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  • Why Should Incorporate My Business - Small Business Learning Center | MyCorporation®
    advantage of this option More importantly unlike a partnership incorporation prevents the ability of a minority shareholder from dissolving a business without cause Liability One of the greatest benefits for incorporation is its limited liability against the shareholders As mentioned above any debt or liability against a specific shareholder remains separate from the corporation Likewise the inverse is similarly true Any debt or liability against a corporation does not open the doors of shareholders assets to the creditor s The shareholder s liability in any corporate debt or liability is limited to what the shareholder invested unless there is fraud In a sole proprietorship or general partnership the owner s and or general partners remain completely liable to any debt or liability placed against the business If a business is unable to pay a debt the creditor can attack the assets of an owner or partner until the debt is satisfied In a corporation a creditor can only attack to the extent the shareholder invested into the corporation unless there is fraud This allows the corporation to make business decisions without the risk of endangering the personal assets of its shareholders beyond what was invested Risk is a necessary element to a successful business Anything that minimizes the risk to investors makes the business more attractive and so the limited liability of an incorporated business is quite valuable Taxes The major detriment to incorporation is the taxes involved In a sole proprietorship or partnership the taxable income of the business flows directly to the owner and or partners and are taxed based upon the individual s income tax bracket However because the corporation is considered a separate entity the taxable income of a corporation is taxed first under a corporate tax If the corporation decides to distribute the remaining income to the shareholders that income is taxed once more based upon the individual s income tax bracket essentially a double taxation The marginal tax rate for a corporation can be significantly higher than the marginal tax rate for a sole proprietorship Although this characteristic of incorporation may deter a business from incorporating small businesses can avoid this double taxation by taking advantage of the options given to a corporation by the states Some options include incorporating as an S corporation see below or filing as a Limited Liability Company LLC see below These options allow the taxable income to flow directly to the shareholders members without being taxed twice while at the same time maintaining the benefits of incorporation The 3Ls are important benefits but not the only benefits There s also something psychologically beneficial about incorporating that goes beyond the number crunching and legal issues involved Incorporation may seem to be a daunting task but it is also an exciting moment in the life of a business First conceived through an idea a business can be birthed at the point of incorporation No longer will it simply be an idea or something intangible but an actual and existing entity

    Original URL path: http://www.mycorporation.com/learningcenter/incorporate-business.jsp (2016-01-08)
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  • Form a Corporation - File a Corporation Online - Business Formation Services | MyCorporation®

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    Original URL path: /business-formations/incorporate.jsp?view=non_profit (2016-01-08)


  • Form a Corporation - File a Corporation Online - Business Formation Services | MyCorporation®

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    Original URL path: /business-formations/incorporate.jsp?view=professional_services (2016-01-08)


  • Choosing the Right Entity - Overview | MyCorporation®
    the default entity type for your business But like the sole proprietorship a general partnership ties the business and personal assets of the partners together If you choose you could make a limited partnership as long as neither of the partners personally manages the affairs of the business This lowers personal liability for business debts but does not eliminate it A partnership also raises issues of the ownership of ideas if your business is built around one The lack of inherent protection with these entities means that if for whatever reason one partner chooses to walk away they may take the idea with them and kill whatever business had been made Corporation This is a very common entity type though the paperwork and effort involved in the incorporation process may scare some small business owners away However by incorporating you are greatly protecting your personal assets by creating a separate entity from yourself This does make accounting a bit more complicated but you pay taxes based on what you choose to pay yourself from the corporation which could mean less money being given to Uncle Sam and more to help your business along Any ideas your business is built around also becomes the property of the corporation and not the owners After you incorporate you could also choose to elect an S Corporation status What this effectively does is tax the shareholders instead of the income of the corporation Creating an S Corporation however is complicated and you could actually get similar benefits from another entity that is much easier to create the Limited Liability Company Limited Liability Company LLC LLCs are very popular entity types because they give the owner or owners many more choices Typically owners can either opt for the tax structure of a corporation in which the corporation s income is taxed or the pass through structure of a partnership or a proprietorship wherein personal income includes business profits and losses and is taxed accordingly Some states have not changed their tax law to reflect the IRS s ruling that this is allowed so you should try and contact a professional from the state you are trying to form your company in Whatever tax structure you choose your personal assets are still afforded some protection if the business fails if you choose to form a LLC When choosing the entity type right for you be sure to consider the future needs and situation of your company not just its position in the present As was said before there are pro s and con s to each type but if you consider them carefully the best fitting entity will likely be clear Before doing anything it is wise to consult with a lawyer and an accountant to have your options clarified and questions answered MyCorporation makes it easy to start your business for only 69 state fees Get Started Now Learn More Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating

