Frequently Asked Questions About Business Formation
Since 1985, businesses have trusted Bononi & Company, P.C., with all of their business needs. Trust us when you need high-quality, experienced legal advice. Here are some of the frequently asked questions our lawyers receive about business formation:
What Is An LLC?
A limited liability company (LLC) is a type of business organization. Generally, an LLC can protect the business owner from liability, but it also allows you more flexibility in running your business. However, an LLC does not offer absolute shelter from corporate or personal liability. You want an experienced attorney to explain your options before making a final decision. Trust our team to provide you with answers and solutions for all of your questions and concerns.
What Is A Corporation?
A corporation is a legal entity. As a legal entity, a corporation enjoys mostly the same rights as an individual. There are many types of corporations. Trust us to help you navigate your selection of the corporation that is right for you and your business.
What Is The Difference Between An S-Corporation And A C-Corporation?
This is a designation for how a corporation will be taxed. Generally, an S-corporation designation means that all of the business income/loss is passed through to the owners each year. A C-corporation designation means that the owners pay personal income tax on the profits and the business itself must pay corporate income taxes. Our unique team of attorneys and accountants can explain the pitfalls of your designation choice. Do not make a choice until you consult with our team.
What Type Of Business Do I Need To Create?
This is a tough question. Our team can provide the insight needed to answer this question. However, generally you want to look at a few considerations when choosing an organizational structure for your business. You will want to consider how you want to be taxed, how will you issue stock, how will you manage the business, potential liability, and how and who will be investing.
What Is A Nonprofit Corporation?
A nonprofit corporation is a tax-exempt entity. It is formed under the Internal Revenue Service Code Section 501(c)(3). These corporations are generally formed to carry out charitable purposes. Our team has experience representing these types of business entities. Trust us to assist your nonprofit.