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Business Consulting
We provide business consultations to determine best entity selection weighing tax ramifications, company maintenance and support, short and long term strategic plans, business plan, budgets and associated resource allocation. Business planning is often conducted when:
Sole Proprietorship The business is the same as its owner having no legal separation or existence pertaining to assets and liabilities. This is not an entity as the owner and business coexist and are filed together on an individual tax return. General Partnership This arrangement occurs where two or more individuals or other persons and/or entities agree to share ownership, assets, liabilities and management while conducting business as partners. A formal agreement is not required where intent can be shown. The risk exposure is unlimited to each involved party. Limited Partnership This is usually used by investors and is conducive to raising capital in business arrangements. There is at least one partner (limited partner) who will not be active in the business; therefore, there are limits to personal liability. There is at least one General Partner to whom personal liability for partnership obligations is bestowed and accepted. Limited Liability Partnership (not available in every state) This entity provides limited liability for some or all partners resembling a corporation. This may be restricted in some states to certain professionals, such as lawyers, accountants and architects. Limited Liability Company This entity is allowed in all 50 states. Owners of an LLC have same liability protection as a corporation while maintaining operational and tax treatments of a Partnership. Limited Liability Limited Partnership This entity consists of general partners and limited partners combining favorable flow-through tax liability available to general partnerships with limitations on the liability of the partners. C-Corporation A legal entity governed by state law, that exists separate and apart from those individuals who created it. It is an invaluable asset protection tool because it shields all of its participants from liability for the debts of the business. Properly structured, a corporation can provide the maximum protection against liability from third parties while offering the most attractive tax benefits to the owners of the business. S-Corporation All corporations begin as a C corporation, but may elect S status with the IRS. C and S corporations are distinguished by how their income is reported. Tax Exempt Organization 501(c)(3) Status is determined by the Internal Revenue Service to be exempt from federal corporate income tax. IRC § 501(c)(3) nonprofits must be organized for religious, charitable, educational, scientific or literary purposes. Additionally, this entity is eligible to obtain tax-deductible contributions from donors and other benefits not available to other tax-exempt nonprofit organizations. Trusts (various) Written legal document, which forms a separate entity. Assets are placed in trust and distributed through a estate administration process. The items held in trust will not undergo Probate Court proceedings or cost to effectuate distribution to intended heir. Business/Corporate Services Back Office Support Service in areas of:
Buy-Sell Agreement Home Based Business Foreign Qualification Self-Directed IRA Contact Management Service Registered Agent Service Amendments Wyoming Business Presence Nevada Business Presence Bookkeeping Solutions Business Credit Builder Program Back Office Support and Legal Assistance For a FREE Business Risk Assessment or Additional Information, Contact us via telephone at 619-955-7422 or LegacyPlanner@gmail.com.
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