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How Business Owners Can Choose Between S Corporation vs. C Corporation vs. LLC
Madison, WI (PRWEB) October 15, 2008 — (www.bizfilings.com) – In an uncertain economy, having a legal structure for your business that provides limited liability protection is more important than ever. However, choosing between the most common business structures seems daunting to many business owners.
Karen Kobelski, general manager for incorporation services leader BizFilings.com, said business owners often put off the important task of incorporating their business because they're uncertain whether to choose a corporation or limited liability company (LLC). Given uncertainty in the economy, she said it has become more important than ever for business owners to obtain the benefits of limited liability protection – so that negative factors experienced in business don't negatively affect a lifetime of retirement savings.
|Ultimately, the only mistake is not using a legal structure that provides limited liability protection at all.|
To choose the right legal structure for a business, Kobelski offers these five tips:
View a Side-by-Side Comparison
Limited Liability companies (LLCs), S corporations and C corporations are the most common legal structures small business owners consider, but it's helpful to know the basics about all structures. The first step in choosing the right legal structure is knowing important differences that can influence your choice. One of the best tools for comparing entities at a high level is a good side-by-side business entity comparison chart. Learning how different legal structures are managed, taxed, and organized can helps identify the entity types to consider.
Attend a Webinar
A good webinar on choosing a business structure describes the benefits of each legal structure you're considering. It talks about advantages, disadvantages, taxation, and day-to-day operations. In a few minutes, you'll gain insights that will lead you closer to choosing the right legal structure for your business.
There are a few automated tools that aid in selecting a legal structure. Among these is the Formation assistant from BizFilings. Tools like the assistant ask you questions about how you envision the organization, day-to-day activities, and future of your business and then provide an outline of how certain business structures may meet your criteria.
Talk to an Accountant
After you know the basics about each structure you're considering, talk to your accountant. Based on your plans for running, growing, and operating the business, your accountant may identify the best structure for your business from a tax perspective.
Talk to an Attorney
It's best to talk to an attorney after you already know the basics about legal structures, have consulted your accountant, and have narrowed down the options. This way, you're paying to be advised — rather than educated. Ask their opinion on legal structure for your business based on your company's ownership, liability, day-to-day operations, and also future goals.
It's commonplace for accountants and CPAs to have different recommendations from an attorney, according to Kobelski. In these instances, she said the business owner needs to determine the most compelling reasons and select the legal structure that they believe is warranted.
"Since most businesses can thrive equally well as a C corporation, S corporation, or LLC and retain the benefits of limited liability protection, there's no indisputably right or wrong answer — just tradeoffs," said Kobelski. "Ultimately, the only mistake is not using a legal structure that provides limited liability protection at all."
To learn more about the advantages of each type of structure, business owners can visit business incorporation services leader BizFilings today. By offering a side-by-side comparison table, a free webinar on 'choosing a business structure,' a "formation assistant" that walks you through important considerations, and a free Guide to Forming Your Business, it's a great place to gather valuable information.
BizFilings (www.bizfilings.com) is the Internet leader in providing incorporation and related services to business owners. Bizfilings professionally forms corporations, limited liability companies (LLCs), and nonprofits faster than anyone else. Its rush service makes it possible to file a corporation or LLC in as little as 24 hours.
BizFilings is a part of Wolters Kluwer, a leading multinational publisher and information services company. Wolters Kluwer has annual revenues (2007) of €3.4 billion, maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide.
A partnership agreement is a relationship between individuals or organizations. Parties involved should be in close cooperation and share responsibilities. A partnership agreement isn't necessarily a legal contractual relationship but a relationship where you come in union to accomplish common goals and purposes that will benefit both parties.
By Nick Fagan
A partnership agreement is a relationship between individuals or organizations. Parties involved should be in close cooperation and share responsibilities. A partnership agreement isn't necessarily a legal contractual relationship but a relationship where you come in union to accomplish common goals and purposes that will benefit both parties. A partnership agreement is basically one where you both try striving to meet success.
These partnerships could include federal/state/local government, educational institutions, trade associations, or other organizations. A partnership is defined as a "working relationship" which means mutual participation and joint interest.
Partnership agreements are a good way to achieve goals that would otherwise be to far out of your reach. When people and/or organizations come together you can share responsibility and therefore focus harder on things you feel need the most attention. Partnerships can be effective ways to re-stabilize unorganized businesses, expand, go global, go national, increase customer base, increase sales through referrals, provide even more services your customers may desire, and much more.
