Focus on what you love.
Your business is your passion. Concentrate on that and let Infinite Financial Services take care of the administration and paperwork behind getting your business registered.
Distinguishing yourself from the competition by establishing a professional identity helps increase credibility with your customers. Most businesses choose to incorporate to prove their legitimacy to both customers and suppliers. Adding “INC.”or “LLC”after your business name gives you the credibility and professionalism that many customers are looking for.
Starting a business is a big deal – something you might only do once in your life. Don’t risk getting it wrong elsewhere!
You could file all the necessary documents yourself. However, when you consider the time involved for filing, administering, and maintaining all the documents necessary to keep your business running legitimately… why would you? Let IFS help you get it done, so you can get back to business!
Starting your business with IFS couldn’t be easier:
- First you need to pick a name for your Business. We will perform a comprehensive name check as part of your registration process.
- Forming a company then requires filing official paperwork with your State. We can take care of all of this on your behalf, working with the State to get it all filed correctly. The exact rules vary by the State we are incorporating in but we are experienced in all 50 US states and know what will be required.
- A filing fee is payable to the State as a cost of opening and maintaining a business there. This is added to your order and we then pay it on your behalf.
- You will also need an operating agreement (declaringt the ‘rules’ ‘roles’ and ‘operating procedures’ of your company), an EIN to open a bank account and pay taxes, and licenses and permits. We can help take care of all of the basic requirements for you. Should you need more help, we offer complimentary business planing services.
- All but a few States require, by law, the appointment of a registered agent. We can take care of this formality too if it is a requirement.
- There are also ongoing requirements – such an the filing of Annual reports and other Compliance documents. Our ongoing SMB Compliance package helps make this an easy to manage process.
- The set-up costs of an company are usually tax deductible!
A limited liability company, or LLC, is a business entity created under state law that combines characteristics of both a corporation and a partnership. Like a corporation, the owners of an LLC are generally not personally liable for company debts. Like a sole proprietorship or a partnership, an LLC has operating flexibility and is, by default, a “pass through” entity for tax purposes. This means that the LLC does not pay taxes on its profits, but instead, profits and losses are “passed through” to the owners, who must then pay tax on their share of LLC income.
Although an S corporation shares many of the same tax characteristics as an LLC, an LLC has more flexibility and fewer restrictions on ownership than does an S corporation. An S corporation must not have more than 100 shareholders, all of whom must be U.S. citizens or legal residents. An S corporation is also subject to more formalities, such as holding annual meetings and keeping corporate minutes. On the other hand, LLCs generally are not required to hold formal meetings, but an LLC owner may be subject to higher self-employment taxes than a comparable S corporation owner. That is because an S corporation owner is required to pay self-employment tax only on salary, but not on dividends from the corporation.
There’s no difference between a fictitious business name and a DBA. A fictitious business name is often referred to as a DBA, an “assumed business name” or a “trade name”.
Generally, anyone who completes the articles of incorporation and pays the state filing fee can form a corporation. There are usually no residency or other legal requirements. However, many states require that directors and officers must be at least 18 years old.
The IRS allows corporations to choose to be taxed as either a “C corporation” or an “S corporation.” Income from C corporations are subject to double taxation; that is, the corporation pays taxes on its net income and then the shareholders also pay taxes on the income that they receive from the corporation. S corporations have only one level of taxation. The shareholders still have to pay taxes on money that they receive from the corporation, but an S corporation does not pay taxes on its net income. While the S corporation is popular among small business owners, C corporations have greater tax planning flexibility and can shield shareholders from direct tax liability.