Incorporation and New Business Advisor Services
Smart business owners know that getting professional advice in the beginning pays off in both the short and long term. For example, the entity under which you incorporate has tax implications for both the company and the individuals who run it, so choosing wisely can make a big difference in your bottom line. That’s why many business people call on Phoenix CPA firm Hirlinger, PLC to avoid early mistakes that can be costly.
Our incorporation and new business advisor services include:
- Entity selection
- Incorporation assistance
- Strategic tax planning
- Social Security compliance
- Business plans
- Start-up financing
- QuickBooks set up and training
- Federal and state tax ID applications
Common Forms of Incorporation
Corporations come in several forms, and make no mistake – there IS a difference. Avoid making a costly mistake by engaging the incorporation and new business advisor services offered by Phoenix CPA firm Hirlinger, PLC.
Call our offices at 602-861-0033 to set up an appointment. We’ll explain your options in detail, but here is a brief overview of common forms of incorporation.
Limited Liability Partnership (LLP)
A Limited Liability Partnership has two types of partners – general and limited. General partners have management authority for the business, and they also have personal liability for the company’s obligations. Limited partners are those who invest in the company, but have no management authority and no personal liability except for the amount of their own investment. An LLP is often formed with a C or S corporation as the general partner, and it is not a separate tax-paying entity.
Limited Liability Corporation (LLC)
The owners or members of an LLC have no personal liability for the firm’s financial obligations, but the company may be taxed as a partnership, so the members are required to report their income and deductions on their personal tax returns. Several legal documents are required to form an LLC, including an organizational agreement and articles of organization that are filed with the Secretary of State.
The owners or shareholders of a C corporation have no personal liability for its obligations, but the company itself is taxed and shareholders are taxed on any dividends or distributions they receive.
An S corporation is similar to a C corporation in many ways, but the company itself does not pay taxes, although shareholders must report income from the business on their personal tax returns.
We offer a free initial consultation so we can get to know our prospective clients and let them get to know us. Just call 602-861-0033 to set up an appointment at your convenience. We’d like the opportunity to tell you about all our incorporation and new business advisor services.