Let us do the work when forming your business and we will help get you set up for real success.
When forming your business you have to select an entity type. If you are unsure of what entity is right for you let us take out the guess work.
A limited liability company, or LLC, is a business entity created under state law that combines characteristics of both a corporation and a partnership. Like a corporation, the owners of an LLC are generally not personally liable for company debts. Like a sole proprietorship or a partnership, an LLC has operating flexibility and is, by default, a "pass through" entity for tax purposes. This means that the LLC does not pay taxes on its profits, but instead, profits and losses are "passed through" to the owners, who must then pay tax on their share of LLC income.
After you create your corporation, you can choose between filing taxes as an S corporation ("S corp") or a C corporation ("C corp"). An S corp is considered a "pass-through entity," which means the business itself isn't taxed. Instead, income is reported on your personal tax returns. A C corp's income is taxed at the corporate level, and if dividends are distributed, at the individual level as well.
The term 501(c)(3) refers to a specific IRS tax code. To qualify, the nonprofit must meet IRS requirements. If your organization qualifies, we'll help complete and file your application.
Only qualified nonprofits can receive grants from other nonprofits and government agencies. Also, contributions to qualified nonprofits are deductible on the donor's income tax returns.