Often times partnerships are used when resources are limited, partnerships are a way of maximizing your resources to achieve goals and strengthen existing relationships through consumer protection, etc.
Also, companies in need of skilled, talented workers will often times partner with a company/organization that has the talented, skilled, experienced employees you need to train workers and keep your business on the right track.
The requirements to file and sign a partnership agreement form usually are:
– You both must be at least 18 years old.
– Both partners must be present when filing the partnership agreement
– A legal picture I.D. card is required from each partner.
– If you had a previous partnership you must file a notice for ending the partnership with the County Clerk or Notary Public before you can file a new partnership agreement.
– Usually there’s a filing fee of 10-50 dollars often times and they usually accept all forms of payment.
This article was brought to you by Legal Forms Bank .Biz where you can download your state's Partnership Agreement Form.
A few things the state, your accountant and your attorney forgot to tell you. Things you need to know about filing your LLC or S-Corp.
Don't File Your LLC or S-Corp Without Reading This
By Nick Nanton
How Choosing the Wrong Business Name Could be the MOST Expensive Decision of Your Career
Ok, so you've decided to start a business, either by yourself, with a couple of friends, or maybe even with a couple of colleagues from your last "corporate gig." You sit down at your first impromptu "business meeting" over a case of cold coke (insert other favorite beverage here) and you start your checklist:
1. Million Dollar Idea: Check
2. Office Space (or an extra room/basement in your house): Check
3. Business Plan: Check
4. Business Name: …
… a blank stare stretches across everyone’s face and thus your business has hit its first of many roadblocks on the road to becoming “The Next Fortune 100 Company.” So, you do what every other start-up business does, you start listing words that describe what you do, try to combine them to create something new, brainstorm them and email back and forth over several days, nag every person you come into contact with to get their opinion, and FINALLY someone comes up with a name that everyone loves (or more likely at least everyone can live with it) and “The Business” is born.
Now here’s where there is a hidden step that no one probably told you about. Let me explain.
For the purpose of this illustration, let’s suppose that you pick the name “XYZBiz” While you’re positive that millions of dollars of venture capital, private jets and an office on the 152nd floor of the coolest building downtown are just inches away, there are a couple of things that you may not be aware of… Important things like — Is there another business called XYZBiz anywhere on earth? Before you file your corporate paperwork, start printing up brochures, buy XYZBiz.com and build your website, this is a serious question that has to be answered.
“Why does it matter?” you may ask. Well, there is a large body of law in the United States, as well as in almost every other nation in the world that prevents competitors from using the same name. So, if there is another XYZBiz operating anywhere in the good old U.S. of A. (we’ll leave the rest of the world out of this for now) and if you were to start offering your products and services in the same geographical area (which is a real problem to figure out now that the internet has erased many geographical boundaries), then the other XYZ Biz “impostors” (who are undoubtedly not nearly as good as you) could have a Trademark Infringement Claim against you. And if they were to pursue it, it could be very costly. Because remember, if you are served with a lawsuit, you are REQUIRED to respond to it no matter how ridiculous it may sound. And, as you might have guessed, at this point you will need to hire a lawyer to handle this situation, and I can tell you that this call is much more expensive than the one I’m about to tell you about.
The truth is that this is a very common issue that sometimes goes unnoticed, but often ends up in a costly visit to the courtroom. So, you have two choices, you can wing it or you can opt for the safer route: do a little homework for yourself and then call an attorney who specializes in trademarks. Now, I know that the mere mention of the word “attorney” conjures up many feelings in all of us, but I can assure you there are some very helpful attorneys out there… I can think of at least one right now! And the trademark process is really not that expensive. Certainly it’s not nearly as expensive as defending yourself against a multi-million dollar corporation or even worse a “sinking ship” company that is just looking for a way to scrape some money out of anyone they can.
Trust me…or you can learn the hard way for yourself.
To get more information on trademarks, go to http://www.thetmlawyers.com JW Dicks & Nick Nanton, founders of The TM Lawyers are experienced lawyers who have spent a great amount of time working in the intellectual property and licensing fields. The TM Lawyers is a division of Dicks & Nanton P.A. a boutique law firm that specializes in Building Businesses & Brands. © 2007 The TM Lawyers