Let’s get to know your business better: Answer a few questions to determine which LLC package meets your needs.
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Once you submit your LLC’s information, we can take it from there. We’ll handle all the nitty-gritty details so you don’t have to.
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Learn about the most common business ownership structures below
Overview
A Limited Liability Company (LLC) is a business ownership structure that allows you to separate your business affairs from your personal matters.
Benefits
An LLC can shield your personal assets from being taken into pay business debts or claims against your business.
An LLC is less complicated than a corporation. There is no stock, no board of directors, and no mandatory annual meetings.
An LLC has easy pass-through taxation (like a sole proprietorship or partnership), where profits and losses are passed to the owners and taxed on personal income tax returns.
Disadvantages
An LLC can’t “go public” and sell shares or offer stock options.
Overview
A sole proprietorship is a one-owner business that isn’t registered as an LLC, a corporation, or any other type of legal entity.
Benefits
With the owner (sole proprietor) and the business seen as one tax entity, business profits are reported and taxed on the owner’s personal tax returns.
Disadvantages
Since the owner (sole proprietor) is personally liable for all business debts, they are at risk of losing personal assets, such as their house if the business is sued.
Overview
A partnership is a legal structure for a business with two or more owners.
Benefits
Partnerships are eligible for pass-through taxation, meaning profits can be passed through to each partner’s personal income tax returns.
Disadvantages
The main disadvantage of a partnership is each owner is personally liable for business debts. Plus, any partner can bind the partnership (and the other partners) to a business deal or contract.
Overview
A corporation is a structure that allows a business to operate as a separate entity from the owners and shareholders.
Benefits
The main advantage of a corporation is that shareholders are not legally held personally liable from the corporation’s liabilities and debts.
Disadvantages
Corporations are bound to formalities like issuing shares of stocks, appointing a board of directors, and having annual meetings.
Also, since corporations are separate legal entities from their owners, the company itself is taxed on any profits that can’t be deducted as business expenses (including money kept in the company and money paid out as dividends).
Overview
A Limited Liability Company (LLC) is a business ownership structure that allows you to separate your business affairs from your personal matters.
Benefits
An LLC can shield your personal assets from being taken into pay business debts or claims against your business.
An LLC is less complicated than a corporation. There is no stock, no board of directors, and no mandatory annual meetings.
An LLC has easy pass-through taxation (like a sole proprietorship or partnership), where profits and losses are passed to the owners and taxed on personal income tax returns.
Disadvantages
An LLC can’t “go public” and sell shares or offer stock options.
Overview
A sole proprietorship is a one-owner business that isn’t registered as an LLC, a corporation, or any other type of legal entity.
Benefits
With the owner (sole proprietor) and the business seen as one tax entity, business profits are reported and taxed on the owner’s personal tax returns.
Disadvantages
Since the owner (sole proprietor) is personally liable for all business debts, they are at risk of losing personal assets, such as their house if the business is sued.
Overview
A partnership is a legal structure for a business with two or more owners.
Benefits
Partnerships are eligible for pass-through taxation, meaning profits can be passed through to each partner’s personal income tax returns.
Disadvantages
The main disadvantage of a partnership is each owner is personally liable for business debts. Plus, any partner can bind the partnership (and the other partners) to a business deal or contract.
Overview
A corporation is a structure that allows a business to operate as a separate entity from the owners and shareholders.
Benefits
The main advantage of a corporation is that shareholders are not legally held personally liable from the corporation’s liabilities and debts.
Disadvantages
Corporations are bound to formalities like issuing shares of stocks, appointing a board of directors, and having annual meetings.
Also, since corporations are separate legal entities from their owners, the company itself is taxed on any profits that can’t be deducted as business expenses (including money kept in the company and money paid out as dividends).
