LLC.“ Suppose Diane wants to expand her offerings by providing catering services, and she wants to use the name “First-Class Catering” for that line of business. To accomplish that, she could file “First-Class Catering” as a DBA to get state approval to use that ...
The most significant difference between a DBA and an LLC is liability protection. A DBA offers no distinction between the business and the owner, who is liable for all debts and expenses incurred by the business. On the other hand, an LLC can increase the odds of its member’s private ass...
Similar to an LLC, an LLP is a cross between a corporation and a partnership, with the partners enjoying some limited personal liability. Professional businesses are commonly organized as an LLP. There is one significant difference between LLP and LLC. An LLP must have a managing partner that ...
Important differences between C and S corporations include their formation, taxation, ownership, stock practices, and employee benefits. You can decide on the type of corporation that is right for you by learning about the differences between these models. Keep the following factors in mind when de...
LLC elects taxation as a partnership, the company’s members report profits and losses on their personal income tax return. An LLC that elects taxation as a corporation is subject to double taxation. This means the LLC has to pay taxes on the company’s profits as a business entity, just...
Close Corporation Anyone can trade public businesses and can buy or sell shares on a stock market. Private businesses are the opposite of public businesses. No one can buy or sell their shares other than company employees or shareholders. Close corporations are part way between being a public bu...
But, S corp tax status rules out the advantages of operating a corporation, like being investor-friendly, and leaves you with acomplex business structure that is challenging to maintain. Recommended:If you think S corp status might be right for your business, you canform an LLC and elect S...
Your business can either operate under a business legal name or a trading name. Learn the difference between business name vs. trade name.
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