Our Seattle CPA firm can assist you with business start-up, incorporation and entity selection services. Vazquez CPA & Company has the experience to help advise and guide you in choosing the best business entity to meet your short and long term goals. Many businesses are formed without the owner ever really considering the implication of each entity type. Selecting the wrong type of business structure can result in unnecessary taxes, increased liability and other consequences.
We consider all the factors including asset protection, your personal liability, state and local laws, future growth and how to minimize your taxes. With our guidance and support you will be able to choose the best legal form of business organization> so you can minimize your future tax obligations and grow your new business.
We provide new business advisor services for:
If you have further questions, we invite you to call our office at 888-268-1040. There is no cost or obligation for the introductory consultation.
Vazquez CPA & Company, a Seattle accounting firm has helped many businesses simplify the incorporation and business formation process. Below are some popular entity types for businesses. Each entity selection choice has tax advantages and disadvantages that must be considered before making a decision for your business. We invite you to call us at 888-268-1040 and we'll help answer your questions about how to minimize your taxes and incorporate your business.
A limited partnership is comprised of general partners and limited partners. The general partners have management authority and personal liability for obligations of the limited partnership. The limited partners are cash investors and have no management authority. The limited partners have limited liability only for the amount invested in the limited partnership. The limited partnership is not a separate taxpaying entity and is often formed with a C corporation or S corporation as the general partnership.
An LLC must file Articles of Organization with the Secretary of State in order to be formed and it requires an organizational agreement similar to a partnership agreement. The owners or members of the LLC are shielded from personal liability for the obligations of the LLC. The LLC may be taxed as a partnership so income and deductions are reported by its members on their respective individual income tax returns.
A corporation is a separate legal entity. Its owners or shareholders have no personal liability for the obligations of the Corporation. The disadvantage of a traditional corporation (C corporation) is double taxation since tax is both paid on corporate income and again when shareholders pay income tax on dividends.
To avoid double taxation, corporations that qualify make a special S election to be taxed only once. These corporations are known S corporations.
Call us at 888-268-1040 or request a consultation online to help you determine the best structure for your business.