Explore an array of services tailored to assist you in creating the perfect legal structure for your venture. Our offerings cater to a diverse range of business needs, ensuring you can find the right fit for your unique goals and aspirations. Take a closer look at our Business Formation selection and make an informed decision to set your business up for success.
LLC (Limited Liability Company)
Opt for an LLC to safeguard your personal assets, benefit from a versatile management structure, and enjoy pass-through taxation. This option is particularly well-suited for small businesses and budding startups, providing a balanced mix of protection and flexibility.
Corporation
Incorporate to boost credibility, access investment opportunities, and establish a structured organizational framework. Keep in mind that corporations face double taxation and require more formal governance procedures.
Nonprofit
Create a nonprofit organization to pursue philanthropic, educational, or social goals. By establishing a nonprofit, you can take advantage of tax-exempt status, contribute positively to your community, and make a meaningful impact in your chosen field.
DBA (Doing Business As)
Register a DBA if you prefer to operate your business under an alternate name. This option is well-suited for sole proprietors or existing businesses looking to adopt a new identity or expand into different areas, while maintaining their original legal structure.
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Exploring Business Types: Find Your Perfect Fit
Gain insights into the advantages and disadvantages of 5 distinct business types to identify the ideal choice for your unique requirements. Understanding the key differences between various legal structures is crucial in order to make an informed decision that aligns with your specific needs, goals, and preferences. Our comprehensive comparison below will help you navigate through the options and set your business on the path to success.
| Business type | Key features | Protections & taxation | Limitations to note |
|---|---|---|---|
| LLC | Optimal for maximum flexibility in management; no board of directors required. Allows unlimited owners (also known as "members"). | Personal assets protected from business liabilities. Single or double taxation choice for potential tax minimization. | Required ongoing filings and fees. LLCs cannot go public. Limited global recognition; potential taxation as a corporation abroad. |
| S Corporation | Suitable for smaller corporations. Limited to 100 shareholders. Only common stock available to owners. | Personal liability protection. Single taxation - shareholders pay taxes on profits received. | Ongoing compliance filings and fees. Reduced management flexibility; board of directors mandatory. Strict meeting and record-keeping rules. Shareholders must be U.S. citizens or residents. |
| C Corporation | Ideal for businesses planning to go public; shares issued to founders, employees, and investors. Unlimited shareholders allowed. Preferred stock option for owners. Globally recognized and investor-friendly. | Personal assets protected from business liabilities. Double taxation - business pays taxes at the corporate level, and shareholders pay on income received. | Ongoing compliance filings and fees. Reduced management flexibility; board of directors mandatory. Strict meeting and record-keeping rules. |
| Nonprofit | Best for organizations supporting a cause and seeking personal asset protection. No ownership allowed. Appeals to potential donors. Access to public and private grants. | Personal assets protected from business liabilities. Tax-exempt with 501(c)(3) IRS status. | Ongoing compliance filings and fees. Reduced management flexibility; board of directors mandatory. Strict meeting and record-keeping rules. Costly application and filing fees for 501(c)(3) tax-exempt status. |
| Sole proprietorship | Best for easy setup. No initial paperwork; may still require a DBA or business licenses. Limited to one owner. | No personal liability protection. Single taxation - pay taxes on profits through personal tax return. No separate tax return required. | No personal liability protection. |
Each business type has its unique characteristics, advantages, and drawbacks. To make the best decision, carefully consider your business’s specific needs, goals, and potential challenges. By selecting the most suitable legal structure, you can create a strong foundation for your venture and set it on the path toward growth and success.