Note to Reader: This website does not offer any legal advice or legal counseling. You should consult a license attorney or tax professional before you implement any legal strategy or apply any strategic examples that are being demonstrated on any of the pages of this website! Please research and perform your due diligence, as these are mere scenarios and examples of possibilities that may exist for doing business.
The Different Type Of Corporate Structures and Business Entities;
(DBA)= Doing Business As – Usually owned and operated by an individual or group. The Individual or group is 100% personally liable for all actions, taxes, debts, and suits that may occur during the course of conducting business in this manner.
(S-Corp)= Sub-chapter Corporation – Fill out IRS tax form 1244 declaring one individual as the majority shareholder of the company, and assumes the percentage of stock ownership liability.
(LLC)= Limited Liability Company – Limits the liability of an individual or group based on the percentage amount of membership certificates owned in the company.
(C-Corp)= Closed Corporation – Closed Corporation, privately owned and privately held in it’s company stock. The stock of the company may or may not be public record, depending on the venue chosen. Therefore, your ownership of stock, may or may not be disclosed of ownership, depending on the venue chosen.
(NP)= Non-Profit or Not For Profit – Fill out IRS form 501,(c),(3) to become a registered non-profit organization. (or) A Corporate entity that has registered all the legal filings within it’s legal domicile State, but has not issued any of the shares of it’s stock could be considered a not-for-profit-company.
(PC)= Professional Corporation – A group of legal professionals, such as doctors, lawyers, cpa’s, etc…that form an entity to conduct business together as a group or organization.
(LLP)= Limited Liability Partnership – A formed partnership under a corporate structure and agreement divided by membership percentages of ownership.
(PA)= Partnership Agreement – It doesn’t necessarily have to be formed under a corporate structure, but utilizes a partnership contractual operating agreement to designate the role, profit split and liability issues of the business venture.
And so much more….
Schedule your consultation below today to discuss your options that can work with your business goals.