Q: Do I need an attorney to start a business?
A. No, you do not need a lawyer to start a business, but it’s highly recommended that you consult with one. Quite often a seasoned business attorney can save you time, confusion, and future headaches.
Q: What is an LLC?
A. “LLC” is an acronym that stands for “Limited Liability Company.” It’s a type of company structure much like a corporation or a partnership. LLC’s have exploded in popularity because they offer greater flexibility, convenience, and protection than many other business structures.
Q: What is a corporation?
A. A corporation is a business structure whereby the business is controlled by a board of directors and select officers (i.e. President, Vice President, Treasurer) and the owners hold their interests as shareholders or stockholders. While once a mainstream business entity choice, today it is rare to see a company select a corporation for its structure. It is important to note that there are sub-classes of corporations: C-corps and S-corps. These classifications deal with the company’s tax identity with the IRS.
Q: What is an S corporation?
A. An S corporation is a company that has elected to be taxed pursuant to subchapter S of the U.S. Tax Code (Title 26). Corporations and LLC’s are most often the business entities that are used to make the subchapter s election. While there are special restrictions on ownership and distributions, if your take-home profits from the company are greater than $100,000 it may be beneficial to make the election to be taxed as an s-corporation.
Q: What is a C corporation?
A. A C corporation is a company that is taxed pursuant to subchapter C of the US Tax Code (Title 26). The C corporations taxation structure is the classic structure that comes to mind when people think of corporate taxation (double taxation: the corporation is taxed on its profits, then its owners are taxed on their stock dividends).
Q: What is a non-profit corporation?
Q: Which kind of business should I form?
Q: How do I form a corporation?
Q: What do I need to do to start a corporation?
Q: What do I need to do to start an LLC?
Q: What is the difference between a patent, a copyright, and a trademark?
Q: What kind of permits or licenses do I need to open a business?
Q: What is the difference between an independent contractor and an employee?