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.
STEP 7 - BUSINESS FILINGS
Selecting the entity to file is very important. Make sure you look how you want to be structured and pick the type best suitable for your business structure.
DO YOU KNOW WHICH ENTITY TYPE YOU ARE OR WILL BE FILING?
There are different business entity types for different business arrangements. Make sure you have the right entity type or choose the right entity type.
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.
1. What type of entity do you need to file?
Each filing comes with Secretary of State Filing, BOIR Registration, 2 Assumed names, and the EIN number.
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.