IncFile.com - Business Incorporation Solutions

Forming a company can help entrepreneurs get their enterprises off of the ground, but can it also help the economy? The Small Business Administration reports that entrepreneurs lead the way in driving economic recovery, with small businesses creating 64 percent of net new jobs over the past 15 years.

A recent study from the Kauffman Foundation suggests that young companies create a disproportionate share of new jobs in the nation. This means that entrepreneurs who are just forming a company might be best suited to turn around the economy.

The Kauffman study shows that fast-growing, new companies comprise less than 1 percent of all businesses. Still, they make up nearly 10 percent of new jobs in any given year.

"While some new companies will undoubtedly fail, high-growth firms must be started somehow, and the more quickly they are launched and in larger numbers, the faster both output and employment will grow," said Robert E. Litan, vice president of research and policy for the Kauffman Foundation.

Filing an LLC might increase the chances that a new company will boost job generation and help lower the nation’s 9.7 percent unemployment rate. According to a report from Business Insider, LLCs bring more benefits to company owners when founders make new hires.

According to AllBusiness.com, one of the most beneficial aspects of business incorporation is perpetual existence. This refers to the ability of a corporation to exist even after shareholders die, retire, dissolve a business or merge with another business.

That sounds like a big benefit. But what does it really mean? The case of Carl Chuzy might shed a little light on how forming a company can give an entrepreneur a legacy – and help successors find success even if a founder is no longer with a company.

Chuzy was the founder of Carl Chuzy Co. – a colorful real-estate company that offered service in Wichita with an eccentric touch. Chuzy was known for his eager listening and his cream-colored Lincoln Towncar, which his staff kept outside of his office for some time after his death.

He had an established clientele, and his employees were in no hurry to change the company’s name and potentially alienate customers after his death. Keeping the name has enabled them to maintain a successful business even in Chuzy’s absence.

Moreover, it has made Chuzy a remembered and celebrated figure in his city. "Carl wanted to keep the name Carl Chuzy Co. in the public eye," his lawyer, Richard Foote, told BizJournals.com.

Business owners can build their own legacies by giving their enterprises perpetual existence through business incorporation. To learn more, entrepreneurs can visit online incorporation websites.

LLCs are one of the most commonly chosen business structures among entrepreneurs who are starting a company. With the help of online incorporation services, it’s simple to file an LLC, but it’s smart to know how to use this structure to its full advantage. Business Insider offers some insight on how to make the most of an LLC.

To start, the entity limits the responsibility of shareholders with respect to corporate practices. The structure protects entrepreneurs’ personal assets by separating the identity of the corporation and shareholders. This means personal savings, cars, homes and more are protected from creditors.

Tax advantages are another benefit of LLCs. Unlike many other business structures, limited liability companies don’t subject businesspeople to double taxation of profits on both the corporate and personal level.

While it may sound shallow, LLCs also look good. The suffix adds credibility to a company, making it more attractive to prospective clients. Perhaps even more importantly, the structure also looks good to investors, which could help bring in needed funds for starting or expanding companies.

Moreover, the source reports that LLCs might not only benefit an individual business, but they could also help the overall economy. In order to get the most benefits out of an LLC, entrepreneurs are encouraged to make new hires.

LLCs might not only benefit business owners, but they could help bring down the 9.7 percent national unemployment rate. With this in mind, entrepreneurs might consider filing an LLC to help the small business community live up to the expectation that it will generate new jobs and lead the way to economic recovery.

According to a report from Leagle.com, Frazao Building Corporation couldn’t get a job done – but the owners were never failed. In 2009, the company was sued for leaving incomplete construction work in the hands of a client. A disgruntled client sought damages, but the courts would have none of it.

In the ruling, the judge said there was no "wrongful or deceitful intent" on the company’s or owner’s part. The judge refused to to hold the business shareholders responsible and decided that the construction company didn’t do anything illegal – ruling "no fraud was committed that resulted in an injury to the plaintiff," reports the source.

The corporate veil is hard to pierce, and what might be very costly suits against proprietors often amount to nothing but legal fees. While this is not to say that the company in question was right to abandon the job, all businesspeople can make mistakes. This is an extreme example of the benefits business incorporation may present an entrepreneur.

