The first step in creating a strong foundation for your business is to form a legal business entity. It enables you to set up your bank account, separate your personal interest from your business interest and establishes your tax identification.
You may have decided to structure a limited liability company (LLC) to protect your personal assets. However, you might have heard that you should be an “C corporation" for tax purposes. Income generated by an LLC is all taxable as personal income—while you can deduct business expenses from an C corp's taxable income. The truth is, you can also form a LLC and still take advantage of some S corp protections. So, what should you do?
IncorporateEz.com offers a team of professionals trained to help you answer these questions. We will explain the differences between the business classifications and help you form the best corporate entity for your business.