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S Corporation

13 posts
choosing a business structure
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4 Factors to Consider When Choosing a Business Structure

Structuring your business is one of the first—and most important—decisions you make in your entrepreneurial journey. Your business entity impacts everything from taxes to daily operations. But if you’re just starting out, you might not know what to look for in a business structure, and that’s OK. We have your cheat sheet right here.  StartupNation exclusive...
s corporation
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3 Key Benefits of an S Corporation Election

The deadline for S Corporations to file their annual tax returns is March 15, which means businesses with an S Corp election need to file Form 1120S and Schedule K-1. These forms, respectively, outline the financial activity of the S Corp in the last calendar year and detail the share of income, deductions and credits...
e-commerce side hustle taxes
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What You Need to Know About Taxes for Your E-Commerce Side Hustle

E-commerce sales have been on the rise in the U.S. over the past couple of months due to the realities of the coronavirus pandemic. According to a new SpendingPulse report from Mastercard, U.S. online retail sales jumped by 92.7 percent in May and consumers spent more than $53 billion via e-commerce in April and May....
incorporate
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How to Become Incorporated and Why to Incorporate Your Business

On your small business journey, you will encounter many forks in the road. Choosing the right direction for your company as it matures may seem daunting at times. One of the “forks” you must consider is whether or not to move your business from its default sole proprietorship status to another type of legal entity....
franchise
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What to Know About Opening a Franchise at Any Age

Investing in a franchise can be done at any age and for any type of career in transition. Whether you’re a millennial or a baby boomer, there’s ample opportunity available to become a franchise owner. However, owning and operating a franchise as a baby boomer is certainly a different experience as opposed to getting started...
corporations
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Corporations vs. LLCs: What’s the Difference When Structuring a Business?

When you are starting a business, the legal structure you choose for it is a critically important decision. It will affect things like the cost of operating the business, its taxes, the potential for you and any other owners of the business to be held financially liable for problems it may develop, as well as...
Business entity
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Learning the Ins and Outs of Business Entity Formation

Throughout my career, I have received many questions around business entity formation. There are many different types of business entities, including partnerships, professional organizations, sole proprietorships, corporations and limited liability companies. I have often noticed a misconception of how and where entities are formed, so let’s take a few minutes to learn the ins and...
Personal liability insurance
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Do You Need Personal Liability Insurance for Your Business?

Everybody, whether they are business owners or not, should be covered by personal liability insurance. While it won’t cover business activities, business owners can use it as a safeguard for their finances and business assets. For example, if a neighbor went onto your property and got injured, your personal liability insurance would cover it. That...
Corporations
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Why Your Corporate Structure Matters More than You Think

When you’re in the process of legitimizing your startup, it’s easy to get swept up in the jargon and not fully understand the difference between the entities. You might be familiar with LLCs and corporations, but what about everything else that comes after that like the B Corp., C Corp. and S Corp.? What’s the...
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Business Structures: The Facts & Figures

What business structure should you choose? Although there a lots of very important questions that a business owner, or owners, must ask when starting a business, perhaps of one of the most important is: How should I legally structure my business? In general, there are three principal considerations when choosing a business structure: (1) liability,...
startup mistakes
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Avoid the Top 4 Startup Mistakes When Incorporating

During the initial months of the year, savvy entrepreneurs rush to incorporate their businesses. And with good reason, a corporation or LLC is essential to protecting one's personal assets from any liability of the company. After all, if you're sued as a sole proprietor or partnership, you're sued personally - and that puts your personal...
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Business Financing and Structure

One of the most important, and yet the least understood part of your business financing is how your business will be structured. You can choose one of six options: Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Company, C Corporation or S Corporation. You will find that each of these differ to the degree of...