Leagle.com says that courts will rarely rule against a corporation, usually only in "exceptional circumstances" that might indicate companies are just a shell allowing citizens to perpetuate fraud.

In light of this, it might be smart for business owners to consider forming a company. In addition to protection against angry plaintiffs, certain entities – like LLCs and S corporations – come with a number of tax benefits that can help a new company get a strong start.

For entrepreneurs interested in forming a company, it’s important to learn the basics about business – and business formation – in order to turn a great idea into a great corporation. Entrepreneur.com offers some insight entrepreneurs should consider when pursuing business incorporation.

To start, it’s important that prospective business owners start to think in numbers. It’s essential to know the size of a targeted market, current profit margins for similar businesses and the number of existing competitors before starting a business. Also, start thinking in terms of finance dollars. According to the source, it’s usually 30 to 35 percent more expensive to start a corporation than entrepreneurs expect.

Next, entrepreneurs should focus on sales skills. Even if making sales will eventually be hired out, business owners will be expected to be able to make sales and this is a useful skill for all startup leaders to posses.

Entrepreneur.com also says it’s critical for prospective business owners to learn about the process of business incorporation. Whether they hope to file an LLC or a C corporation, entrepreneurs should understand the legal aspects of creating a business and the benefits of incorporating different business types.

In addition to being a savvy move that paves the way for investors to support a startup, incorporation generally results in business owners making more money, reports the Medical Encyclopedia.

Entrepreneurs are likely finishing up their 2009 tax filings. As they prepare to leave last year’s finances behind them, it might be wise to look ahead to tax trends for 2010. One small business resource center offers some insight on what the coming tax year may hold for the small business community.

To start, they predict higher taxation rates. The source says experts predict that small businesses will pay higher taxes to cover the cost of healthcare reform. Additionally, state and local taxes may increase as communities work toward economic recovery.

The source also theorizes that tax enforcement will be strong in 2010. The House of Representatives has approved a $5.5 billion increase in the IRS budget for 2010 which might mean the agency will approve more tax audits.

This may sound like a lot to handle, but business owners might be happy to hear that another predicted change for 2010 is an increase in the advantages offered by business incorporation. With a changing tax climate, incorporation tax savings may mean it’s a better time now than ever to start a company.

Entrepreneurs who act fast can take advantage of the recently passed Small Business and Infrastructure Jobs Tax Act that promises to bring new tax benefits to startups.

As entrepreneurs celebrate the recently passed Small Business and Infrastructure Jobs Tax Act, which increases tax credits for startups, they also wait to see the impact of a new measure Congress has proposed. Congress plans to raise the taxes on high-income individuals, returning the top two marginal tax rates from 33 and 35 percent to 35 and 39.6 percent, respectively.

The proposed legislation has caused some debate partially because officials worry about the potential consequences of the tax increases on business formation rates. Yet many believe there will be no impact on overall incorporation – perhaps just a switch in the types of business entities formed.

Supporters believe that the tax will not impact the small business world as a report from the Urban Institute-Brookings Institution Tax Policy Center shows that less than 2 percent of small business owners have been subject to the top two marginal tax rates since 2007. Moreover, the proposed legislation does not directly change the top corporate tax rates.

If it has any impact, the TCP believes it will lead to a shift toward C corporations. C corporations and shareholders might not be the business entity least likely to be affected by the change.

Entrepreneurs starting a company may find there are a number of advantages of starting a C corporation in addition to the tax savings. According to a report from Inc.com, businesses that need substantial startup funds or expansion capital will likely find venture capitalists are more likely to invest in a C corporation.

For entrepreneurs ready to start a corporation, navigating different benefits of different business types can be tricky. Luckily, the Wall Street Journal recently discussed why some businesspeople find S corporations are best.

S corporations provide liability protection while still allowing business profits to pass through the shareholders’ personal tax returns. This means businesspeople are protected from the doubles taxation that C corporation owners incur.

To make the most out of S corporations, the source advises business owners to pay themselves a reasonable salary which is subject to affiliated to payroll taxes. This renders the dividend the owner takes free of employment taxes and it isn’t subject to a corporate tax rate.

As with any formal entity, it’s important to keep careful records in the event of an IRS audit, but proper documentation can mean legal salary savings. The source says the only difference between setting up an S corporation and any other company is the necessary selection of S status on a special IRS form.

