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Stress-Free Payroll Is Just a Click Away
Running a business is complicated, especially if you're a first-time small business employer. Don’t get overwhelmed — get the help and support you need to accurately and efficiently calculate payroll taxes. Our free employer tax calculator simplifies the process and reduces the legwork and hassle of doing it all yourself.
As an employer you’re responsible for the following taxes:
- Medicare Tax $-
- FUTA $-
- State Unemployment Tax $-
- Employment Security Enhancement Assessment (ESA) $—
- DISABILITY TAX $—
- State Specific Tax $—
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3. You Want to Take on Business Partners
If your business was a sole proprietorship or LLC during the early stages of growth when you were just a single person running the company, you might want to reconsider your choice of business entity if you decide to work with business partners. Many business owners decide to share their resources and ideas with other business partners as their companies get bigger — merging your business with another person's expertise is a good way to grow your influence and your revenue potential. But if you have decided to take on business partners, you might want to set up an S Corporation, which can have up to 100 shareholders (as long as these shareholders are all U.S. citizens or legal residents of the United States).
4. You Want to Achieve Massive Growth
If you are running a fast-growing company, sticking with an LLC might not be the right choice. If you have big ambitions for your company, want to hire hundreds of employees, envision becoming publicly traded, and plan to achieve significant business valuation, you might want to set up a C Corporation. The C Corporation is often the best entity choice for small businesses that want to get bigger. This is due to its structure being most appealing to investors, its lack of limitations on ownership (you can have U.S. or international shareholders in your C Corporation), and its ease in issuing shares of stock. If you dream of holding an IPO (Initial Public Offering) and seeing your company name on Wall Street, you should set up your growing business as a C Corporation.
As your business expands, you'll no doubt encounter new challenges and exciting opportunities. Business owners are constantly having to evolve along with the changing circumstances of their business, which is one of the most fun and educational aspects of running a company. But as your business grows, don’t feel like you have to stick to the same business entity that you started with. You might realize that you need to change your business structure in order to manage new risks or capitalize on new growth potential.
Whether you need to form an LLC, set up an S Corporation, form a C Corporation, or otherwise alter your business operations, don’t hesitate to make a change that will benefit your business and keep your company thriving for years to come. Incfile can help you make all these changes to both start your company and manage its growth.