two individuals
own the company (can be as many as 100).
c. When you have sales less than $250,000.
When To Use a C Corporation:
a. When the owners live
outside the country.
b. When the owners live in a state
with a state income tax.
c. When several individuals are
involved in the ownership.
d. When other entities are involved in the ownership.
e. When you have sales greater than $60,000.
When To Use a Limited Liability
Company - LLC
a. When you have any partnership.
b. When you own real estate for investment
purposes.
c. When you have several entities that
own the business.
d. When you are looking for complete protection of the owners' personal liability.
Read more about what type of company to use in our Small Business Blog
Start your own business » Incorporation
Advice, marketing and strategies for small business owners.
- Do you recommend doing foreign filing or incorporate new company in each state?
Here is the question I got regarding situation when company starts doing business in multiple states.
I had a client call who wants to know which is better to do a foreign qualification of his NV corp into New York or just to incorporate all over again in New York, and have one pay the other. [...]
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- Michigan Conversion
Michigan Statutes do not recognize conversions of corporations to LLC’s or vice versa. The closest thing you can do to change from on format to another is to file a new company and then merge the old company into the new company.
Also, Michigan statutes do not recognize a name consent. You cannot under [...]
- California registered agents must have a real street address!
No more PO BOXES.
Here are the details from the new law.
• All domestic (California) stock and nonprofit corporations and all foreign (out of state or country) corporations must provide a street address when designating an individual as agent for service of process. A post office box address no longer is acceptable.
• All domestic (California) [...]
- Filing California sales and use tax return
When you do business in California you are required to file State, local, and district sales and use tax return. It is actually a form (couple of pages) you will receive in mail before your return is due.
Here is the place where you can file it online without any registration. (California Board of Equalization site)
- Please explain all the functions in corporations (CEO, President, etc.)
Shareholders - owners of corporation. Shareholders elect directors.
Directors(board of directors) meet from time to time and make strategic decissions. They do not do day to day tasks. Directors elect officers of company.
Officers (President, Treasurer, Secretary) or different titles can be used like CEO, CFO are top management people responsible for day to day operations.
- Inccontact improvements
As most of our clients already know, we have a great database that reminds them when their Nevada filings are due. Or if, whatever reason, they don’t see the automatic emails, they can login and check when things are due.
As I was saying, this was primarily for Nevada. But, we have now updated [...]
- Wyoming Proposed Legislation
The State of Wyoming is about to introduce one of the more interesting bills. The Secretary of State has proposed HB 25 as a solution to Federal concerns regarding the use of business entities. The bill would, if passed, require the registered agent for service of process to maintain a list of Officers and Directors [...]
- Save time and money doing company minutes for multiple companies
If you own multiple corporations you know what a hassle it is to do the regular meetings of shareholders and directors. Even if you are the only person holding all functions (shareholder, director, president, treasurer and secretary) you still have to do company meetings. Every year you must hold annual shareholder meeting and annual directors [...]
- No More Bearer Shares in Nevada
Nevada has been known to be the only state that allowed bearer shares. In reality, it was an issue that had never been addressed in the Nevada Revised Statutes regarding corporations, until now.
In the last meeting of the Nevada Legislature, NRS 78.235 Section 5 has been amended to read:
A corporation has no power to issue [...]
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Please read our frequently asked questions and answers about LLCs and corporations.
What
is the difference between INC and LLC?
What
is the difference between a "C" and an "S" corporation?
Are
there any drawbacks to being an "S" corporation?
What
is the difference between an "S" corporation and a Limited Liability Company?
Why incorporate as Close Corporation?
Incorporate fast & easy in Nevada,
Florida,
Texas, Arizona,
Illionois
or in any other State.
New: Preparing company minutes (shareholder, director, member meetings, bylaws, operating agreement) $20-$25.
Other companies are charging $100-$250 for the same service!
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not serve as a substitute for legal advice from an attorney familiar with
the facts and circumstances of your specific situation.
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