This insight might really help new business owners get off to a strong start. The Christian Post says forming an S corporation is a top tax tip for 2010 to bring successful IRS representation. The source says its often tax advantageous even for businesses that are already set up as LLCs or C corporations to consider converting to an S corporation.

Entrepreneurs who are starting a company know there are many things to worry about – from effectively marketing products to finding the right employees. But potential lawsuits and loss of personal property might not have to be a concern for business owners who incorporate their companies.

The corporate veil is hard for plaintiffs to pierce. According to a report from VirginiaBusiness.com, a court refused to impose liability on a shareholder of a business for an improper corporate sale of property. The judge said the company – not the selling agent – was responsible.

As this court case illustrates, limited liability is a major advantage of business incorporation. Forming an LLC – or a number of other entities – can protect founders’ assets, and it also limits shareholders’ liability to the funds they invest in the company.

At the same time, the company itself is guaranteed the same rights of an individual. Corporations are capable of filing lawsuits or owning property. In fact, corporations can have more advantageous tax benefits than individuals. For instance, incorporated businesses can have lower tax rates, more flexibility in deduction benefits and the option of tax deferral.

Protecting personal finances might be an especially important consideration in trying times as it could make business owners more daring in their endeavors. According to a report from the Kauffman Foundation, entrepreneurs’ fear of risk-taking is one of the greatest barriers to startup success.

Entrepreneurs are likely aware of the fact that business incorporation is a good way to protect personal assets. It’s important to understand the nuances of different entities to ensure that the best model for a company is chosen.

Inc.com offers some tips on which entity might be the best fit for a business. The source says many small businesses choose to start as an LLC. LLC companies don’t require formal meetings, and they generally have minimal paperwork.

S corporations are another popular choice for entrepreneurs. Like LLCs, S corporations are "pass-through" entities, meaning businesses are not taxed; instead, profits and losses are filed on individual shareholders’ tax returns. This saves business owners from "double taxation" which sometimes occurs with companies.

C corporations, on the other hand, do get hit with double taxation. They are less common with small businesses. Generally, C corporations are used by larger companies. Still, Inc.com reminds entrepreneurs that C corporations can offer some very handy, unique benefits to small business.

The entity gives a business the chance to use a medical reimbursement plan, as medical expenses can be deducted while shareholders enjoy the benefit tax-free. Additionally, businesses that need substantial start up funds or expansion capital will likely find venture capitalists are more likely to invest in a C corporation.

This may be especially useful for young businesses as funds could be harder to come by in the near future. Legislation recently proposed by Senator Dodd might render a number of angel investors no longer credible.

Even with President Barack Obama’s recent allocation of $30 billion to banks that make loans to small businesses, many entrepreneurs reportedly struggle to find sufficient funds. Additionally, recent legislation proposed by Senator Dodd might render a number of angel investors no longer credible.

A report from Fox Business offers some insight on how business owners might become more appealing to lenders in trying times. To start, it’s important to have a solid business plan for lenders to review. This will also help an entreprenuer stay on track with business goals.

Another important thing to remember is that a credit score says a lot about a businessperson’s financial responsibility. Checking a credit statement and knowing personal weak sports in advance can help an entrepreneur head off concerns a lender may have.

These factors are important, but the source reports that business incoporporation may be the best way to secure funds. When lenders understand an entrepreneur has taken legal measures to protect themselves and their business associates, they may feel more comfortable about making an investment with a new firm.

Moreover, adding Inc. or LLC to a business name adds instant credibility – not only to lenders, but also to potential business partners, employees and customers. The source suggests incorporation makes it clear that a company means business and is not just a hobby.

To learn more about inexpensive options for forming a company, entrepreneurs can visit online incorporation sites.

America may be on the path to national recovery, but the Bureau of Labor Statistics reports that the unemployment rate lingered at 9.7 percent last month. Economists look to small businesses to help generate new jobs, and now entrepreneurs might be getting some help in accomplishing this goal thanks to a new bill aimed to encourage new business formation.

Congressmen Frank Kratovil co-sponosred the Small Business and Infrastucture Jobs Tax Act of 2010 which recently passed by the House of Representatives. The bill increases the tax deduction for startup business expenses from $5,000 to $20,000, reports ABC.

