What is incorporating?
Most questions that people have is wither or not they need to be incorporating. The answer is that yes you do need to be but the better question is what type of corporation you need to file for. Each corporation has it’s pros and cons. So it all depends on what benefit best suits your needs.
- S Corporation: An S corporation (sometimes referred to as an S Corp) is a special type of corporation created through an IRS tax election. An eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation. (Click here to get more info from the IRS.)
- C Corporation: C corporations are an alternative to S corporations, where profits pass through to owners and are only taxed at the individual level, and limited liability companies, which provide the legal protections of corporations but are taxed like sole proprietorship. (Click here to get more info from the IRS.)
- Limited Liability Corporation: A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. (Click here to get more info from the IRS.)
We specialize in incorporating with the Department of State and can help you with any question as far as what corporation we think should be best for your business. We can help with several other aspects as far as obtaining the IRS FEIN number. We can also obtain the Certificate of Authority from NYS Department of Taxation & Finance. If you have any question please feel free to contact us.