    Original URL path: http://www.mycorporation.com/learningcenter/choosing-the-right-entity.jsp (2016-01-08)
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  • How to Incorporate in Delaware or Nevada | MyCorporation®
    if you know a bit about Delaware s corporate laws If you locate in Delaware and do not operate within the state Delaware does not charge a corporate income tax Even if you do operate within the state your purchases are not subject to sales tax and any income is subject to a flat tax of 8 7 The state maintains a Delaware Economic Development Office to help develop small business within state boundaries Their website http dedo delaware gov is well maintained and contains links to nearly every source a small business would be interested in The state provides funding schemes gives guidance and offers its support to any business that wants to establish within Delaware But if the east coast isn t your cup of tea discerning westerners have their own tax haven in Nevada No inventory tax no personal or corporate income tax and low payroll taxes combined with a low cost of living means Nevada has become on of the most attractive states of incorporation in the country While the amount of resources available to businesses wishing to incorporate within state lines is not as numerous as in Delaware the low or non existent tax rates may make the extra work involved with getting a business of the ground in Nevada well worth it That isn t to say however that you are on your own The Nevada Small Business Administration in cooperation with the University of Nevada Reno College of Business has an excellent online resource called the Nevada Small Business Development Center which can be accessed at http nsbdc org Among with a copious amount of information the website has all of the forms frequently asked questions and resources collected in one place which makes your life easier There are also tax dollars available for qualifying companies which are typically Non Profits high tech start ups or businesses founded by groups like minorities and veterans Tax Savings Taxes bite plain and simple They eat into your revenue and making doing business that much harder Every state will typically try to sell itself as a great place for incorporation but Nevada and Delaware both have shown that they are not full of hot air and empty promises I cannot stress how important it is to consider all of your options and consult with a professional before making a decision like this but Delaware and Nevada are both consistently chosen as the home states for various businesses for a reason Less money to the state means more for your business and that increase in capital can mean the difference between failed and self sustained ventures Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating Agreement Choose the Right Entity Governance Requirements LLC How Does A Business Adopt A DBA More Business Services Form an Limited Liablity Company File a Corporation File a DBA Doing Business As Form a Non Profit Corporation Registered Agent Services Entity Choice LLC vs corporation Choose

    Original URL path: http://www.mycorporation.com/learningcenter/delaware-or-nevada.jsp (2016-01-08)
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  • How to File a DBA | MyCorporation®
    who do not want to use their personal name as their business name a dba may be of some value Although the legal name of the business is still under the owner s personal name the business being conducted can be under a dba i e advertising branding mailings etc Many states require a business to register their assumed or fictitious name with the state or local government to legally conduct business under that name For the few states that do not require registration it is still advantageous to register the assumed or fictitious name with the local government to give some albeit little legal protection to prevent others from using the name Also filing your DBA may allow you to open a business bank account under the business name For franchise owners a DBA may be necessary to ensure that your business can be conducted under the franchise name For corporations or Limited Liability Companies that want to conduct multiple businesses under different names or prefer using a different business name rather than the corporation or LLC name they will have to file a DBA Trademark Legal Issues Registering for a DBA does not give you full trademark protection and does not necessarily protect you from any liability for using your business name Just because you register your DBA with the government does not prevent other businesses from using your business name Most jurisdictions do not allow the registration of two of the same fictitious names however some jurisdiction do Furthermore the fact that you are able to register a DBA does not necessarily mean you are clear from any infringement violation Unregistered trademarks trademarks that use the superscript as the name implies are not registered with any government agency or office and these trademarks still retain some property rights A careless business owner may unintentionally find him or herself stuck in a lengthy lawsuit over the fictitious business name they thought was okay To avoid this careful research on whether your business name is being used in your geographic area and beyond should be made Once you are satisfied that your fictitious business name does not infringe upon anybody s rights you may consider taking the next to completely protect your business name registering your name as a trademark with the state or with the federal government if possible Was this article helpful Get More Information LLC vs Corporation What is an LLC Operating Agreement Choose the Right Entity Governance Requirements LLC How Does A Business Adopt A DBA More Business Services Form an Limited Liablity Company File a Corporation File a DBA Doing Business As Form a Non Profit Corporation Registered Agent Services Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c is right for you Meetings and minutes requirements Is a corporate seal