"This legislation is another important step this Democratic Congress is taking to strengthen the American economy, assist small businesses and create jobs," said Ways and Means Committee chairman Sander M. Levin.

With these new tax benefits, it might be wise for entrepreneurs to invest in business incorporation. The funds used to incorporate can be negated by the new tax deductions and the investment could really pay off down the road.

Creating a formal business entity entitles business owners to a number of tax benefits and it can protect personal assets. Entrepreneurs can visit online incorporation sites to learn more.

Even as the nation moves toward recovery, the economic climate has caused a number of economic losses for business people. Still, it’s not too late to protect personal assets from any potential business losses.

A report from Resource Nation offers entrepreneurs some tips on how to be proactive about protecting personal assets in tough economic times. The first and foremost step in an asset protection plan is to make sure that a business is properly incorporated as either an LLC or a Corporation.

For business owners who have not yet incorporated their entities, it would be wise to seek the counsel of professionals at incorporation services. Online incorporation companies usually offer fast and inexpensive filing procedures.

The next step to asset protection is complying with all record-keeping requirements. This includes state filings, records of meetings, bank account statements and more.

Once these measures are in place, business owners can consider advanced asset protection strategies. There are certain states that allow Limited Liability Companies to apply for "charging order" protection to maximize the security of personal assets.

Following this plan for protection of personal property might help many business owners limit their liability in a tough climate. Entrepreneurs might also note that incorporation not only protects personal finances, but additionally offers tax benefits that might help them save corporate cash in the midst of recession.

A recently released survey from Georgetown indicates that S corporations owned by employees through employee stock ownership plans (ESOPs) might be the most resilient companies in recessions.

The study reviewed the performance of S corporations in 2008 and found that these entities provide considerable benefits to workers and business owners. The results demonstrate that S corporation ESOP structures outperformed other companies with respect to job creation, providing for workers’ retirement and revenue growth.

Entrepreneurs who intend to start a corporation might consider these findings and form an S corporation. The study’s authors say their report suggests, "[S corporation] ESOPs hired and grew their businesses when other firms were shrinking."

In addition to outstripping the competition, S corporations offer entrepreneurs a wide range of tax benefits. For instance, S corporation losses – like those often incurred in startup years – can be claimed on shareholders’ personal income tax returns as tax deductions.

To learn more about the benefits of S corporation and forming a company, future business owners can visit online incorporation sites.

Is forming an LLC or corporation in Nevada or Delaware the right choice for my business?
The states of Delaware and Nevada have become popular destinations for incorporation formations. There are several reasons for this. For one thing, the state of Delaware has very strong history of corporate case law that is very favorable to business. This is why most major US corporations are headquartered there. Another advantage is that each of these states does not levy corporate taxes to corporations and LLCs that conduct business outside of the state.
What many incorporation service providers whose core business is concentrated often leave out is a very important piece of information that can have significant ramifications to the uninformed consumer. A company that is formed in one state and conducting business in another is not officially recognized or authorized to conduct business in that state. A corporation, LLC, or other such entity is organized under the statutes pertaining to business entities within that state and the authority to conduct business does not necessarily extend to any other state.
In order to legally conduct business in a state other than that in which the corporation or LLC was formed, a company must file what is typically known as a foreign qualification in each state where a nexus exists. While this may make sense for a multi-million dollar corporation with locations in multiple states, it does not necessarily extend to small business owners. In order to obtain a foreign qualification in a state as a foreign corporation or LLC additional filing forms and fees must be filed within each target state. Furthermore, upon obtaining rights to conduct business in that state the foreign company is subject to the same taxes and laws to which domestic (in-state) entities are subject, therefore negating the benefits of filing outside of the home state in the first place.
Additionally, both Nevada and Delaware levy annual taxes in the form of annual reports, which cost $125 in Nevada and a franchise tax in Delaware which varies depending on whether the entity is a corporation or an LLC. Another annual fee that is also overlooked by incorporation service companies is the registered agent fee which can be anywhere from $99 to $300 per year, depending on the company providing the service within a given state. Maintaining an agent is mandatory, and if an agent is not maintained it will result in the administrative dissolution of your LLC or Corporation upon the resignation of the registered agent.
The state filing fees to register as a foreign corporation can be quite substantial as well, Texas for example charges $750 to file a foreign qualification while the fee to file as a domestic entity is only $325. The truth is that in the long run filing a company in a state outside of your home state can end up being much more expensive than filing it in the home state to begin with, while providing no financial incentive to do so. In essence, the person who chooses to file in Delaware or Nevada may be required to meet the compliance and ongoing requirements of the two states, instead of just one.
While many individuals choose to file in these states without registering within their home state without incident, they ultimately jeopardize the advantage of incorporating sought in the first place, which is the limitation of their personal liability. If a corporation or LLC is registered in the state of Delaware but conducts business in California and neglects to register they could find that any and all liability could accrue to them personally in the event that a legal judgment was made against the company. This is because the state will not recognize the unregistered foreign corporation legitimacy thus piercing the corporate veil of the company.
While we are merely a filing company and have no personal incentive in swaying our clients to file in one state over another we do feel it is important to disclose this information to our clients and site visitors in the hopes that they will can avoid committing to a decision that for the majority of business owners could be a short sighted solution with potentially negative long term consequences and higher long term liabilities. If you would like to discuss this matter in further detail with one of our incorporation specialists feel free to call us anytime as we would be more than happy to answer any additional questions you may have.

