The business entity — LLC, LLP, Sole Proprietorship, Partnership, Corporation, etc.— that you select for your business has enormous financial and tax implications. You must make the right decision. Our Team of professionals will explain each choice and its advantages and disadvantages. Below are some of the Advantages & Disadvantages for the most common entities:
Sole Proprietorship
Sole proprietors can begin working for themselves without filing any official forms or registering their business with the state. It is the easiest business entity to form, operate, and maintain. The owner is in full control over the business and reports the business income and loss on his or her personal income tax return.
Partnership
A partnership consists of two or more individuals who wish to conduct business together. The partnership agreement governs the relationship between the partners. There are several different types of partnerships: general partnership, limited partnership, limited liability partnership, and limited liability limited partnership.
Limited Liability Company (LLC) Taxed as a Partnership
Small businesses deserve better results from bookkeeping and accounting functions. Outsourcing your accounting to us means you get all the benefits of a full-time on-staff bookkeeper, accountant — at a small fraction of the cost and without the hassle of recruiting, hiring, and managing.
C Corporation
In general, the main benefit of incorporating is to avoid personal liability for company debts. Corporations are subject to double taxation. The income from the business is reported and taxed on a corporate tax return. The dividends paid to shareholders are considered income and must be reported on the shareholders’ personal income tax returns.
S Corporation
S Corporations combine the tax benefits of proprietorships and LLCs with the liability protection of C Corps.
We are extremely proud of the pioneering services we provide. Our team of professionals will help to change your business forever.Robert Chambers, CEO
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