Entity Formation . . . See What Saunders & Associates Can Do For You
A sole proprietor is someone who owns an unincorporated business by himself or herself.
When forming a corporation, prospective shareholders exchange money, property, or both, for the corporation’s capital stock. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders.
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.
A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is a business structure allowed by state statute.
Owners of an LLC are called members. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.
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