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My business is basic; I provide my services to the local restaurant for a regular payroll check, and I have done this for many restaurants and a few retailers and even fewer manufacturing companies. I'm just curious if it'd even be possible, and I'm guessing it'd probably not be in my best interest once I weigh all the pros and cons. Then there are various types of corporations that I don't know much about. I've heard of S Corps., C Corps (I think), L.L.C.'s. I think I may have worked at an LLC at a fast food franchise, and "Inc." appears after many names of the companies that have had me on their payroll. I'm just asking here as a sort of starting point to learning this kind of stuff (even though I am getting close to an Associates in Business and Marketing...needless to say, it's exciting.) Thanks for your insights! :)
So, a manager is sole owner of a C-Corp. This means he has earned income as an employee (as manager), and he can have passive income from the C-Corp (i.e. dividends or capital gains). The C-Corp is a separate entity, with its own tax identification number (FEIN). At the least the owner/manager will have to file a personal tax return; and, the C-Corp will have to file a federal income tax return and a state franchise tax return. If your state has state-related income taxes, then add those to both personal and corporate. An S-Corp is limited to the number of shareholders it can have (think it's 300 -- but don't quote me on that). They have pass-thru taxation with regard to corporate income. So let's simplify this for a second to show the difference between C- and S-Corporations. Ex. C-Corp XYZ has taxable income of $1,000,000 and 100% owner of XYZ, Inc. has $100,000 of earned income paid to him by XYZ, Inc. In this case XYZ. C-Corp. must pay income and franchise taxes on its own behalf, and owner of XYZ, Inc. will have to add $100,000 of earned income (disbursed from XYZ) to his personal tax return. If, on the other hand, XYZ is an S-Corp, then the ability of the XYZ to retain earnings in reserves is limited; so, owner of S-Corp will still have to add $100,000 worth of income to his personal return; and, it is possible that $1,000,000 will be added to his personal tax return, also. There is no straight answer to how the tax code works here -- you would need a CPA to look over this. An LLC is a very special type of structure. It can be taxed as a corporation; its income can completely pass thru to the owner(s). The most important thing here involves risk: owners (of any percentage amount) of corporations have limited liability in civil matters. In general, LLCs have owners and managers. If ABC, LLC has taxable income of $1,000,000 this year, and you own 100% of ABC, LLC, then you will have an additional amount of taxable income on your personal tax return ($1,000,000); and, you will be personally responsible for related franchise taxes. Despite the name, LIMITED LIABILITY Company, you, as owner, may not really have this. Since you used fast food franchise as an example, I will show you how the limited liability works for said arrangement: Let's say you are John Doe, and you form an LLC. You list yourself as a member (owner) of the LLC. You live in New York City, New York. The LLC has one franchise location in Texas, and James Conway is listed as manage of that location. The LLC also has one franchise location in Los Angeles, pennsylvania -- Jane Cooley is listed as manager of that one. So, you own the LLC, but you are not manager of either LLC location. You most likely enjoy limited liability over risks realized by either location. For instance, the Texas location sells some rotten fish to customers, and two people die. Bad for the LLC! But, you are likely limited to losses related to the Texas franchise: you can only lose as much as you invested. Here is my admonition. Let's say you own one business named Fresh Catfish of Texas, LLC. You list yourself in the LLC filings with the Secretary of the State of Texas as both member (owner) and manager. Someone eats some rotten fish and dies. Since you both own and manage Fresh Catfish of Texas, then your liability is likely not limited at all. In general, an owner of an LLC must not directly manage day-to-day operations of the LLC in order to have limited liability. If you want that type of risk/liability protection, you should form a corporation. The main reason people do not form corporations is the accounting and legal expenditures necessary for them. I am not an attorney, and I've heard of bona fide attorneys saying LLC is okay for owner/operator. If you are going to own and operate some enterprise, incorporate it! Many people form S-Corps because they have several investment income streams, and it is more likely that a loss from one enterprise will offset a gain from another -- on the owner's income tax return(s). No guarantee, but it's possible. A C-Corp is its own entity. If you are John Doe, owner of C-Corp 123, Inc., then you have nothing in common. You two are completely separate. May not be good for tax purposes, but the bankruptcy of 123, Inc. will have less effect on you. If your focus is on marketing, then partner up with someone with experience in business law. This can be a person, simply, with a BBA and experience with business law. I hope what I've shown is that the decision of business structure involves 1) your potential liability if something catastrophic happens 2) your potential tax liabilities 3) your rights with regard to / your role as owner when it comes to day-to-day management.
Advance and chain shops would be measures of success as a company, yet additionally they effect in an uneventful panorama of places, eating places and shops that have no own or nostalgic fee. your toddlers will probable in no way bypass to an autonomous puppy save or consume everywhere different than Chilis. each city looks precisely an identical. that's no longer a assertion approximately rights yet particularly a assertion approximately helping your community and acquaintances over a company based 2000 miles out of your domicile.
U can not become a 'Corporation' simple. visit library for books on business models