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The corporation is a separate and distinct legal entity apart from the
owners of the business. A corporation can own property, enter into contracts,
and conduct business under its own name.
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A Corporation is a
separate legal entity with its own identity separate and apart from its
shareholders (owners). As a separate legal entity, a corporation is responsible
for its own debts. Normally, shareholders, directors, and officers are
not responsible for corporate liabilities. If the corporation suffers
losses, the corporation itself must bear those losses to the extent of
its own resources, and not the personal assets of the individual shareholders.
Thus, the corporation protects the owner of a business against personal
liability.
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Other
advantages include:
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Sale of stock for the purposes of raising capital is often more attractive
to investors than other forms of equity.
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A corporation can continue to exist after the death of its founders
Stock may be transferred so that owners can distribute their interest
in the corporation without the corporation dissolving.
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Corporations have many tax options available, including setting up
pension, profit sharing, and stock option plans.
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While you may
consult with an attorney to form your corporation, it is not necessary.
We will do all the work necessary to form your new corporation.
Simply fill out our online order form, or call 1-800-600-2841 and speak
to a representative and leave the rest to us and save money on attorney’s
fees.
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The owner can chose any name for your corporation that you prefer, however,
the name must not be the name of an existing corporation, i.e., the name
must be distinguishable. As part of our service, we will perform the preliminary
name check for you.
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Additionally, "Inc", "Co", "Incorporati
on", "Corporation", "Company", "Limited",
or "LTD" must follow the corporate name.
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An S corporation is
the election of a special tax designation which must be applied for and
granted by the IRS to corporations that have already been formed. This
election, in general allows for the income of the S corporation to be
taxed to the shareholder of the corporation as opposed to the corporation
per se. Our online order form allows you to choose this option.
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The
primary advantage of an S corporation is the avoidance of double taxation.
That is, the avoidance of payment of income tax on corporate net income,
and then the payment of a further tax on the dividend income that is
derived from the corporation.
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Thus,
an S corporation allows certain income, deductions, and losses to be
passed through the S corporation to the individual tax return of each
shareholder.
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The
corporate kit includes a professional customized binder with your corporate
name and a matching slip case, custom corporate seal, 20 custom stock
certificates with your corporate name, stock transfer ledger, sample
minutes of organizational meetings and sample bylaws. In most states,
the corporate seal is frequently required to open a corporate bank
account.
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IncorporateTime.com
will file and execute all the necessary paper work and documentation
to file your corporation. Simply utilize our
online
order form
or call
1-800-600-2841 to place your order over the phone.
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An
LLC or a Limited Liability Company is a separate legal entity (business
structure) from the owners of the LLC. An owner of an LLC is frequently
referred to as member.
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An
LLC is frequently referred to as a hybrid of a corporation and a partnership.
The members of a limited liability company are shielded from personal
liability and profits and losses may pass directly to the members without
taxation of the LLC itself.
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As
mentioned above, an LLC offers primarily two benefits. First and foremost,
an LLC provides the members protection from personal liability. Additionally,
an LLC provides certain tax benefits. That is, an LLC allows for pass
through taxation.
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An
LLC is similar to a corporation because it has a) limited liability;
b) free transferability c) continuity; d) centralized management.
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The
taxation of a limited liability company is comparable to an S corporation.
However, unlike an S corporation an LLC can have an unlimited number
of shareholders or "members" as they are known in an LLC. Additionally,
there are no restrictions on who is a shareholder as there may be with
an S corporation.
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Thus,
an LLC is similar to a corporation because it allows for protection from
personal liability and simultaneously it is similar to a partnership
because it allows for pass through taxation. Therefore, an LLC is commonly
referred to as "hybrid corporation/partnership".
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The
company may be directed by the members, or members may designate a manager.
If management is by the members then each member is a manager of the
company.
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The
owner can chose any name for your LLC that you prefer, however, the name
must not be the name of an existing LLC, i.e., the name must be distinguishable.
As part of our service, we will perform the preliminary name check for
you.
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The
LLC kit includes a professional customized binder with your LLC name
and a matching slip case, custom LLC seal, 20 custom membership certificates
with your LLC's name, sample operating agreement and transfer ledger.
In several states, the seal is necessary to open a bank account under
the LLC.
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Most
states require a registered agent. A registered agent is responsible
for receiving any legal documentation on behalf of the corporation.
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Quite
frequently, YOU can act as your own registered agent as long as your
address is within the state that you are incorporating in.
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There
are other services that will charge you a service fee for not choosing
them as a registered agent.
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Not
us!!
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As
a matter of fact, we encourage you to act as your own agent and, of course,
there is no charge.
