A business plan covers the when, where, why, and how of your business!

Sometimes money and financial planning can be intimidating. However, this is a necessary and crucial step in the business planning process. We can help create budgets, financial goals, cash flow analysis, and other aspects of financials that will help you crush your goals, and even impress financial investors or lenders.

As a Business Owner, you will be asked for your Employer Identification Number (EIN) or your Tax ID Number at some point in your entrepreneur career. It is crucial that your company has this covered, and although it sounds complicated, our LegalZing advisors are ready and willing to jump into this with you. 

Take the necessary steps to ensure your business success by asking a LegalZing advisor about how to get your EIN!

If you are selling and reselling goods, more than likely you will need to apply for your Sales Tax and Use permit. 

LegalZing is ready to help! We can help you walk down the proper path to get your Sales Tax Permit ready to go for your business! 

Employee or Independent Contractor? This is a tale as old as time! There are lots of little questions that go into this decision, and sometimes your company may benefit from both or none. Before embarking down this path alone, leaving room for potential disaster, let LegalZing help not only decide if one of these options is right for you but craft a clear plan to get there! 

The LLC or Limited Liability Company is the newest form of business incorporation, and is often described as a combination of a corporation and a partnership. Over 80% of small businesses are LLCs, and for many good reasons. With less requirements and more flexible ownership options than the other entities, LLCs provide business owners with limited liability protection. This means that the company assets are typically owned by the LLC and are separate from the personal assets from that of the LLC owner(s).

More info on the LLC’s

A C corporation, or C-Corp often just called a generic corporation is the oldest and one of the most common business entities. A C corporation is a completely separate tax and legal entity from its owners.

When you look at all of the requirements placed on C corporations, you might wonder why anyone would form one. The C-Corp does offer several unique benefits. While all business entities can provide fringe benefits to its owners and/or employees, the Corporation allows for a greater range of fringe benefits. Forming a C-Corp is also advantageous to corporate tax treatment and income splitting. The tax rate on corporate income is usually lower than the tax rate on personal income up to the first $75,000 in income. The owners can arrange salaries and bonuses in conjunction with retained corporate earnings to lower their overall tax rate.

An S corporation is a special type of corporation that draws its designation from Subsection S of the tax code. To start an S corporation, a small business owner starts a C corporation, then files a Form 2553.

S-Corps do have more operating requirements and ownership restrictions than an LLC, but they also have significant advantages. One advantage of the S Corporation is that like the LLC it receives pass-through taxation.

Pass through taxation simply means that federal income tax is not assessed at the entity level; profits are distributed in the form of dividends and flow through to the individual tax returns of the shareholders, and the IRS taxes the shareholders at their individual income tax rate and not at the entity or corporation level. Unlike an LLC, Forming an S Corporation can give you the ability to minimize payroll and self-employment taxes, resulting in significant savings in certain situations.

A Non Profit corporation is a corporation whose principal purpose is public benefit. It provides a shield against potential liability for its directors, officers and employees. If classified correctly with the IRS, nonprofits are exempt from federal, sales, and property taxes.

Despite this entity’s name, a Non Profit Corporation may generate a profit. Non Profit does not literally mean that a your corporation cannot make a profit. A Non Profit Corporation can acquire more income than it spends on its exempt purpose. This profit can be utilized for operating expenses, including salaries. However, a Nonprofit Corporation may not utilize its income to profit any director or officer.

An LLC registered agent is an individual or entity that you choose to receive service of process notices, government correspondence, and compliance-related documents on behalf of the LLC.

We know the term “agent” seems like someone who’s authorized to represent an individual or an entity or enter into transactions for an individual or an entity, however, here it’s a little different. Ask a LegalZing advisor about our registered agent service!