Simplifying Start-Up Costs
Seamless Pricing for Your Business Launch
LLC
(for 1 year)
LLC + S Corp
(for 1 year)
C Corporation
(for 1 year)
Non Profit
(for 1 year)
Choosing the right business structure!
Not sure which business structure is right for your business?
- LLC
- LLC + S Corp
- C Corporation
- Non Profit
A Limited Liability Company (LLC) is a legal business structure that is similar to both the corporation and the sole proprietor or partnership. The LLC is a very popular form of business structure as it offers the same or similar level of asset protection as a corporation while requiring only minimal formalities be observed (similar to a sole proprietor or partnership).
Highest potential for tax savings
It’s all the benefits of forming an LLC with the added tax perks of an S Corp election. In short, it lets you avoid double taxation of your personal and business income. You may have a potential for tax savings depending on your profits and other factors. When you form your LLC + S Corp with Block Advisors, we first help you create an LLC, then file the S Corp election.
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A C Corp is a business structure for companies that potentially plan to go public one day, since unlimited shareholders are allowed.
A nonprofit is a special type of business structure that exists to provide certain benefits to organizations whose main goal is service to the public. That includes community groups, churches, and certain charitable organizations.
Starting a Business Checklist
Once you have decided to start a new business, you will need to select a name. Before you invest too much in a great new name, you should do a company name search to make sure it is not already in use in a way that could create a conflict between another business and your own.
A registered agent, sometimes referred to as a resident agent or an agent for service of process, is a person or company officially recognized by the state that resides within the state of incorporation and is designated by the corporation or LLC to accept service of process on behalf of the company.
Once you have decided on a name, you should determine the best form of legal entity for your business. There are many choices, including forming a C Corporation or S Corporation, forming a partnership, forming an LLC, or operating as a sole proprietorship.
New businesses that are formed on or after January 1, 2024, must file a beneficial ownership information report within 90 days of business formation. This applies to both domestic and foreign Corporations and Limited Liability Companies (LLCs).
Every corporation needs to apply for a federal tax identification number, as does any business regardless of the corporate form that hires employees. The tax ID number is also called an Employer Identification Number, or EIN. It is like a social security number for your business and is used by the Internal Revenue Service to identify the business for tax matters.
Depending on your business type, you might need various permits and licenses, such as zoning permits, sales tax licenses, and professional licenses. At M7 Group, we’re experts in regulatory compliance, including permits for trucking, and we’re here to guide you through the process.
If you are a new business that is planning on hiring employees, you will need to register for payroll taxes such as State Unemployment Insurance Tax (SUI) and State Income Tax (SIT). Payroll taxes are a legal requirement for hiring and paying employees in the United States.
Forming your entity is just the first step. Keeping it in corporate compliance is essential if you are to enjoy the benefits of having created a separate entity, including limited liability. CorpNet offers a free compliance portal to help you keep track of your business filings.