What IA Group can perform for your company.

If you’re considering starting a new business or expanding into a new market sector, creating a limited liability company (LLC) or other entity may be the right choice for you. Working as a single person can be risky, but your business can maintain its focus on its core mission and objectives if you establish a corporation. However, there are several options available if you want to create a corporate entity for your business. An LLC may be the better option for some businesses, but others may prefer to create a corporate entity. The type of entity you choose may impact your taxes and liability, in addition to other things. If you’re wondering which type of company is the best fit for your company, here’s what you need to know about different types of businesses and how IA Group can assist you:

LLC

An LLC is a limited liability company that protects its owners from having to pay its obligations and debts. It combines the pass-through taxation of a partnership or sole proprietorship with the asset protection and management advantages of a corporation. An LLC is a hybrid business structure that protects the personal assets of its owners if the company is sued. If someone sues your business and wins, you cannot lose your house or other personal assets. You are protected from personal liability in a sole proprietorship, partnership, or corporation, but not an LLC. If you want to start an LLC, you must submit articles of organization with your state government. The government and the general public will recognize your business as a legitimate enterprise if you do so.

IA Group advice

An LLC is a pass-through entity that is subject to no tax consequences for its owners, meaning that the company’s income is dispersed directly to them. A corporation, on the other hand, is taxed as a separate entity from its shareholders, so its revenues and expenses are listed on a separate line of their 1040 tax return. A partnership is taxed as a sole proprietorship. The primary distinction between these structures is the way they safeguard a business owner’s personal assets. A corporation and an LLC are the only structures that safeguard the owner from losing money as well as from being sued. Want to learn more about IA Group and what they can do for you? Check out this page.