Why Choose Mr. Whyte?
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Are you thinking of starting a new business? We can help. We offer services similar to many of the online companies that help you incorporate and start your business. One crucial difference is that we will interact face to face, which will make it easier for us to provide you with feedback and guidance on choosing the entity that is best for you. Each entity type has its benefits & drawbacks, and you must be informed before making the final decision. Once your corporation is all set up and ready to go, our bookkeeping and payroll specialists are available to help you on all other accounting aspects that will get your business on the proper path to success.
Types of corporationsThere are many types of corporations, and many different structuring options within each type.
The three primary types are:
LLC – The incorporation process and operation of an LLC is simpler than other types of corporations. In this structure, the corporation is not taxed as an entity; instead, the taxes are levied against the individuals among whom the earnings are divided. However, the operating structure is limiting in some ways. For example, death or bankruptcy of a member will result in the dissolution of the corporation.
S-Corp – This type is a corporation that has qualified to operate under the S subsection of IRS code. It is similar to an LLC in that it has a pass-through tax structure, meaning taxes are levied against individuals rather than the corporation. It allows for members and shareholders, but is limited to a single class of stock. Additionally, members are required to be citizens of the United States.
C-Corp – This is the most complex, and most flexible option. It is taxed as an entity, and dividends paid to members are taxed as personal income. Therefore, a C-Corp can result in double taxation with certain business models. However, it can continue to exist and operate after the departure of a member. It also has the flexibility of allowing multiple classes of stocks, and there is no citizenship requirement associated with membership.
When incorporating your business or non-profit organization, many of the decisions that you make early in the process will have considerable impact on your financial structure and operations in the future. Let us help you make smart choices for a solid foundation to a successful future. Call us today!
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