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Get to know how forming and LLC and different corporations will be impactful for your liability and taxation as a business owner.

Limited Liability Company

The Limited Liability Company (LLC) is presently believed amongst the leading business structures within smaller companies, for numerous reasons. Mostly, it is not very pricey to form an LLC and is easier to manage if compared with other corporations.

C Corps and S Corps tends to offer limited liability protection to their owners. In the same way, LLCs also deliver limited liability protection to its owners. This suggests that all the business assets are not in the ownership of the owners but possess by the LLC, separately. So if a business has any liability, it is solely the liability of that business and has not anything to do or have any influence on the personal assets of individual owner.

LLC is not liable to federal income tax. LLC is qualified for ‘pass-through’ taxation, which infers that the company’s income taxes are just mirrored on each owner’s individual tax return, not at the scale of business.

S-Corporation

Seeing your small business begin to blossom and develop into a well-recognized company is like a dream come to true. But with the development of your company, the rate of tax also tends to rise.

Growing companies struggle with a lot of difficulties in the season of tax, and this is when you should start to form S Corporation. S corporation comes very handy for the small businesses in the season of tax. It also provide the business a good tax compensations while keeping your ownership flexible.

The corporate income tax is not to be paid by S-Corp. It is quite similar to the LLC, which signifies that all the profit or loss generated by S Corporation will only influence the personal income tax returns of the owners and shareholders, and only they will be liable to pay tax on that.

C-Corporation

A C Corporation is one of the several ways to legally distinguish a business for tax, regulatory and official reasons. A C Corp is solely a method to build ownership of a business, and contrasts with other popular business structures together with Limited Liability Companies (LLCs), S Corporations, Sole Proprietorships and others. A C Corporation, also recognized as a kind of business entity that is established and organized on a state level.

The liabilities of the business are separate from the liabilities of the directors, investors and shareholders because a C Corp is a separate legal entity. A C Corporation may like to circulate some of the profits of the company as bonuses, which are circulated to shareholders.

Non-Profit Corporation

The purpose of a nonprofit corporation is something distinct than generating a profit and it is different from LLC, S-Corp and C-Corp. A Non Profit functions to benefit the public by donating its revenue to them and do not distribute all the revenue to the shareholders.

The profit generated by a Non Profit is utilized within the organization to pay salaries of employees and other expenses.

Frequently Asked
Questions about LLCs

LLC is qualified for ‘pass-through’ taxation, which infers that the company’s income taxes are just mirrored on each owner’s individual tax return, not at the scale of business.

You will be referred as a member if you own any LLC. There can be several members in an LLC or it can only contain one member.

Yes, an individual can start an LLC on his own. LLCs also deliver limited liability protection to its owners. This suggests that all the business assets are not in the ownership of the owners but possess by the LLC, separately. So if a business has any liability, it is solely the liability of that business and has not anything to do or have any influence on the personal assets of individual owner.

The taxation process of LLCs can vary from situation to situation, it totally depends on whether an LLC is owned by a single person or have multiple owners. It will also depend whether you want to be taxed as a corporation or not.

An amendment is filed with your secretary of state if you find any need to make changes in your LLC.

LLC is qualified for ‘pass-through’ taxation, which infers that the company’s income taxes are just mirrored on each owner’s individual tax return, not at the scale of business.

Frequently Asked
Questions about S-Corporation

Growing companies struggle with a lot of difficulties in the season of tax, and this is when you should start to form S Corporation. S corporation comes very handy for the small businesses in the season of tax. It also provides the business a good tax compensation while keeping your ownership flexible.

No, the corporate income tax is not to be paid by S-Corp. It is quite similar to the LLC, which signifies that all the profit or loss generated by S Corporation will only influence the personal income tax returns of the owners and shareholders, and only they will be liable to pay tax on that.

The individual has to be classified as a “Resident Alien”, if wants to be a shareholder of an S-Corp. This grants the individual the legal authority to work and pay taxes in United States.

Before 2004, an S-Corp had the limit of 75 shareholders but this limit got increased to 100 for an S-Corp formed after 2004.

No, an S-Corp ownership interests are easy to transfer to other owners without causing significant tax consequences or terminating the corporate entity.

Frequently Asked
Questions about C-Corporation

A C Corporation is one of the several ways to legally distinguish a business for tax, regulatory and official reasons. A C Corp is solely a method to build ownership of a business, and contrasts with other popular business structures together with Limited Liability Companies (LLCs), S Corporations, Sole Proprietorships and others.

A C Corporation most often circulate some of the profits of the company as bonuses, which are circulated to shareholders.

The liabilities of the business are separate from the liabilities of the directors, investors and shareholders because a C Corp is a separate legal entity.

Yes, a C-Corp can preserve some of its profits and earnings as part of its operating capital, this can shelter some of the profits from taxation.

Although, it is quite apparent that most of the big businesses in U.S are structured as a C-Corp but a C-Corp can be formed by a single person as well, there is no restriction about it.

Frequently Asked
Questions about Non Profit

A Non Profit functions to benefit the public by donating its revenue to them and do not distribute all the revenue to the shareholders. The profit generated by a Non Profit is utilized within the organization to pay salaries of employees and other expenses.

It is extremely important to create reasonable budget for your nonprofit. Your budget period will be established by the board of directors, for that period some organizational goals will be set.

Yes, having a mission statement is always a good idea as it helps you showcase your nonprofits’ goals properly.

Having an advisory group is always a plus. It is a group of individuals that work separate from the board and help a nonprofit by bringing a skillset and giving beneficial advice. They can give some suggestions or recommendations to the board but are in authority.

In U.S there are mainly four nonprofits that are very common. One is public charity which thrives on the donations by others. Then there are social advocacy organizations, which set out to achieve particular goals without generating profits. Foundations are another type of a nonprofit, they work for the betterment of the community. Lastly, trade and professional organizations help people benefit from the activities of this type of non-profit.

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