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Frequently Asked Question
WHAT IS LLC?
A Limited Liability Company (LLC) is a pliant business structure that combines the liability protection of a corporation with the tax benefits of a partnership. In an LLC, the owners who are members are not personally liable for any business debts, making it an attractive choice for startups and small businesses.
HOW DO I FORM AN LLC?
These are the steps to form an LLC: choose a business name, file an article of organization with your state, appoint a registered agent, and create an operating agreement. After filing, you can obtain the necessary licenses and file an EIN with the IRS.
WHAT IS A REGISTERED AGENT?
A registered agent is a person or service responsible for receiving legal documents on behalf of the business. A registered agent ensures that official correspondence, such as lawsuit notices, summons are properly handled and forwarded to the company.
WHAT IS THE DIFFERENCE BETWEEN S-CORP AND C-CORP?
S-Corp is a tax status election, not an entity structure. It permits business owners to pay self-employment tax like social security and Medicare on their salary income but not on the remaining earnings distributed to them as a portion of their firm.
C-Corp is a formal business structure in which you pay corporate taxes separately. Also, the shareholders are taxed on dividends.