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Forming a business entity is an important way to protect yourself from liability and save money on taxes. Once you have selected the name of your company it is important to register it and choose the correct business structure.
An LLC or a Corporation protect owners from being personally liable for business obligations or debts.
Step 1 : Choose a Business Structure
LLC
Limited Liability Company
- Most popular business type
- It does not have double taxation
- You do not pay federal income tax
- Simpler administrative paperwork
CORP
Corporation
- More attractive to investors because you can issue shares
- Corporations are separate from the owners. The corporation pays income taxes on its profits or losses, not by the owners directly
- Can give you the ability to minimize payroll and self-employment taxes, resulting in significant savings in certain situations
- They generally have more formal record-keeping and reporting requirements
Step 2: EIN
After registering your company the next step to obtain an EIN, the EIN (Employer Identification Number) is a number assigned by the Internal Revenue Service that identifies the business entity operating in the United States of America.
You will need it to open a bank account, hire staff and pay taxes.
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