To identify your business when filing taxes.
A limited liability company combines the taxation benefits of a partnership with the limited liability of a corporation. Instead of partners, LLC business owners are called members.
C- Corp:
More flexibility in terms of tax planning- shareholders can be safeguarded from tax liability. C- corps can enter into contracts, incur debts, and pay taxes separately from shareholders. The main disadvantage is they are taxed twice – once on the corporate taxes, and again for individual shareholders.
S Corp:
S-Corps only have one form of taxation as shareholders are allocated all of the income. This avoids the double taxation that is associated with C -Corps. The income “passes” through the corporation and only the individuals are taxed.
We provide your estimated formation date both at checkout and in your dashboard. We do our best to complete your formation on or before this day, but there are times when the State or circumstances outside our control can slow things down. General expedited services are 7-10 business days for llc’s and corporations, ein’s are 1-2 business days and standard speeds are 14-21 days.
We have created one easy-to-use dashboard that stores your orders, business documents, and a record of your business entity information. You can sign in to your dashboard at any time to find the information you need or email support@businessfilings.us.