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Business formation is the process of legally creating a business structure such as a sole proprietorship, partnership, LLC, corporation, or nonprofit. The type of business structure affects the personal liability of the owners, the tax treatment, and the decision-making authority. To form a business, one needs to have an idea, a plan, a name, a logo, and a registration with the appropriate authorities. Our business formation consultants can help with choosing and forming the best structure for your business.
business structures
DBA
Many prospective entrepreneurs and new business owners are often unaware of the concept of establishing a fictitious name, or DBA (shorthand for “doing business as”), for their company. Although this idea may seem unnecessary, or even illicit (given the term “fictitious”), the process is actually and often a fundamental step when setting up a business. By adopting a DBA, any business is legally allowed to represent itself with a name different than the one that they have established with the state (unless it is trademarked or already in use).
Limited Liability Company
The Limited Liability Company (LLC) is now one of the most popular business structures among smaller organizations. While allowing business owners to remain free from a great deal of the formalities imposed on other types of businesses, it still provides limited liability protection for its owners (members). LLCs are also eligible for "pass-through" taxation, which means that the company's income taxes are only reflected on each owner's personal tax return, not at the business level. To learn more about forming an LLC, fill out the form below.
S Corporation
The S Corporation (S Corp) structure is similar to the C Corp, with a few notable differences. The most important of these differences is that S Corps are eligible for special pass through taxation status with the IRS. This allows S Corp owners to avoid double taxation on their business income. S Corps must request pass through taxation status, by filing Form 2553 with IRS after successfully incorporating. To learn more about forming an S Corp, fill out the form below.
NONPROFIT
The Nonprofit corporation is a special type of business structure that exists to provide certain benefits to organizations that have as their main goal service to the public. Much like other formal business types, those who run Nonprofits are provided limited liability protection. To learn more about forming a Nonprofit, fill out the form below.