Choose Your Entity Type
LIMITED LIABILITY COMPANY
A limited liability company combines the personal liability protection of a corporation with the favorable tax treatment of a partnership.
Unlike the IRS "S" corporation election, there are no restrictions on who may be a member, number of members or percentage of ownership.
A limited liability company has many potential benefits over the other forms available as a business entity. Learn more.
A corporation is an organization formed by an individual or group of individuals in order to give structure to an enterprise. Profit making generally comes to mind when we think of corporations, but there are non-profit corporations.
People choose to form a corporation primarily for the following reasons:
a) The legal and financial liability of the owners or members can be no more than the amount they have contributed to the corporation.
b) There are certain tax advantages in the corporate form of ownership.
c) The corporation has a separate legal identity from its shareholders, directors and officers.
d) Shares of stock of a corporation may be sold or transferred without disrupting the organizational or business operations of the corporation.
e) A corporation, unlike other forms of business organizations, will not dissolve or disband upon the death, withdrawal or departure of an owner, director or officer. Learn more.
Partnerships consist of general partners and limited partners. General partners manage the partnership and share the profits and losses of the business. They also have unlimited personal liability.
Limited partners only have liability equal to that of their investment in the business. Limited partnerships have the tax advantage of avoidance of taxation at the entity level. Learn more.
Primarily organized for community, charitable, religious, educational or scientific purposes.
Filing of this type of corporation will bestow recognition by the state of incorporation. However, Federal approval of such operations as complying with Internal Revenue Code Sec. 501(c) guidelines and related requirements must be granted by the Interval Revenue Service for tax exempt status. Learn more.