Premium Tax Accounting Inc. offers corporation set to the clients around Highland Park.
Incorporation is the most appropriate way to safely begin a new business, as it will be providing your setup with not just the asset protection, but also the essential stability it would need to grow.If your business fails to comply with all the laid-out steps of setting up a business, your errors can be held against you in the event you are getting sued. Hence, to get a successful start to your new business, you will, as a requisite, need to plan and educate yourself regarding the requirements and choices available for setting the foundations of a new business.
At Premium Tax Accounting Inc., we provide you with the corporation set up service, which is a powerful, safe, and user-friendly platform that will enable the formation of your company.
We will take care of the lengthy paperwork, the endless bank visits, and figure out the way through the legal complexities, and numerous monetary charges. We will help your business to take off and launch it successfully from anywhere in the world. Let us assume the responsibility and provide you with a hassle-free experience.
With years of company formation experience, our team is uniquely positioned to support you get your new business up and running, whether you are already residing here, or happen to be a non-resident.You may be at any point in your business cycle, your business is perhaps new or has already been operational as a sole proprietorship or as a general partnership, and you are maybe pondering about the benefits of establishing your business as a corporation.
Every so often, business owners tend to think that incorporation may prove to be very costly or too time-consuming, but this is neither the case.The number of benefits entrepreneurs obtain by forming their business as a corporation naturally offset any perceived drawbacks. Moreover, these benefits are, in many instances, not available to sole proprietorship and other forms of partnerships.
Incorporation Benefits Include
Corporations offer limited liability shield to their owners, who are called shareholders. The owners will not be held personally responsible for the debts and liabilities of the business. Hence, creditors will be forbidden to pursue owners’ personal properties, to pay off the outstanding business debts. On the contrary, if the business is a sole proprietorship or any partnership, both owners and the business are considered the same legally, and the owner’s assets can be confiscated and used to pay business debts.
The life of a corporation will not be dependent upon the life span of its owners. A corporation enjoys the characteristic of an endless life, this fundamentally means that in the event of owner’s demise, or if he/she wishes to sell his or her interest, the business will continue to exist and remain operational.
Corporations quite often obtain tax advantages, for instance, the deduction of health insurance premiums which are paid on the account of an owner-employee; there will be savings on self-employment levies, as corporate income is not susceptible to social security, labor compensation, and medical charges, as well as the destructibility of other expenditures. For detailed information on the various forms of tax advantages, your business may take advantage by establishing itself as a corporation.
Through incorporation, your business will benefit from newly founded credibility with a greater pool of potential customers, workers, wholesalers, and partners.
Transfer of Ownership
The matter of ownership in a corporation is quite easily transferable.
One way through which businesses can raise investment more easily is through the sale of stock. Besides, several banks, when offering a small business loan, will be more comfortable when the borrower is an incorporated business.
Setting Up Corporation Was Never This Easy
Our process will essentially help you get started as soon as it is possible, and is well defined. To give you a more significant understanding of the procedure and how the process works, we have gathered the following checklist for you. It is essentially a guide you can use to plan your new business venture. Please be noted that this is neither any legal nor an accounting advice, but is just given to you so that you can navigate and design your venture smartly.
- Begin with a business plan: Ask yourself, what is it that you will do, and where you will do it. Also, who will do it for you and how will it manage to make the money which is required to cover the costs and earn you profit.
- Now you will have to decide the appropriate name to promote your business. Remember, your business, as well as you, are here to stay. To begin the paperwork regarding your business, you must give us no less than three names so we can process/request their registration.
- Next, you will have to choose the type of business entity that you would want to give to your new business.
- Along with this, you will also need to determine who exactly will be owning the company, and who will be investing and how much. Lastly, what are their expectations in terms of return on their investment
- Then you will also need to identify the person or body who will be responsible for managing the company: for corporations, you will have to choose the officers and directors; and for limited liability companies (LLCs) you will have to select the Managers or Members