Company Setup Choices
Once you have made the big decision to start a business, the Next thing is how do you want to start as an Individual / Sole proprietor, Partnership or as a Corporation. The Important things you need to consider are that while running a business, you will have liabilities, taxes and employees to be concerned about. As deciding how to structure is a hard decision to make so it’s always good to consult a Lawyer or Accountant. The Brief description of Corporation Structure is just to give you an Idea and not an advice. Once the decision has been made ITC can always help you to set up a corporation of your choice.
Sole Proprietor/ limited Liability Co (LLC)
Sole Proprietor is a business run be an Individual can also be Single Member LLC, A Liability Company (LLC) and then there is Partnership. In this kind of structure your liability is limited to your Investment in the Company, in other words an LLC is a legal form of a company that provides limited liability to its owners, partners, or members ITC will apply and manage the application process. ITC can also provide an LLC operating. ITC can help you set up structure the company of your Choice.
C & S Corporation(S)
Two type of Corporation can be set up. C corporation an S Corporation. In C Corporation the Income is Taxed at the Corporation level and any dividend awarded to shareholders they would have to pay Taxes on that on there personal Tax Returns. While S corporation if there is any income at the Corporation level the Corporation is not taxed the Income is passed on to the Shareholders and They pay the Tax. So, In S corporation you avoid double tax. ITC can help you setup S or C Corporations. Contact us.