Business Structuring Archives - Philadelphia CPA
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Business Structuring

Limited liability companies (LLCs) provide liability protection for all owners (members), regardless of their managerial functions; and multi-member LLCs qualify for favorable partnership-tax rules.This benefit can be lost or curtailed if you do not have an operating agreement document in your company records.LLCs are created...

The sole proprietorship (SP) is the simplest form of doing business. No tax ID# or Employer Federal ID# is required. All of your income and expenses for your business are reported on Schedule C of your Form 1040 Tax Return-therefore, no extra return is required...