Choose a Business Structure

 

We offer business set up services including getting an EIN, registering with any State, setting up Withholding tax, sales tax accounts, etc. 

 

The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:

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• Sole proprietorship:

An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business. An example would be an Uber Driver

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• Partnership:

An unincorporated business with ownership shared between two or more people. 

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• S Corporation:

A corporation that elects to pass corporate income, losses, deductions, and credits through to the shareholders. An LLC has the option to be treated as an S-Corp. S-Corporations are not subject to self-employment tax although they are required to pay owners a reasonable salary. 

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• Limited Liability Company:

A business structure allowed by state statute. A single member LLC would file their business on their personal return. An LLC with multiple partners would file as a partnership.

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•  Corporation:

Also known as a C corporation. It’s a separate entity owned by shareholders.

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