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Business Formation
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Prepare & File Articles of Organization
Entity Selection
I Year of FREE Registered Agent Service
EIN (Employer Identification Number)
IRS Form 2553 (S-Corp Election, if applicable)
CPA Consultation
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Summary of Next Steps
Profit and Loss Template Industry Specific
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Sole Proprietorship
Limited Liability Company
C
Corporation
S
Corporation
Business Formation & Management
State filing (and filing fee) required for creation
Articles of organization must be filled and necessary filing fees paid
Articles of incorporation must be filed and necessary filing fees paid
Articles of incorporation must be filed and necessary filing fees paid
Ongoing state filings and fees
Varies by state, but typically an annual report and/or franchise tax is due every year.
Varies by state, but typically an annual report and/or franchise tax is due every year.
Varies by state, but typically an annual report and/or franchise tax is due every year
Strict ongoing corporate formalities requirements
Adopt and maintain bylaws
Hold and document initial and annual meetings of directors and shareholders
Issue stock
Record stock transfers
Adopt and maintain bylaws
Hold and document initial and annual meetings of directors and shareholders
Issue stock
Record stock transfers
Flexibility in who manages the business
Owner has full control of management and operations
LLCs have an operating agreement that outlines the management
Can be memeber-managed or manager-managed
Directors, who are elected by shareholders, make major business decisions
Directors appoint officers, who oversee day-to-day operations
Directors, who are elected by shareholders, make major business decisions
Directors appoint officers, who oversee day-to-day operations
Benefits
Limited liability protection
Owner has unlimited liability
Owners typically are not personally responsible for business debts and liabilities
Owners typically are not personally responsible for business debts and liabilities
Owners typically are not personally responsible for business debts and liabilities
Perpetual duration of the business
Dissolves if owner ceases doing business or dies
Maybe
Dependent on requirements of state of incorporation
Ease of raising capital
Often difficult unless owner contributes funds
Maybe
Possible to sell interests, but subject to operating agreement restrictions
Shares of stock can be sold to raise capital
Shares of stock can be sold to raise capital
Ease of adding owners/transferring ownership interest
No
Maybe
Dependent on operating agreement restrictions
Shares of stock are easily sold to add new owners or change an existing owner's percent of ownership
Shares of stock are easily sold to add new owners or change an existing owner's percent of ownership
Taxation
Business taxed at entity level
Maybe
LLCs may elect to be taxed like corporations, and in doing so must pay taxes at the business level on the LLCs income
C corporaions pay taxes on corporate income
Pass-through income/loss
Profits/losses are reported on the owner's personal tax return and any tax due is paid by the owner at the individual tax level
Profits/losses are reported on the owner's personal tax return and any tax due is paid by the owner at the individual tax level
Profits/losses are reported on the owner's personal tax return and any tax due is paid by the owner at the individual tax level
Double taxation
Corportate income is taxed first at the business level and again at the individual level if distributed to owners in the form of dividends
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