Frequently Asked Questions2020-12-01T02:53:30+00:00
What is a Registered Agent?2021-02-22T16:47:46+00:00

All Corporate entities are required to maintain a Registered Agent including LLCs, Corporations, Nonprofit and Limited Partnerships. The registered agent is responsible for maintaining a physical address in the state of incorporation, qualification or registration and must be available during normal business hours.

What is an EIN?2021-02-22T16:49:54+00:00

An Employer Identification Number also referred to as a Federal Tax Identification Number is used to identify a business entity. The EIN is required to open a bank account, applying for business licenses, paying and doing business with vendors, and filing tax returns.

How does forming a Corporation or LLC protect my personal assets?2020-12-03T23:11:35+00:00

Forming an LLC or Corporation provides Asset Protection also referred to as Liability Protection. This means that the business entity is separate from the business owners’ personal assets such as home, car, bank accounts, personal investments and creating a “corporate veil” around the business. In most cases, in the scenario of litigation the personal assets will be protected.

What are the tax benefits of forming an LLC?2021-02-22T17:02:44+00:00

Ultimately when trying to understand the best tax scenario for your business, you should seek the guidance of a CPA. The IRS does not have a separate tax classification for LLC’s.  LLC’s are managed by a member manager or manager-managed structure.

The benefit is when forming an LLC, you can choose how you wish to be taxed:

Sole Proprietor – This tax scenario applies to single-member LLC’s and the IRS refers to this as a disregarded entity. The income and expenses are subject to self-employment tax.

Partnership – This tax scenario applies to Multiple-Member LLC’s with two or more members. This allows for the profits and losses to pass through to each member.

C Corporation – This type of taxation is considered to be double taxed. C Corporation taxation is when the LLC is paying taxes on its profits and then any profits are distributed to the members and thus the members pay taxes as well. In order for an LLC to choose this classification, it must file Form 8832 with the IRS.

S Corporation – An LLC taxed as an S Corporation is not taxed on its profits, but the profits are passed to the individual owners/members and double taxation is eliminated. To file as an S Corporation, Form 2553 must be filed with the IRS.

What is the difference between a Corporation and an LLC?2020-12-01T04:13:53+00:00

Both a Corporation and LLC provide personal liability protection by separating the business owner from the business entity. LLCs are managed either by member-managed or manager-managed while corporations have a Board of Directors and Officers. A Corporation is a more formal type of entity. A big distinction between both is how each is managed and taxed. Contact us to learn more.

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We have relied on Creative Business Assistants for many years for critical support for our very business personal injury law practice. Their remote support has been an extremely valuable tool that has afforded us supplemental bandwidth – and saved us the time and effort needed to hire and train new team members. In addition to being extremely dependable and easy to communicate with, their work product has always met or exceeded expectations. Therefore, we highly recommend their services.

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With all of the tasks you must do in order to start your own business, it can be overwhelming. Who do you turn to for help with all of your questions? Well, fret no longer because Chantal Towles and her team  is here for you. She helped me and she can help you too. She will guide you through the process and fill in those question marks along the way. TY Chantal for running such a great business of helping businesses!

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