Are you Incorporating?

Questions Around Incorporating

Taking your current business from a solo-proprietorship or establishing a new business can be a daunting undertaking if done alone.

At EL CID we take the time to understand your business needs and help elect the best solution for your present and future business needs. Providing you with step by step guidance is a priority to us.

Frequently Asked Questions

Q. What’s the difference between a LLC, and a Corp.?

A. Both LLCs and Corporations provide complete protection for your personal assets, should legal action be taken against your company. Corporations are legal and binding entities with the ability to purchase assets. LLC’s cannot legally own assets but a member of the LLC can for the purpose of the business.

Q. Do I pay more taxes as a LLC or a Corp.?

A. As an LLC the business does not pay taxes. The net income is passed through to your personal taxes via Sch. C (for a single member) or Sch. E (for a multi-member). If you elect to be a C Corp you are subject to double taxation. The C Corp is responsible for paying its own taxes on net earnings; the shareholders are responsible to pay their taxes on earning from dividends earned from the corporation. If you elect to be an S Corp the net income is by passed to your Personal Taxes via Sch. E.

Q. Can you explain what an LLC is?

A. Yes they are the easiest and simplest business to set-up and maintain. They are a great way to start out by giving you protection of your personal assets. If in the future you elect to convert your LLC in to a Corporation it is feasible.

Q. What are the differences between a C Corp and an S Corp?

A. C Corp’s are mainly used for those in the manufacturing industry. C Corp’s pay their own taxes. S Corp’s are primarily used by those in the service industry. S Corp’s net income is passed thru to the shareholders.

Q. Does El CID help with the paper work?

A. Yes we take care of all the paper work needed to process your corporation.

Is a home-based business right for me?
A business strategic plan defines goals, objectives, and targets for a company and outlines its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals as a family will ensure that everyone has a clear picture of the company’s future.
A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.
Should I keep a cash reserve in my small business?
A business strategic plan defines goals, objectives, and targets for a company and outlines its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals as a family will ensure that everyone has a clear picture of the company’s future.
A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.
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