New business owners often ask, "How do I set up my business for tax purposes?" One of the choices you make when starting a business is the type of legal organization you select. This decision can affect how much you pay in taxes, the amount of bookkeeping and paperwork required, the personal liability you might be responsibility for, and your ability of borrow money.
When a business operates as a sole proprietorship or as a partnership, there are few legal and tax regulations that must be followed. However, if that business converts to a corporation, a number of things change and the owner(s) must adhere to these new expectations or run the risk of having the corporate form of organization legally disregarded.
To protect the small business you've worked so hard for, it's important that you go through the proper channels to obtain a federally registered trademark for your name.
The S-corporation is the most popular tax entity in the United States and the number of S-corps is increasing faster than any other type of entity. A for-profit, state-chartered corporation may elect S Corp status.
July 2014 marks the fifth year CorpNet.com has helped entrepreneurs start a business. To show their appreciation to the entrepreneurial community, CorpNet is launching a special offer all of July.
Many business owners think they are "too small" to incorporate. They wait until business picks up or they are ready to expand to tack on that legal structure. Here are some top reasons why you should consider incorporating now instead of waiting.
An S Corporation or S Corp is an eligible domestic corporation that has elected to be treated as an S Corporation for tax purposes. S Corporations avoid double taxation on corporate income.
Lots of business owners opt for the S Corp option because of the limited liability protection, the ability to raise money by selling shares, and to gain credibility.
Some business leaders are completely indifferent about whether they're making the world a better place. They only worry about the bottom line. But that's not you.
Shakespeare said that a rose by any other name would smell as sweet. However, some business names can be real stinkers. Therefore, if I may invoke a line from another famous production—Indiana Jones and the Last Crusade—choose wisely!