Comparison of Business Entities

A business entity (sometimes referred to as the business structure or legal structure) is the basic foundation of starting a business.  The business entity is basically how a business is legally organized to do business. There are four primary business entities to choose from, which include the sole proprietorship, partnership, corporation, and LLC.  Each type […]

Can I Use the Same EIN for Multiple Businesses?

You started a business, and things went really well, and you decided on starting another business, or perhaps you have a couple of business ideas you want to run with from the beginning.  When talking about having multiple individual businesses, one question that often needs to be answered is whether the same Employer Identification Number […]

How is an LLC Taxed?

An LLC, or a Limited Liability Company, is a popular business structure for small business owners for a few good reasons: separation of the member’s personal assets from the assets of the business, personal liability protection, and avoiding double-taxation (income being taxed at both the corporate and personal levels).[1] An LLC also comes with some tax […]

What is a Multi-Member LLC?

As the term “multi-member” implies, a multi-member LLC is an entity with several individuals that act as co-owners. Multi-member LLCs are treated differently than single-person LLCs in many situations, such as when filing taxes.  In this article, we’ll walk you through a crash course on what it means to be a multi-member LLC, the benefits […]

Should I Add My Spouse to My LLC?

Navigating the small business world can be confusing and, sometimes, downright frustrating. Whether or not you should add a spouse, friend, or family member to your LLC is one of those situations that aren’t always clear-cut. While you’re not required to add your spouse to your Limited Liability Company, doing so has both benefits and […]

What is a Reasonable Salary for an S Corporation?

  There are many options for organizing your small business when you’re first starting out, but electing S Corporation status may help save money on taxes. This article will explore how. What’s an S Corporation? Let’s start with defining an S Corporation and how it is taxed. An S Corporation, Subchapter S Corporation, or S […]

What is Double Taxation?

What is Double Taxation? Double taxation is a tax principle under which an individual or business pays income taxes twice on the same asset, financial transaction, or income source. The term double taxation refers to the multiple layers of tax imposed by subchapter C of the Internal Revenue Code. Under subchapter C, a company’s income […]

What is the Title for an Owner of an LLC?

There are different business entity types, each with its own benefits. A Limited Liability Company (LLC) is a popular choice for a small business entity because it offers several benefits to its owners. For starters, it provides some liability protection that is not available to sole proprietorships or general partnerships since an LLC is its […]

Can I Use My LLC For More Than One Business?

Pretend you own a construction business. A few years into it, business is good and you decide to start a new business as a real estate investor.  You know you want to protect them both, but you’re not sure how to do it, and the thought of maintaining separate LLCs sounds exhausting (or impossible). What […]