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Should you choose an LLC or an Incorporation?
| Read below to find comments and reviews on LLC service providers. Every major LLC service provider on the Internet is listed. |
LLC vs. Corporation
Now the question is, what is the best choice for your business? Form a corporation
or an LLC? In order to determine which is right for your goals, let's look
at the similarities and differences between the two. The main similarities between LLCs and corporations are:
- Both are legal entities created by a state filing
- Both help protect personal assets from your business liabilities
- Both have few ownership restrictions
The main differences between LLCs and corporations:
- Corporations issue stock and are owned via stock. LLCs do not issue stock.
Like partnerships, LLCs are simply owned by the members and/or the managers
of the company.
- Corporations are required to hold annual meetings and to keep written minutes.
LLCs do not have this requirement, resulting in less official paperwork.
- Corporations are taxable entities, and they must pay taxes on their profits
at the corporate tax rate. LLCs, like sole proprietors, partnerships and
S Corporations, are "pass-through" tax entities. This means that the profit
or loss generated by the business is reflected on the personal income tax
return of the owners, thus avoiding the double taxation of paying first corporate
tax on profits and then personal income tax on distributions of profits.
Just remember that whether you're considering a corporation or an LLC, it is very important to form a business entity that protects your personal assets and your family.
Who Can Form a LLC?
Because of their flexibility and relative simplicity, the LLC is well suited
for both start-up businesses and more mature businesses. LLCs have been gaining
speed in recent years. In fact, new LLC formations now out-number new corporation
formations in several states. LLCs have several "ease of use" advantages. Also,
as the needs of your company changes, the existing business structure can be
amended or a new business structure can be formed quickly, easily and affordably.
Costs to Consider
Online LLCs can cost from $100 to $500
plus state fees depending on the depth of scope of the package you choose.
The basic package that online services offer will most likely cover all the
fundamentals you will need . Some extras found in "gold" or premium packages
may include but are not limited to a prepared application for your Tax Identification
Number , name search and registration and rush service . The same basic services
from an attorney can cost upwards of $1000.
How Long Will This Take?
You
can expect to spend 20 to 30 minutes filling out forms if creating an LLC online.
Most services will allow you save your work and come back later so all the
information does not have to be inputted in one sitting. An LLC will usually
take 20 to 35 days to form after the articles are filed depending on the state.
Your final package is then sent to you shortly thereafter.
Limited Liability Corporations Fast, Easy and Smart
Many
companies that offer online LLCs provide their clients with a 100% satisfaction
guarantee on their services, available customer service and legal document
reviewers that examine your information for completeness and other common
errors. Just as each LLC is unique, the diversity of services offered by
online companies is immense. For a complete listing of reviewed sites that
offer LLCs online and how they compare as far as ease of use, price, specific
services offered and customer service please view the companies below.
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Sites that offer LLCs
If you know of a company not listed here that provides LLCs, please let us know by sending a message to our content division. |
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