The need for compliance with government requirements only gets more important after forming a corporation or LLC. Very often the corporation or LLC was set up in the first place to help protect personal assets and provide tax-deductible benefits for owners and employees. Failure to satisfy these ongoing requirements, however, could result in the organization losing those very benefits.

Small business owners are especially at risk of stumbling into this particular pitfall. Since they are often overwhelmed with the multiple facets of their business’ day-to-day operating needs, they may not know how to avoid noncompliance and the resulting crippling or fatal business consequences. IncFile.com can help.

Corporations and LLCs have both internal and external ongoing requirements. The internal requirements must be met by the directors of the corporation or the members of the LLC, and then documented in company records. External requirements are those imposed by the state in which the LLC or corporation was formed; these often include, at a minimum, an annual (every year) or biennial (every two years) filing with the state, as well as some kind of fee.

Internal Requirements

Internal requirements are frequently overlooked, but are vitally necessary to effective decision-making and communication within the organization. A corporation has more internal requirements than an LLC; these include holding and properly documenting director and shareholder meetings, adopting and updating bylaws, issuing stock to shareholders, and recording stock transfers. While these actions are not specifically required for an LLC, it’s still a good idea to adopt an operating agreement (and keep it up to date with amendments as needed), issue membership shares, record interest transfers, and hold annual meetings.

Owners use a consolidated corporate records book to organize and maintain important corporate documents such as articles, bylaws, meeting minutes, resolutions, stock certificates, deeds, and so on. Many business owners use a Corporate Kit or LLC Kit for organizing and maintaining these vital records. Many businesses also use a metal or rubber corporate seal—the kind that leaves the company name in raised letters on a document—to signify that the document is an authorized, official transaction of the corporation. These can be obtained as part of a corporate kit or from a stationery store.

Bylaws lay out the corporation’s basic operating principles; they should be planned for and drawn up as part of the incorporation process. It is not required to file the bylaws with any government agency, but a corporation is required to have at least an initial and annual meetings, adopt bylaws, and keep minutes of the meetings, and keep these on file with the corporate records. Bylaws are important because they set down formal rules for such things as: when and how meetings can be held; notice, quorum, and voting rules for meetings; how decisions can be reached and recorded outside of meetings; basic titles and responsibilities of corporate officers; and the requirements for providing periodic (usually at least annual) information to shareholders.

In short, bylaws are the corporation’s major decision-making and operating procedures set down on paper. This can help owners refine and improve their common practices, and can also serve as a “referee” when uncertainty or disagreements arise on what the official solution is to a given situation or need. Bylaws also give your firm credibility in the eyes of shareholders, creditors, potential investors, other businesses, and even the IRS. Owners should take care, though, to make sure their bylaws do not conflict with their state’s Business Corporation Act or its equivalent.

If the board of directors is not already appointed in the articles of incorporation—a requirement in some states—the initial board’s names and addresses will need to be listed in a separate document. These directors will serve on the board until the first annual shareholders’ meeting, when a new board will be elected.

