Business Formation
Corporation & LLC Setup For Small Businesses
Set up a Limited Liability Company or corporation for your business quickly and accurately.
If you are just getting started in business, we can help you decide what type of entity is most suitable for your situation. Based upon your circumstances and business industry, you may want to be an S corporation or an LLC. We will help you form the entity, complete S status elections on the federal and state level, obtain your employer identification number with the IRS, apply for a sales tax certificate of authority and setup payroll, if necessary. We stand behind the work we do. In the event you are selected for an audit, we will represent you at NO ADDITIONAL FEE on any business income tax return we prepare.
Bookkeeping & QuickBooks
We provide our online cloud-based solution to managing your businesses tax and finance information. Our simple-to-use system puts all the tools you need in your hands. Plus, our experienced CPAs will review your information, and help ensure your filings are accurate.
Tax Correspondence Representation
Corresponding with the IRS can be difficult, time-consuming and frightening. Our business services package includes tax representation for your business. Our CPAs will handle all the paperwork needed to keep you in good standings with the IRS.
Entity | Debt Liability | Taxation | Formation | Maintenance |
---|---|---|---|---|
C Corporation | Owners have limited personal liability for business debts. | Owners can split corporate profit among owners and corporation, paying lower overall tax rate. Separate taxable entity. Fringe benefits can be deducted as business expense. | May have an unlimited number of shareholders. More expensive to create than partnership or sole proprietorship. | Shares of stock may be sold to raise capital. Formality requirements (e.g. annual reports, minutes, meetings) are required to maintain corporate status. |
S Corporation | Owners have limited personal liability for business debts. | Owners report their share of corporate profit or loss on their personal tax returns. Income must be allocated to owners according to their ownership interests. Owners can use corporate loss to offset income from other sources. Fringe benefits limited for owners who own more than 2% of shares. | More expensive to create than partnership or sole proprietorship. | More formality requirements than for a limited liability company which offers similar advantages. |
Non-Profit | Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes. Contributions to charitable corporation are tax-deductible. Fringe benefits can be deducted as business expense. | Formality requirements (e.g. annual reports, minutes, meetings) required to maintain corporate status. Property transferred to corporation stays. If corporation ends, property must go to another non-profit. | ||
Professional Corporation | Owners have no personal liability for malpractice of other owners. Owners have liability for own acts of malpractice. | Option when certain states do not allow professionals to form a C Corporation. More expensive to create than partnership or sole proprietorship. All owners must belong to the same profession. | Formality requirements (e.g. annual reports, minutes, meetings) are required to maintain corporate status. | |
Limited Liability Company | Combines a corporation's liability protection and pass-through tax structure of a partnership. | IRS rules now allow LLCs to choose between being taxed as partnership or corporation. | More expensive to create than partnership or sole proprietorship. | Sale of member interests may take place per company policy. Significantly easier to maintain than a corporation. |
Professional Limited Liability Company | Same advantages as a regular limited liability company. Members have no personal liability for malpractice of other members; however, they are liable for their own acts of malpractice. | Gives state licensed professionals a way to enjoy those advantages. Members must all belong to the same profession. Not available in all states. | Sale of member interests may take place per company policy. Significantly easier to maintain than a corporation. | |
Sole Proprietorship | Owner personally liable for business debts. | Owner reports profit or loss on his or her personal tax return. | Simple and inexpensive to create and operate. No filing necessary. | |
General Partnership | Owners (partners) personally liable for business debts. | Owners (partners) report profit or loss on his or her personal tax returns. | Simple and inexpensive to create and operate. No filing necessary. | |
Limited Partnership | Limited partners have limited personal liability for business debts as long as they don't participate in management. | Suitable mainly for companies that invest in real estate. More expensive to create than general partnership. | General partners can raise cash without involving outside investors in management of business. General partners personally liable for business debts. |
Request a ConsultationSpeak With An Accountant
Whether you have a business or are thinking about starting a business, let Rosedale & Drapala handle all of your, tax and accounting needs. We have been working with local businesses just like you for over 25 years.
Our Services
We can help you with new business setups, bookkeeping services, QuickBooks, S Corporation, partnership and LLC tax preparation services. Tax compliance services including payroll and sales taxes.
Rosedale & Drapala, CPAs is a member firm in the Private Practice Division of the American Institute of Certified Public Accountants (AICPA).