Mission Statement
A well-designed corporate structure can provide numerous benefits to organizations, such as increased efficiency, better decision-making, enhanced communication, clearer accountability, and improved alignment of goals and objectives, ultimately leading to greater profitability and long-term success.
Our mission is to empower businesses to thrive with resources and support to provide compliance requirements for financial stability of business owners. We strive to foster a business-friendly environment by promoting fair and equitable practices, providing technical assistance and education, and fostering economic growth. We are committed to helping businesses succeed, while also protecting consumers and the community as a whole. Together, we can create a vibrant and sustainable economy for businesses.
• Current trends that have expanded business accountability.
• Corporate lifecycle compliance, and licensing.
• Nexus Tax implications / registration.
• Multi-state registrations.
• Mulit-State jurisdiction requirements.
There are several types of corporate structures that businesses can choose from, each with its own advantages and disadvantages. Here are some of the most common types of corporate structures:
C Corporation: A C corporation is the most common type of corporate structure. It is a separate legal entity that can issue stock to raise capital and has its own tax liability. This means that the corporation's profits are taxed at the corporate level, and any distributions made to shareholders are also subject to individual income tax.
S Corporation: An S corporation is a smaller version of a C corporation. It is also a separate legal entity that can issue stock, but it has fewer than 100 shareholders and meets other specific requirements. S corporations are not taxed at the corporate level. Instead, the corporation's profits and losses are passed through to the shareholders, who report them on their personal tax returns.
Limited Liability Company (LLC): An LLC is a hybrid entity that combines the liability protection of a corporation with the tax benefits of a partnership. Like a corporation, an LLC is a separate legal entity, but its profits and losses are passed through to the owners, who report them on their personal tax returns. LLCs also have more flexibility in terms of management and ownership structure.
Partnership: A partnership is a business structure in which two or more people share ownership and management of the business. Partnerships can be either general partnerships or limited partnerships. In a general partnership, all partners are personally liable for the business's debts and liabilities. In a limited partnership, there are general partners who are responsible for managing the business and limited partners who only contribute capital and have limited liability.
Sole Proprietorship: A sole proprietorship is the simplest form of business structure, in which one person owns and manages the business. The owner is personally liable for the business's debts and liabilities and reports the business's profits and losses on their personal tax return.
Each of these corporate structures has its own advantages and disadvantages, depending on the business's goals and needs. It's important to consult with an attorney or accountant to determine which structure is best for your business.
