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Start Your Business
Company (LLC)
| S- Corp)
Need help deciding which entity is right for you?
The Benefits of
Launching with Fisher
Stone are Unmatched.
Types of Business Entities
Business Type
Features
Protections & Taxes
Negatives
Features
Allows the most flexibility in terms of management and structure
- Can have unlimited members
- Can be owned by another LLC, corporation, or any other legal entity
Protections & Taxes
Protects personal assets and liability from lawsuits
- Offers pass through taxation for business owners
- Requires separate tax filings
Negatives
Will require regular fees and forms to maintain
- Can’t go public
- Not recognized internationally
Features
Allows for issue of shares
- Shareholders must be US residents
- Owners only get common stock
Protections & Taxes
Protects personal assets and liability from lawsuits
- Offers pass through taxation for business owners
- Requires separate tax filings
Negatives
Will require regular fees and forms to maintain
- Requires a firm structure, with a board of directors
- Must keep records and hold annual meetings
Features
Allows for issue of shares
- Owners can get preferred stock
- Best option to eventually go public
Protections & Taxes
Protects personal assets and liability from lawsuits
- Taxed at the corporate level and at the personal level
- Requires separate tax filings
Negatives
Will require regular fees and forms to maintain
- Requires a firm structure, with a board of directors
- Must keep records and hold annual meetings
Features
Doesn’t require any setup or fees
- Can only have one owner
- May still require licenses or forms, depending on state regulations
Protections & Taxes
There is no personal liability protection
- Only taxed on a personal level
- Can complete taxes without a separate filing
Negatives
No limited liability protection
- No company structure or organizing documents
- Limited business rightsc
More ways we can help you with
your business
Frequently Asked Questions
If you’re on the fence about what type of entity is best for you and your business, look through these frequently asked
questions. If you still want guidance, you can schedule a free strategy session with one of our attorneys.
What is a limited liability company?
An LLC, or a limited liability company, is a business entity that shields owners and shareholders from some personal liabilities including debts, unlike a sole proprietorship or professional company. LLCs, however, are not corporations and are therefore not taxed directly. Instead, shareholders are taxed on their profits from the LLC.
What is the benefit of creating a corporation?
Corporations create several unique benefits in that corporations are a separate entity from their shareholders. This offers protection for the shareholders from all debts or lawsuits that the corporation may encounter, so long as the corporation conforms to their legal requirements. A corporation can only be legally sought after for its assets, not the shareholders’.
Is there a difference between a C-Corporation and an S-Corporation?
C-Corporations and S-Corporations vary in several ways regarding liabilities and taxation. An S-Corporation isn’t taxed directly on its net profit, but shareholders must pay for their income from the S-Corporation. A C-Corporation is taxed directly on its income and its shareholders are taxed on their profits from the C-Corporation. The advantage of a C-Corporation is it provides greater liability protection and tax benefits for shareholders.
Will I need any licenses or permits to start a business?
Permits and licenses are conditional based on which city, county, or state the business operates in. Having an attorney is vital for your business to remain legally compliant.