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However,
if registered agent services are required, we are able to assist in any
state (as we frequently do in Nevada and Delaware for out of state residents).
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Simply
call 1-800-600-2841 to inquire.
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IncorporateTime.com
will file and execute all the necessary paper work and documentation
to file your LLC. Simply utilize our
online
order form
or
call 1-800-600-2841 to place your order over the phone.
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Below
is a comparison of C Corporations and S Corporations:
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C
Corporation:
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S
Corporation:
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Potential double taxation at the corporate level
and the shareholder level. That is, the corporation is first subject
to tax at the corporate level, and then any profits (or dividends)
the corporation distributes to the shareholders are subject to tax
as well.
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S
Election avoids double taxation as it is treated as a pass-through
entity. That is, in an S corporation the profit or losses pass
through the entity directly to the ownership (shareholders) level.
In sum, the S Corporation avoids double taxation as it is only
taxed once, i.e., at the shareholder level.
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- Unlimited number of shareholders.
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- Limited Number of Shareholders: 75
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- Shareholder can be a foreign citizen.
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Both a Corporation and an S Corporation are separate legal entities
that offer the same liability protection
for their owners.
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In essence, an S Corporation is a C Corporation that elects the sub
s election tax status. As explained above, the S election avoids double
taxation that is common to C Corporations. We can file your entity
as an S corporation, simply check the S election option at the end
on our incorporation order form at: https://www.incorporatetime.com/OrderINC.htm
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Below
is a comparison of S Corporations & LLC's:
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S
Corporation:
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Separate legal entity that offers liability protection for it's stockholders,
i.e., shareholders of an S Corporation are generally not liable for
the obligations of the business.
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Separate legal entitity that offers liability protection for it's members,
i.e., owners of a limited liability company are generally not liable
for the obligations of the business
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Limited
Number of Shareholders: 75
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Allows
for an unlimited number of members.
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- Member can be a foreign citizen
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S election avoids double taxation as it is treated as a pass-through
entity. That is, in an S corporation the profit or losses pass through
the entity directly to the ownership (shareholders) level. In sum,
the S Corporation avoids double taxation as it is only taxed once,
i.e., at the shareholder level.
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An LLC is treated as a pass-through tax entity. That is, in an LLC
the profit or losses pass through the entity directly to the ownership
(member) level, avoiding double taxation.
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An S corporation must hold annual shareholder meetings. In addition,
a corporation must keep written corporate meeting minutes.
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An LLC has less corporate formalities, i.e., members of an LLC are
not required to hold annual meetings.
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Below
is a comparison of C Corporations & LLC's:
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C Corporation:
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LLC: |
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Separate legal
entity that offers liability protection for it's stockholders, i.e.,
owners of a C Corporation are generally not liable for the obligations
of the business.
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Separate
legal entitity that offers liability protection for it's members,
i.e.,
owners of a limited liability company are generally not liable for
the obligations of the business.
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Allows for
an unlimited number of shareholders.
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Allows
for an unlimited number of members.
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Shareholder
can be a foreign citizen
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Member
can be a foreign citizen
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Potential
double taxation at the corporate level and the shareholder level.
That is, the corporation is first subject to tax at the corporate
level, and then any profits (or dividends) the corporation distributes
to the shareholders are subject to tax as well.
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An
LLC is treated as a pass-through tax entity. That is, in an LLC
the profit or losses pass through the entity directly to the ownership
(member) level, avoiding double taxation.
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A corporation
must hold annual shareholder meetings. In addition, a corporation
must keep written corporate meeting minutes.
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An
LLC has less corporate formalities, i.e., members of an LLC are
not required to hold annual meetings.
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Incorporatetime.com prepares and files all the necessary documents
to form your entity.
If you wish to form a corporation or an limited liability company please
see our online incorporation form or our online llc formation form,
respectively.
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IncorporateTime
will file all the all the paperwork and documents necessary to form your
entity. In addition, our low fee also includes name search and availability
and a payment
of the state filing fees.
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We
offer you the lowest possible price on the internet.
If you find a lower total inclusive price please let us know and we will
do
our very best to satisfy you.
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You
are free to form your entity in any of the 50 states. While we cannot
give you legal
advice, statistically most small businesses choose their home state.
The primary reasons are for ease, convenience, and cost.
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The
savings of forming your entity in your home state are realized by the
fact that you may
serve as your own registered agent if you reside in the state that you
are forming in.
A registered agent is simply a person that is designated to receive
documentation (mail or service of process for example) on behalf of the entity.
To reduce costs many of customers prefer to act as registered agent for the
entity being formed. At Incorporatetime, we encourage you to act as your own
agent and,
of course, there is no charge.
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Contact Us
