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Member You - The ABCs of the S-Corporation
Are you TIRED of Setting GOALS and NOT achieving them?You are not alone! In fact, only 5% of the population even has goals and fewer than that actually put pen to paper and write them down! So, kudos to you for even having the guts to write them in your journal!My intention is NOT to get caught up in expl
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on emplo
Motivational humorous speakers can help to motivate meeting attendees at your next event. Motivation has been defined as the deployment of physical, mental and emotional energy toward a specific task or goal. In pure psychological terms motivation is often referred to initiation, intensity and persistence of a specific
What is an S-Corp Exactly?
An S-corporation is basically a regular corporation (or C corporation) that decides to go with a special tax status. Forming an S-corporation lets you enjoy the limited liability of a regular corporate shareholder while paying income taxes as if you were a sole proprietor or a partner. Unlike a regular corporation, the S-corp itself does not pay any income tax. Here’s a closer look at some of the perks involved with forming this kind of business entity.
S-Corporation Benefits:
• Less Risk. An S-corp is said to have less risk from government audits as a corporation, as opposed to sole proprietor or LLC.
• Minimal Liability. As mentioned earlier, this is one of the biggest S-corporation benefits – having limited personal liability for business debts.
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on employ
Do you suspect that you have black mold in your Los Angeles home? Black mold is most commonly a greenish black color. In most cases, you can tell right away whether or not the mold in your home is black mold or not. While it is always advised that you get mold removed and taken care of, there are some types of mold t
What is an S-Corp Exactly?
An S-corporation is basically a regular corporation (or C corporation) that decides to go with a special tax status. Forming an S-corporation lets you enjoy the limited liability of a regular corporate shareholder while paying income taxes as if you were a sole proprietor or a partner. Unlike a regular corporation, the S-corp itself does not pay any income tax. Here’s a closer look at some of the perks involved with forming this kind of business entity.
S-Corporation Benefits:
• Less Risk. An S-corp is said to have less risk from government audits as a corporation, as opposed to sole proprietor or LLC.
• Minimal Liability. As mentioned earlier, this is one of the biggest S-corporation benefits – having limited personal liability for business debts.
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on emplo
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.One can use the concept of refinance a home loan for unlimited long term benefits. Liquidating home equity and
S-Corporation Benefits:
• Less Risk. An S-corp is said to have less risk from government audits as a corporation, as opposed to sole proprietor or LLC.
• Minimal Liability. As mentioned earlier, this is one of the biggest S-corporation benefits – having limited personal liability for business debts.
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on emplo
One of the biggest challenges for Canadian company owners is obtaining business financing. As a first instinct, owners usually try to go to the bank hoping for a business loan or line of credit. They soon find that qualifying for bank financing is hard, as the bank will demand collateral and three years worth of financ
S-Corporation Benefits:
• Less Risk. An S-corp is said to have less risk from government audits as a corporation, as opposed to sole proprietor or LLC.
• Minimal Liability. As mentioned earlier, this is one of the biggest S-corporation benefits – having limited personal liability for business debts.
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on emplo
Excavation and trenching are known as the most unsafe construction operations. Excavation is defined as any man-made cut, cavity, land clearing or trench in the earth’s surface formed by earth removal. A trench is defined as a narrow alternative excavation, which is deeper than it is wide, and is not wider than 15 feet
• Flexibility. With an S-corp, owners can use corporate losses to offset income from other states.
• Tax Benefits. You can save on employment taxes by taking distributions instead of salary. And with an S-corporation, there is no double taxation threat because the corporation is not a separate taxable entity. (I should mention that a handful of states do tax an S-corp like a regular corporation. You can check with your state treasury department to see if yours is one of them.)
What’s Next?
Now that we’ve answered the question, “What is an S-corp?” You should have a good idea whether or not it’s right for your company.
If you’ve decided to give it a go, you can proceed with the filing of regular corporation paperwork with the state (since the articles of incorporation are the same for the S-corporation.) Then, after you receive all the paperwork back from the state, go ahead and fill out the IRS form that’ll give you that special tax status we talked about. Of course, if you don’t feel comfortable doing this alone, you can consult an attorney, accountant or an online incorporation firm. For what should be a reasonable fee, they’ll be happy to help with paperwork and to answer your questions.
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