In today’s expanding business market, corporations have become the standard in starting and running your business. A corporation gives you many of the same benefits and rights of a regular business, but legally remains a separate entity from its owner(s). Its structure helps decrease taxes and shields the owner(s) from personal liability. Further, by enabling you to provide retirement plans, such as 401ks, and medical benefits for your employees, it gives your business a professional standin
LIMITED LIABILITY COMPANY
Limited liability companies, or LLCs, are also a very popular way to start a business to do its many advantages. For example, profits from an LLC are not “double taxed” as they are in a corporation. In general, it has considerably less taxation guidelines and operating procedures. Its members (owners) are typically not liable for any debts the company may have. Overall, it’s easier to set up and maintain, and is the ideal choice for small and simple businesses.
A non-profit organization is generally an organization that supports a great cause. Forming a non-profit enables you to apply for tax-exempt status from the IRS. It makes you qualified to receive both public and private grants. Further, it gives you the reputable identification that is often looked for by potential donors.
DBA BUSINESS NAMES
DBA stands for “doing business as”. You are required to file a DBA if you plan to run your business with a name that is other than yours, or other than the name that you have filed for your company with the state. Banks require DBA paperwork in order to open an account for the business. It is the easiest and most cost effective way to start your business.