SUCCEED 20 / 20 BUSINESS VISION PLAN

This plan is intended to guide you and your business from a to z which will create value for your business and make your business lendable for business funding. 

ENTTITY SELECTION

LLC (Limited Liability Company)

A limited liability company (LLC) is a corporate structure in the United States whereby the owners are not personally liable for the company's debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.

LLP (Limited Liability Partnership)

A partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

PLLC (Professional Limited Liability Company)

A type of limited liability company that is owned and operated by members that have a license in a particular profession that only offers services related to its profession.

PLLP (Professional Limited Liability Partnership)

A professional limited liability partnership, as the name implies, is a limited liability partnership made up exclusively of licensed professionals. Licensed professionals are those people who have been legally authorized to provide a professional service to the public that requires a license prior to rendering the service.

C Corp (Sole Proprietor, Partnership, LLC, LLP)

A business can be set up in a variety of ways, ranging from a sole-proprietorship to a general partnership, an LLC to a corporation.  A C corporation is owned by shareholders, who must elect a board of directors that make business decisions and oversee policies.

S Corp (Sole Proprietor, Partnership, LLC, LLP)

An S corporation, also known as an S subchapter, refers to a type of corporation that meets specific Internal Revenue Code requirements. The requirements give a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership.

2. Do you need an assumed business name?

Do you need to business in more name one name.  Get an assumed business name that is under your incorporated name for liability purposes. 

3. Do you need Employee Identification Number (EIN) for your business?

Your business can not fully  function without an Employee Identification Number (EIN). Make sure your EIN selection process matches the type of entity selected.