The Employer Identification Number (EIN) identifies the company to complete its federal filings, and to open bank accounts. We function as an authorized third party to offer expedited EIN services to customers. You don’t need to be a US resident to get your EIN.
Opening a business bank account is included as part of our package.
We will personally prepare a collection of important legal documents after submission. Post-Incorporation documents provide clear and necessary information about company owners, operations, and other important information about the company once the installation is complete. All documents will be edited with standard terms used for high prefixes.
Other Frequently Asked Questions about LLCs
Limited corporate debt structure, such as business, provides LLC owners with limited property protection. This means that company assets are generally owned by LLC and differ from personal assets than those of LLC owners. In the event of a lawsuit being filed against a company, whether or not it is appropriate, the LLC is a legal entity that will be sued. LLC assets may be attacked, but that may differ from the property (s) of LLC owners, which will be protected.
The potential liability of an LLC owner is limited to anything the owner has invested in the LLC, such as a startup, investment or other income. This is very similar to the fact that he had bought stocks in the organization. In most cases, most of what you can lose is what you paid for in stock, but generally, you will not lose more, no matter how much the company may lose or how much the company may be sued.
If you need to make a change to your LLC, you need to file an amendment with your secretary of state. Not all changes need to be amended, but generally, anything within your LLC’s Articles of Incorporation or Articles of Organization that is being changed needs to be filed.
Common questions on starting S Corporation
In order to be eligible to be a shareholder of an S-Corporation the individual would need to be classified as a “Resident Alien”. A “Resident Alien” has the legal capacity to work and pay taxes in the United States and therefore should possess a Social Security Number (SSN) or a Individual Taxpayer Identification Number (ITIN).
An S Corporation formed before 2004 was limited to 75 shareholders however the limit of shareholders for any S Corporation formed after 2004 was increased to 100 shareholders.
There are two main types of corporations the S-Corporation and the C-Corporation.Every corporation is considered a C corp when it is formed with the Secretary of State. The distinction is made on a federal level and processed by the IRS.Corporation that want to be taxed a small business corporation file a form with the IRS called Form 2553 and will file their taxes using 1120s tax return. Corporations that do not file this form are taxed as traditional corporations and file the 1120 tax return.A C-corporation file a corporate tax return and will pay taxes on the profits. The post tax income may then be distributed to the corporation shareholders in the the form of dividends. The shareholders are then taxed on dividends, which effectively forces the ownership of a corporation to pay taxes on the same earnings twice- once at the corporate level, and then as individual level. This is what is known as “double taxation.”