LLC, Series LLC, C-Corp, S-Corp, 501(c)3 - Reasons to Pick One Now
If protecting what you have worked so hard for is important to you, then you need to incorporate your business. In today’s litigious society don’t risk losing what you have built. Here are a few of the top reasons to incorporate your business now.
Protect Your Personal Assets
You are in business so that you can create wealth, leave something for your kids, and have something for yourself. But in one moment, and it doesn't even have to be your fault, all of that can be taken away from you. Keeping what you have worked so hard for, so that you can build on it and pass it on, is why it is imperative that you incorporate your business. Incorporating creates a separate distinct entity from you, individually. This separate entity is what you will use to enter into contracts and transact business. As long as you keep your business separate from your personal, your business will keep your personal assets protected.
Your assets are anything of value that belongs to you, including your bank accounts, house, and other personal belongings of value.
Tax Advantages
Did you know when you do not incorporate you pay a self-employment tax in addition to your standard federal income taxes? The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). When you incorporate your business, and pay yourself through your business, you don’t have to pay self-employment tax. Different corporate entities - LLC, C-Corp, S-Corp, each have different tax advantages. I conduct a risk assessment with each client to help them determine which corporate structure would be best for them.
Funding/Financing
If you have aspirations to grow your business then you may have to secure financing to help with real estate, working capital, equipment, etc. In this case, you will certainly need your company to be legally established to ensure that the lender is lending to your business and not to you personally. Lenders and investors also want to make sure your business is legitimate and registered with your state.
Building Your Team
Incorporating your business is just the first step. Maintaining your business and growing it is what comes next. You will find yourself needing legal and business guidance along the way. That is why establishing a relationship with an attorney from the start is a true benefit to your long-term success. From guidance, resources and ongoing support, it's more beneficial to you personally and to your business if you have an attorney incorporate your business and counsel you through your journey. Great businesses have great teams - so build yours today by allowing me to incorporate your business. Whether LLC, Series LLC, C-Corp or S-Corp, I will counsel you on the right corporate structure and add value to your business team from the start!
Our Packages
With any of our business formation packages, whether a Limited Liability Company (LLC), Series LLC, C-Corp, or S-Corp, a risk assessment consultation is included to help determine the best corporate structure for you. You will also get an operating agreement and EIN number so that you can hit the ground running! I give you everything you need to walk into a bank and open up an account and start transacting business. We can also incorporate your business in any state. Contact the Law Office of Alexis Hart McDowell to incorporate your business today.
