Easier to establish than S corps, LLCs typically are formed by sole proprietors or small groups of professionals, like attorneys, doctors, or accountants. However, their financing options are more limited—generally, to bank loans, as opposed to equity investors. In turn, this can limit their ...
Why? Because the structure allows them to protect personal assets and avoid double taxation. However, not every business can or should form an LLC. Financial institutions like banks and insurance companies often face regulatory hurdles, and certain professionals in states like California (such as ...
Ready to register your ME LLC? Here are the steps you need to take, plus helpful tips and resources to make it easy. Read more.
If you file your LLCby mail, it will be approved in 5-7 business days (plus mail time). But if you fileonline, your LLC will be approved in 1 business day. Please seeHow long does it take to get an LLC in New Jerseyto check for any delays. Here are the steps to forming an L...
How much does it cost to start an LLC? How much it costs to start an LLC depends on the state your LLC is formed in. This means it costsbetween $30 and $350to file the Articles of Organization (the document that creates an LLC). As of 2025, the average cost to form an LLC in...
In order to elect an S corporation status for tax purposes, corporations will need to file form2553 Election by a Small Business Corporation. The form must be signed by all shareholders and must be filed within two months and 15 days after the start of the initial tax year. ...
You can also download form DL 51-09 and mail it in. If you’re forming a professional LLC (one intended to practice a licensed trade like medicine, dentistry, or law), you’ll file form DL 51-22, which is specifically for a professional LLC (PLLC). The filing fee for each form is...
If you would like your Business to be taxed as S-Corporation, fileForm-2553 Open a Bank Account for your LLC, S-Corp, C-Corp, or Proprietorship You will need the EIN number from a prior step. For a Corporation, you will need Articles of Incorporation. For LLC, you will need Operating...
Owners of single-member LLCs are taxed similarly to sole proprietors. However, you can ask the IRS to consider you a C corporation or S corporation, which could lower your tax obligations. File Form 8832 to change your tax classification to C corp status and Form 2553 for S corp status....
It’s important to choose a unique name, not just because you won’t be able to file your new business if it has the same name as another corporation, but because if it’s too similar, it could result in a potential lawsuit. Not fun. Instead, take a moment to search for your sec...