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Choose The Right Incorporation Service For Your Business Type

Discussion in 'General Business' started by Jacob Hawkins, Apr 20, 2018.

  1. #1
    Here are some of the incorporation types, select the ones that you think are the best for you?

    Sole proprietorship or partnership

    If you are a one-man setup, a sole proprietorship business is best for you. It is a popular business type, simple to run and set up. You only have to register your name and get the license, yes, if you are one or two owners, then opt for partnerships. In this type, the profits, taxes and debts are equally distributed. Whether you are in manufacturing or providing services, you can successfully get into the sole proprietorship, perfect for those who want to set up a business with a family member. You and your partner will be held liable for any decisions that you make in business. Moreover, general partnership puts on stake business and the personal assets of the partners.

    Limited liability Company (LLC):

    LLC: It is the popular choice among the business owners. The personal assets of the owners, partners or shareholders are protected from debts till any unethical and illegal activities are proved against the business. It offers legal protection to the companies as compared to a sole proprietorship. Apart from this you also get tax benefits.

    Corporation: Corporation is an entity that is separate from its owners. The owners of the corporation are shareholders. When you form a corporation, you need to elect a board of directors who can oversee the company. It has own legal rights, enter into contracts and apply for loans, borrow money, sue or be sued, hire employees and pay taxes. Corporations are the big companies like Microsoft, Apple, McDonald's, etc.

    There are several types of corporations like C-corporation, S corporations, B Corporations, close and non-profit corporations.
    S-corporation: It offers limited liability, eliminates double taxation of income and continues to exist in case owner leaves or dies. Also, you need to file your tax once in a year.

    C-corporation: In C-corp, you can attract investors through the sale of stocks. Also, there is no limit to the number of shareholders. It offers limited liabilities to its directors, officers, shareholders, and employees. Moreover, it continues to exist even if the owner leaves the company. You can also enjoy other tax benefits.

    B-corporation: It is known as benefit corporations. These are profit entities which are structured to create a positive impact on the world.

    Close corporation: It is run by few shareholders. By forming a close corp, the company gets liability protection. They are not publicly traded therefore closed to investment from the general public.

    Non-profit corporation: It is a corporation which does not earn profits and runs for any social cause. They also enjoy tax exemption benefits.
    Jacob Hawkins, Apr 20, 2018 IP
    alwaysforGod likes this.
  2. RomanEpo

    RomanEpo Member

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    Shared the good information.Which type of company is achieving maximum success and Why ?
    RomanEpo, Apr 21, 2018 IP
  3. Jacob Hawkins

    Jacob Hawkins Peon

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    There are 3 methods in the incorporation process. You can choose the one that best fits your needs.

    • On your own:You can complete the incorporation process yourself, though it is an appropriate money saving way, but as you are filing the legal documents yourself, it could cost you time, money and errors.
    • Legal attorney:It is also one of the suitable options for you, but to meet its needs, you need to take the help of the lawyer, which is a costly affair.
    • Online document filing service: You can also opt for paying fees to the trusted document filing service provider. Such providers not only handle complete paperwork for you, but also provide you necessary guidance. In this regard, FastIncNow is a name you can trust.
    Jacob Hawkins, Apr 26, 2018 IP