One of the new corporation’s most important tasks is to prepare minutes for the first board of directors meeting. This first meeting is where several key company actions should be approved, such as electing officers, adopting bylaws, selecting the main office or headquarters location, choosing a bank for corporate accounts, the accounting period or fiscal year, initial tax elections, and issuance of initial shares of corporate stock. Normally the groundwork and supporting research is done before the actual meeting, although the board can change or amend the minutes as prepared if they vote to do so. Any of the initial directors can prepare the minutes, but the entire board must sign them at the meeting, incorporating any amendments or changes as needed.

Thereafter, at a minimum, the corporation must hold a shareholders’ meeting and a board of directors meeting at least annually; accurate, complete minutes for both are essential, because these documents will be used as reference materials for future decisions. Remember: “If it’s not written down, it didn’t happen.”

A limited liability company, on the other hand, comes officially into being when its articles of organization are filed with the state’s LLC office. The articles contain basic organizational information about the LLC, such as its name; whether it’s managed by its members or by selected members called managers; the name and address of its members; and where its office is.

Next to its articles of organization, the most important document for an LLC is its operating agreement. This isn’t required by the state (except for New York)—but it’s a key internal document that officially records how the LLC will run. It is very much the same as a partnership agreement; except for an LLC it is called an operating agreement. It lists the members, how much each member has invested, how profits will be divided, and how much weight each member has when matters come to a vote. It may also specify requirements for meetings (notice, quorum, voting rules, etc.) and the like, but it doesn’t have to. Normally, however, the operating agreement does include state-mandated requirements.

 External Requirements

External requirements usually consist of a periodic report to the state and some kind of fee. Most states require corporations and LLCs to file an annual or biennial statement or report, along with an associated filing fee of some kind. LLCs may also be liable for payroll tax, property taxes, sales and use taxes or “seller’s permits,” or business license renewals. Other state or local filings, such as business licensing or state or municipal tax registrations, may also be required. Owners will also still file their individual state and federal income tax returns.

Some states also impose a franchise tax—basically a fee paid by the company for the state’s permission to operate there. Different states use different methods to calculate the franchise tax; it may be based on revenue, or on some measure such as a corporation’s total number of authorized shares and their value.

Each state has its own deadlines for annual statements and franchise taxes. Some states determine these based on the formation anniversary of the corporation or LLC. Other states set one deadline for annual statements for all corporations and another for all LLCs. Business owners need to know how and where to research these requirements so that they can plan for them before incorporating, and then keep up with changing requirements as their business continues to operate and progress.

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For any business, paperwork is inevitable.

And to almost any business owner, this means there are tens if not hundreds of different forms and paperwork you must fill out in order to be in “good standing” with the government, the IRS, and more.

One such form deals with the Employer Identification Number (EIN).

What is the EIN?

Also known as the “tax id number”, you can think of the EIN as a social security number for your business.

Look at it this way: people need a Social Security Number. Why? Because is probably the most definitive form of ID you have, and you can’t do anything without it. You need it to open a bank account, apply for credit cards, get a marriage license, etc.

The point is; you need that 9-digit number for virtually everything.

Here’s one quick example: it’s simply too hard for the IRS to keep track of the myriad of business names when it comes to payroll taxes and such (how many “Tony’s Pizza” do you think there are?)

Another example is buying goods in many cases / states, you will not have to pay sales tax if you are buying items for resale. The proof you need? You guessed it, your EIN.

When forming a new business, an Employer Identification Number must be applied for.

If you either:

• Have employees
• Operate as a Corporation or a Partnership

File one or more of the following tax returns:

• Employment
• Excise
• Alcohol, Tobacco, and Firearms

• Withhold taxes on income paid to a non-resident alien
• Have a Keogh plan

Or involved with any of the following types of organizations:

• Trusts and estates
• Real-estate mortgage investment
• Non-profits
• Farmers Cooperatives
• Plan administrators

then you will need an EIN.

To get an EIN, you will need to fill out the IRS form SS4.

There are also circumstances in which you will have to apply for a new number. Your EIN must be changed if:

• Your existing business is purchased by another individual, creating a sole-proprietorship.
• A sole proprietorship, partnership, corporation, or LLC changes from one to another.
• The owner of a company passes away, and the estate takes over the business.

Click here to have IncFile obtain and email you a FEIN / Tax ID Number.