Business Incorporation Services

Business Incorporation Services

At TE Weickgenant & Associates Inc., we provide a comprehensive range of Tax and Accounting related services to all our clients. The services are not just limited to the tax preparation however it goes beyond that which includes Business incorporation services as well. The incorporation services include EIN application, Business elections, operating agreement, Business registration, reinstatement etc. There are two forms of corporate entities that you can choose from:

Limited Liability Companies (LLCs)
Many small businesses start out as LLCs. An LLC is a hybrid between a partnership and a corporation. The LLC is owned and can be managed by its members, all of whom hold stakes that, when totaled, add up to 100% of the company.

An LLC is created when you file articles of organization with your state government. These are forms that identify the members, managers, and a registered agent for service of the process.

While most LLCs do not require a formal operating agreement, it is commonly recommended that an LLC with any significant number of members should consult an attorney to do so.

The operating agreement should cover information pertaining to the relationship and responsibilities among the members; the structure between members and managers; how much capital was invested by each member; percentages of ownership; and dispute resolution planning.

Corporations (Inc.)
Your other option is to form a traditional corporation, either as an S corporation (S corp) or a C corporation (C Corp). There are several key differences between S and C corporations.

C corporations are usually large, publicly traded businesses. A C corporation is owned by its shareholders and managed by its board of directors, with officers in C-Suite positions running the company on a day-to-day basis. C corporations are subject to double taxation: once when profits are realized and again when those profits are passed onto the shareholders. Shares of C corporations are also bought and sold on the stock market.

S Corporation:
S corporations are typically intended for smaller businesses. S corps can elect to either have the business taxed regularly, or have the business labeled as a pass-through entity. With the second option, the owners pay the business’s taxes on their own personal tax returns. An S corporation is also generally managed and run by its owner or owners.

The next step is to file articles of incorporation. Depending on state requirements, these forms will include an explanation of the shareholder structure and identification of initial directors.

An initial shareholder meeting is then typically held to address formalities, such as stock and bylaws. While adopting bylaws is optional for LLCs, most corporations require them. Bylaws will address items like meeting times, voting rights, corporate officers, approval of contracts, and signing of checks.

When Choosing a Business Entity Type, You Should Consider:
(1) the degree to which your personal assets are at risk from liabilities arising from your business
(2) the best way to pursue tax advantages and avoid multiple layers of taxation
(3) the ability to attract potential investors
(4) the ability to offer ownership interests to key employees
(5) the costs of operating and maintaining the business entity.

The availability of a particular entity type initially depends on the number of owners. A single owner may operate as a sole proprietor, a corporation, or a limited liability company. If there are two or more owners of the business, by definition it cannot be a sole proprietorship, but it is open to the other previously listed options

You should also keep in mind that there will be changes in the nature of your business as it grows and evolves over time. Your choice of entity type and business structure should be reviewed every three to five years, as it may make it advantageous to change your entity type and/or its tax classification.

We will also work with you to cultivate your business plan. We can be as active or passive as you desire, and our approach can range from preparing a complete business plan to simply coaching you and assisting you in writing and developing the business plan. We can also assist you throughout the start-up phase of your business as a trusted adviser and consultant. Our goal is to simplify the start-up and development phases so you can focus more of your attention on growing your business.