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Wayne Phillips - Ameriprise Financial Services, Inc.
By Anonymous September 15, 2006
Great service, support, and encouragement in helping me achieve my financial goals. ...read more
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What’s the Difference Between a Corporation and LLC?
This question often puzzles start up and small business owners. That’s because there are times when an entity is treated like a corporation by the IRS, but treated like an LLC by the state. Why is this? It’s because there are actually two different ways to answer this seemingly simple question. When people ask this question, what they are usually referring to is how the company is organized under state law. In Michigan, a company can organize as a corporation, a limited liability company, or a “low-profit limited liability company” (sometimes referred to as an “L3C”). The entity type you choose will decide the default set of rules that apply to your company. Generally speaking, limited liability companies are given more flexibility in how they are managed, which makes them the ideal entity choice for most small and closely held businesses. Corporations, on the other hand, are governed by a more rigid set of default rules, which is ideal for companies with a mix of active and passive shareholders or companies that are looking to bring on additional investors in the future. Choosing to be governed by a limited liability company does not mean you have to be taxed as a pass-through entity. Under what is commonly referred to as IRS “check the box” elections, an LLC can choose to be taxed as a c-corporation, an s-corporation, a partnership, or a sole proprietorship—all the business owner has to do is make sure they meet the IRS classification requirements and fill out the appropriate form. Thus, a business can be an LLC for state governance purposes, but a corporation for state and federal tax purposes. Contact Mr. Roberts today to set up a free legal consultation. ...read more
By Scott F. Roberts Law, PLC July 11, 2017
Shop and Products Detroit Michigan - Still Got Frames
Still Got Frames,19480 LIVERNOIS AVE A,myblueart68@gmail.com ...read more
By Still Got Frames December 23, 2014