Incorporate LLC
LLC (limited liability company) provides the benefits of liability protection and pass through taxation features of sole proprietorship or partnership. Many small business owners prefer this form of corporation as it provides greater flexibility in management. The general characteristics of LLC's are limited duration of existence, no double taxation and member or owner managed business.
LLC's can be incorporated by filing with the state authorities. The general procedure is that of incorporating a corporation. The advantages over a corporation are that there is no need to get the consent of shareholders, no need to issue shares and no need for the board of directors.
When selecting the name of the business, it should end with LLC. Since the existence of LLC is limited, the duration has to be mentioned. Since LLC's are run by member-owners, they have their own operating agreement. Once these are decided, the LLC can be incorporated by filing with the state authorities.
LLC's have to comply with state laws and regulations. The tax on LLC is passed on to the members.
A Federal Employer Identification Number(EIN) has to be obtained by filing Form SS-4 under IRS, if there is an intent to employ people. There is no need to obtain federal licenses except for certain businesses. Also a sales tax permit must be obtained. To incorporate LLC, one can get the help of a lawyer or an intermediary agency to help file or do it by themselves. Because the LLC lets the income flow through the owner,
it doesn't mean that the owner can siphon money to their account.
If the state finds this out, the owner will be held personally liable. Running a business is important and equally important is the choice of business structure and the incorporation of it. Hence, it is advised to get counsel from a lawyer before incorporating. .
Why Incorporate provides detailed information on Incorporate, Why Incorporate, Incorporate Business, Incorporate Llc and more. Why Incorporate is affiliated with Business Incorporation Services.Making Your Business Legal
It's important that your business be on the "up-and-up"right from the start. Taking care of the legal issuesassociated with starting a new business will keep you out of hot water in the future. Here are the first steps you need to take:1. Register Your Business NameYour business name must be registered if it is somethingother than your full legal name. This is a way of informingthe public that you will be doing business as (DBA) anassumed, or "fictitious" name.
Generally, a search is done to ensure your name is not already in use, and anapplication is submitted to make it official. Some statesrequire a notice be published in the local newspaper. Thedetails of registering varies from state to state, so checkwith your state office or county clerk for specifics.2. License Your BusinessLicensing of your business depends on the type of businessyou plan to start. Licensing occurs on the state and/orlocal level.
Federal licensing is only necessary forbusinesses who engage in specific,...
Making Your Business Legal
Tax help > Making Your Business Legal
Explanation of Charges on Your Telephone Bill
BackgroundMany consumers do not understand the various charges and items on their monthly phone bills. Here's a quick reference that describes some of these charges:911 ? This charge is imposed by local governments to help pay for emergency services such as fire and rescue.Federal Excise Tax ? This is a three percent tax mandated by the federal government (not the Federal Communications Commission (FCC). It is imposed on all telecommunications services, including local, long distance and wireless bills.(Federal) Subscriber Line Charge ? This was instituted after the break-up of AT&T in 1984 to cover the costs of the local phone network. This charge may appear as "FCC Charge for Network Access," "Federal Line Cost Charge," "Interstate Access Charge," "Federal Access Charge," "Interstate Single Line Charge," "Customer Line Charge" or "FCC-Approved Customer Line Charge." The FCC caps the maximum price that a company may charge for this. This is not a government...
Explanation of Charges on Your Telephone Bill
Tax help > Explanation of Charges on Your Telephone Bill
Tax Relief Company Opens Second Office to Meet Growth in IRS Tax Problems
Citizens Tax Relief (CTR), a New Canaan, Connecticut tax relief firm, announced they have opened an office in Los Angeles, California to serve the growing need for IRS tax debt settlement. The firm, led by specialized tax attorneys and financial experts, settles IRS tax debt for qualified individuals and businesses.????
"With the increase in inquiries for tax relief information on the West Coast, we felt it was important to have a presence there," said Terry O'Rourke, CTR President.
There are a number of tax relief programs offered by the IRS today that can help a taxpayer get a fresh start.
However, most taxpayers are not aware...
Tax help > Tax Relief Company Opens Second Office to Meet Growth in IRS Tax Problems
Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
The Government Performance Project's (GPP) "Grading the States 2005," gave Alabama a C-, matching California for the lowest grade in the country. These conclusions are based on the research released today by The Government Performance Project, the nation's only comprehensive, independent analysis of how well each state government is managed.
States are assessed on a scale of A-F for their management in the categories: Money, People, Infrastructure and Information. Alabama can be compared to the country's other 49 states at http://results.gpponline.org/Alabama and in the February issue of Governing magazine. The project is funded by The Pew Charitable Trusts.
According to Project Director Susan Tompkins, the quality of management performance by state governments is often critical to the success of a state's programs and policies. "The last few years have seen the biggest financial crisis for state governments...
Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Tax help > Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
7 Wonders of the Offshore World
Many people assume that the offshore world is accessible only to the super rich looking to increase their wealth, or to large multi national corporations looking to escape taxation. But the truth of the matter is that the offshore world is accessible to everyone!Placing money or assets offshore is a legal and often worthwhile undertaking and it is something that anyone living in, for example, the UK, Europe, Canada, Australia or America can do easily and with potentially great effect.Before I continue it is imperative to point out that the suitability of entering the offshore world for saving, banking, asset protection or any other reason can only be determined on a case by case basis. While ?going offshore' might be the most effective way for one person to operate, it might be totally unsuitable for the next person because of their personal circumstances. It is essential that anyone considering going offshore seeks the advice of a professional financial adviser. This article does not...
7 Wonders of the Offshore World
Tax help > 7 Wonders of the Offshore World
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