ball rolling, the process just requires your signature and information on documents. Because there are not as many formalities when starting an LLC, the process to get started is simpler and faster.
5. More Ownership Options
Where do you see your business in the next 10 or 20 years? Do you want to add more individuals to your profit strategy? If you are organized as an S Corporation, you’ll enjoy the benefits of pass-through taxation but will have ownership restrictions that limit how many owners you have. S Corporations can’t have more than 100 shareholders and the shareholders must be domestic. LLCs have pass-through taxation benefits without limitations on how many owners can be a part of the business and what type of owners are included.
6. Seek Expert Advice
Don’t try to make all the decisions for your business on your own. Consult with your CPA to determine the best course of action for you. Ask your CPA questions about taxes, business growth initiatives, funding options, and paying salaries or wages. A CPA will be able to give you options based on your specific goals and help you start your business with foundational knowledge that can save you tons of time and money.
Charlene Rhinehart is an award-winning speaker, consultant, and coach who uses digital technologies to share inspiring stories with the world. She helps others live their best life as a Financial Coach at Wealthy Women Daily, Founder of the Career Goddess Academy, and Travel & Lifestyle Writer at BlackCoupleTravels.com. Charlene recently published her first book, “Dividends Are a Queen’s Best Friend” on Amazon.