Are you thinking of setting up a small business? Do you have any employees or are you looking to hire? Are you operating from home or are you looking to get an office space? Are in interested in a front store office or an executive suite office? These are some of the questions that our staffs and Business Consultants will go over with you in preparation for becoming a business owner. There are several entities to consider before setting up a company but there are, more specifically, two main types of Business Organizations:

1. Corporation where tax is accessed at the corporate level. This case is a separate entity from an individual therefore the company/corporation absorbs any losses or any gain, if any. These entities include:

a. Corporation (1120)

b. LLC’s Treated as Corporations (Sch. C)

c. Not for Profit entities (990)

2. Flow-Through Entities. This is simply the opposite of the first type. In this case, the entity DOES NOT have taxes at the corporate level rather the losses/gains are distributed (Flow-Through) the shareholders, who in turn carry them over to their personal taxes. These entities include:

a. Sole Proprietors (1040, Sch. C)

b. LLC (Limited Liability Company, Sch. C)

c. LLP (Limited Liability Partnership, Sch. C)

d. PLLP (Professional Limited Liability Partnership, Sch. C)

e. PLLC (Professional Limited Liability Company, Sch. C)

f. Partnerships (1065)

g. S-Corporation (1120S)

h. Trust (1041)

The success of anybusiness is to minimize overhead cost and minimize spending. Call us today for an appointment.