    Original URL path: http://www.mycorporation.com/learningcenter/adopt-a-dba.jsp (2016-01-08)
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  • Separate Business Entity And Business Owner | MyCorporation®
    these banking issues by getting their DBA filed prior to trying to set up bank accounts Keeping it Separate In this way the business owner is still connected to his business in that he may still receive checks under the name of his business but he will still be able to keep the two accounts separate separating himself from the business entity How to use a DBA The most common use of a DBA is probably by those who are sole proprietors These are individual business owners who run their business themselves and have just hung out their shingle Since most people in these circumstances use a business name other than their own name it would be necessary to get a DBA For example if Mario wanted to open his own doughnut shop called The Perfect Doughnut he would need to get a DBA that asserted it was Mario doing business as The Perfect Doughnut This would allow Mario to receive checks made out to the The Perfect Doughnut and also sign checks under that name DBAs can also be useful to corporations LLCs and other business entities because it can permit them to do business under other names without having to form new organizations In this way more formalized business entities that are seeking to branch out into other businesses or industries can do so without forming new corporations or LLCs This can save money in the form of filing fees and time in the form of filing documents and maintaining the business entity throughout the year For example let s say Mario decided to form Mario s Tasty Treats LLC and started a doughnut shop Now he wants to start a sandwich shop too Instead of starting a separate company for the sandwich shop he can just file a DBA for Mario s Tasty Treats LLC doing business as The Perfect Sandwich Business Entity Benefits Forming a business entity such as a corporation or LLC along with a DBA provides excellent benefits for a business owner It allows an owner to have liability protection for their personal assets arrange taxation of their business in a way that is most beneficial for them and still permits them to use various names for their business endeavors MyCorporation can help simplify the process of filing the documents for setting up corporations LLCs and DBAs Call us today and let us help get your business started File a DBA Doing Business As for your business for as low as 99 Was this article helpful Get More Information Why Incorporate Incorporate In Another State When Should I Incorporate What is Involved In Forming A NPC Maintain A Business More Business Services Foreign Qualification Dissolution Withdrawal Reinstatement Amendments Entity Choice LLC vs corporation Choose the right entity Taxes corporation or LLC Business Formation Why incorporate Incorporate in another state When should I incorporate Where should I incorporate Maintaining a business Canada incorporation differences Corporation v LLC taxes What 501 c is right for you

    Original URL path: http://www.mycorporation.com/learningcenter/separate-business-entity.jsp (2016-01-08)
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  • Business Name Vs Trademark | MyCorporation®
    In fact a corporation can do business in another state where its business name is being used by another company by registering for a dba doing business as or Assumed Business Name or trade name depending on the state Most important to the distinction between a business name and trademark is the fact that a corporation can conduct business with the same name of another existing business Registering the business name with the Secretary of State merely protects that name from being used by another business within that state but not in another state Trademarks on the other hand are property Similar to any other tangible property the owner of a trademark has the exclusive rights to the trademark and can prevent another individual from using the trademark A trademark is also not limited to a business name but can also include a phrase logo symbol design image or a combination of these elements As mentioned above this mark cannot be similar to any other trademark A mark can use the same words as another mark as long as the marks are not deceptively similar By simply changing the font the font color or by adding a different image the mark may be trademarked by the federal government e g compare Apple Inc with Apple Corps Ltd However the trademark cannot tarnish the value of another trademark or blur the consumer s perception of the trademark with another Because trademarks include exclusive rights to the mark the application process is more complicated After applying to the U S Patent and Trademark Office the trademark undergoes an examination period that can last over six months Once all procedural and substantive issues are resolved the trademark is then placed in a 30 day waiting period where third parties have the opportunity to challenge the trademark through an Opposition Proceeding If no challenge to the trademark is substantiated the trademark is officially registered Unlike copyrights and patents trademarks have an unlimited lifespan How do i get a federal tax id for my business Generally businesses need a Federal Tax ID number or an Employer Identification Number EIN to legally conduct business Whether a sole proprietor or a corporation an EIN is necessary This number is used to identify a business entity for tax purposes and is fairly simple to obtain The IRS supplies multiple ways to apply for an EIN The traditional method is the fill out Form SS 4 can be downloaded from www irs gov and mail or fax it directly to the IRS The IRS has also supplied an online application that asks the applicant a series of questions regarding his her business This application must be completed within one session so it is important that an applicant has all necessary information available at the time of application A third party is allowed to apply for an EIN however that third party must be authorized by the business If a sole proprietorship or general partnership the sole proprietor or general

    Original URL path: http://www.mycorporation.com/learningcenter/business-name-vs-trademark.jsp (2016-01-08)
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