The name of the game this week is “Professional Corporation,” which happens to help protect your personal assets. That’s right, we have a triple “P” ABCs of MyCorp post, so buckle up for some serious alliteration.
A Professional Corporation is one of the more common types of entities for business owners to choose. The paperwork is a bit on the extensive side (especially compared to an entity like a Sole Proprietorship) but all that paperwork is well worth it because, as our title suggests, a Professional Corporation protects your personal assets.
It’s a question that’s much more commonly asked than you think – are there any benefits to non-U.S. residents filing corporations or LLCs in the United States or is the process so complicated that it’s best to avoid doing it? The answer is the procedure is fairly similar to what residents of the United States experience filing and that yes, there are a series of great benefits that come in doing so.
Last month, we conducted our first ever MyCorp 2012 Survey for Small Business with five quick questions on the state of small businesses in 2012 and beyond with questions that focused on consumer spending, business spending, predicted growth of the business in 2013, the social media outlet you’re looking to establish for your brand, and quite literally the state of your small business – where you’re putting your business out on the map and which states are the most popular to form a small business in!
We tallied up the votes on Constant Contact, conducted the random drawing for our lucky $50 Starbucks gift card winner (congrats to Elizabeth Sneed!), and the results are in from our voters! Continue reading
For our third installment of the ABC’s for small business, we decided that we liked the letter “C” so much that it had to stay in our word of choice – literally! C-corps are organization structures for businesses that provide non-tax benefits with profits taxed separately from its owners. Beyond just taxing profits separately, c-corps also have the distinction of being separate entities from their owners entirely in both control and management and as such, may go public and raise investment capital, engage in business, and initiate lawsuits.
Last March we did a post on C-Corp 101 and the four considerations to making your business tax efficient, provided below for a quick recap: Continue reading
Have you ever wondered “what are the most popular entrepreneurial places in America?” We’ve put together some interesting statistics and data on top cities & states with the highest rate of filings for LLCs & C-Corporations.
You can also learn what it takes to start your own business or company formation. Not sure what is best for your business? My Corporation is providing you an informative guide on how to incorporate in America. Get a better understanding of the different types of business formations by industry. Learn about the disadvantages and advantages of each formation.
Check out the statistics and learn about the recent trends of entrepreneurship in the United States today! Continue reading
If you’ve been following our blog for the past couple of Fridays, you know that we’re covering four basic tax tips to consider when forming a new entity. If you missed the first two, read up on the C-Corporation and S-Corporation.
The four considerations we’ve been covering are:
- Pass through of gains
- Pass through of losses
- Transfer of assets to the entity, and
- Transfer of assets from the entity Continue reading
No one will argue with this little piggybank – money plus money is more money. In fact, that’s the best part of paying taxes – It means you’ve made money! But did you know the type of entity you select can affect your taxes?
As we mentioned last Friday, we’re doing a series on four tax considerations that may help you pick the best business type for you and help your business become more tax efficient. The considerations are: Continue reading
With the tax season upon us, we’d like to help shed some light on tax issues. Every Friday for the next several weeks we will discuss how the following tax considerations apply to different business entities. (Look for the little piggies!) The considerations are:
- 1. Pass through of gains
- 2. Pass through of losses
- 3. Transfer of assets to the entity, and
- 4. Transfer of assets from the entity
This week we’re going to cover the S-corporation.
What is an S-corp?
For starters, an S-corporation starts just like a normal C-corporation. The letters (S & C) are designations from subchapters of the IRS code. Most corporations are C corporations. An S corporation is a corporation that has made a special election to be taxed in a certain way. Because of this special treatment, there are additional rules and restrictions on top of the standard corporate law requirements. Continue reading