Forming a company is not an easy job. Languages, procedures, costs, and regulations all vary widely from country to country. Sometimes you may find variations in processes within the states and cities. International business entities face a daunting mosaic of bureaucratic demands, languages, legal responsibilities, and business cultures while working on foreign company formation beyond their home country. Therefore, experts’ opinion is to hire Company Formation Services that will carefully cater to your requirements and file it to the state. Hiring an expert will help you save money and time.
Why pay Company Formation Services Fees, When You Have CPA CLINICS!
At CPA CLINICS we understand that Company Formation Services can be expensive; however, we would like forming and registering a business to be an achievable goal for all. One way we can assist is by not charging for our Company Formation and Registering services, which helps you keep more money in your pocket. You only pay the mandatory Secretary of State Fees, which you will need to pay regardless of who forms and registers your company.
We help take care of the entire Company Formation and Registration process, so that you can focus on building your business.
LLC stands for Limited Liability Company. The right choice for 80% of small businesses is a simple one: the LLC. The name reveals the primary benefits of this business entity type. LLC allows owners to keep their assets separate from those of the company. This limits their liability from the company’s debts and responsibilities.
S Corp or small business corporation is a tax code and was enacted in 1958 by Congress. The S Corp encourages and supports family businesses and small businesses while canceling that double taxation the conventional businesses are subject to.
A C Corporation has limited liability because it is a separate legal entity, the liabilities of the businesses are separate from the liabilities of investors, directors, and shareholders. A C Corporation exists independently of its owners.
Registering a nonprofit does not mean that the company won’t make a profit. Nonprofits can make money, but all of the money goes back into the organization to pay employee salaries, overhead costs, and administrative expenses. Assets from nonprofit entity can be sold, but it benefits the whole organization rather than an individual.
CPA CLINICS is a cross-border Company Formation Services provider. Headquartered in New York, our company filing experts are ready to take your requirements into our hands to professionally complete and set up a cross-border entity for you. We can become your local Company Formation Services agent in the US to structure a new entity in strict compliance with official timelines, local laws, and regulations such as tax registration.
Setting up a cross-border company in the United States is not easy. An international business has to comply with local laws, and only a US company formation expert can help you with this. CPA CLINICS can help you in this, and we can quickly set up your company. We make sure that each step you are taking is well analyzed and is a confident one.
CPA CLINICS provides the most cost-efficient services. We are so sure that we are willing to bet that no one in the entire US will meet our company formation quality. YOU ONLY PAY STATE FEE! Now, how cool is that?
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BUSINESS MANAGEMENT |
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Limited Liability Protection |
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LLC members are not personally responsible for business debts or liabilities. |
S-Corp shareholders are not personally responsible for business debts or liabilities. |
C-Corp shareholders are not personally responsible for business debts or liabilities. |
Non-Profit directors are not personally responsible for NPO debts or liabilities. |
Sole Proprietors are personally responsible for business debts and liabilities. |
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Perpetual Existence |
Varies |
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With the proper planning, LLCs can exist for generations. |
S-Corps continue to exist even if the owners or majority shareholders leave or pass away. |
C-Corps continue to exist even if the owners or majority shareholders leave or pass away. |
Non-Profit organizations and institutions survive after their directors leave. |
Sole Proprietorships do not exist when the owner quits or passes away. |
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Favorable for Raising Capital |
Varies |
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LLCs can raise money via banks and investors but cannot sell stocks. |
S-Corps can get loans from banks, as well as distribute stock to up to 100 people. |
C-Corps have the easiest time raising capital as there is no cap on how many people can own stock. |
Non-Profits can both get loans and receive tax-deductible donations. |
Sole Proprietorships can occasionally receive bank loans but cannot sell stocks. |
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Management Flexibility |
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LLCs allow for a large variety of management structures based on your specific needs. |
Management structures for S-Corps are largely dictated by state and federal law. |
Management schemas for C-Corps are largely dictated by state and federal law. |
NPOs need to follow strict management laws to guard their non-profit status. |
Since Sole Proprietorships have only one member, there is no management structure. |
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Tax Considerations |
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Pass Through Taxes |
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LLC members are taxed on their personal tax returns. The LLC itself is not taxed. |
S-Corp shareholders are taxed on their personal tax returns. The company itself is not taxed. |
C-Corps are taxed both at the corporate level and again on shareholders’ individual returns. |
Non-Profits are taxed on a corporate level but may also enjoy a host of tax-exempt benefits. |
Sole Proprietorships are taxed only on their owner’s tax return. |
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Double Taxation |
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Since LLCs can be a pass-through entity, owners are taxed on their personal income. |
S-Corp shareholders are taxed personally. The S-Corp, however, is not. |
C-Corp income is taxed at the corporate level first, then again at the personal level. This is called “double taxation.” |
Non-Profits are only taxed once and can write off most of their expenses. |
Sole Proprietors are taxed only on their personal tax return. |
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Tax Exemptions |
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LLCs can claim deductions but not tax-exempt status. |
S-Corps can claim deductions but not tax-exempt status. |
C-Corporations are not tax-exempt entities |
Not only are donations to Non-Profits tax-exempt, but NPOs can themselves apply for tax-exempt status. |
Sole Proprietorships are the least official business entity and cannot claim tax exemption. |
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State Government Fees |
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Formation Fees |
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LLCs must pay state fees during the incorporation process. These fees are tax deductible. |
S-Corps must pay state fees to legally incorporate. These fees are tax deductible. |
C-Corps must pay state fees to become legally recognized. These fees are tax deductible. |
Non-Profits pay state fees when they incorporate. These fees are tax deductible. |
Since Sole Proprietorships aren’t incorporated entities, they don’t pay formation or compliance fees. |
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Compliance Fees |
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While LLCs have less compliance requirements than other entity types, there are reports and licenses that need to be filed and maintained. |
S-Corps usually will need to file reports and pay compliance fees on an annual or semi-annual basis. |
C-Corps generally must file reports with their state, as well as a host of other regulatory and compliance fees. |
Non-Profits have more compliance responsibilities than other entities as they must continually preserve their tax-exempt status. |
Sole Proprietors do not have ongoing compliance fees. |
Need Help?Talk To CPA CLINICS |
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CONTACT US
You might have heard making a complex world simple, but you will experience this with us! Everything at CPA CLINICS is online! You submit your requirements online, pay the state fee online, and consult your assigned company formation agent online 24/7.
On customer demand, we have become a one-stop-shop for tax, accounting, payroll, financial services, internal controls, and much more. Our passion is for our clients and their money, and that’s why it has led us to provide critical online Company Formation Services in the best possible environment.
Get involved and get your company registered in no time with CPA CLINICS.
Contact us today by dialing +1-516-464-7444
Do not have an SSN, no worries. We can assist in applying for ITIN through filing Form W-7. We have helped thousands of non-U.S. citizens to get their EINs and ITINs, and we would love to help you get yours as well too.
Fun Statistic: Person who applies for an ITIN on their own, on average, two out of three of them get rejected from the IRS. So, that’s just a fun fact to take home.
At CPA CLINICS, we charge $497 for each ITIN. This includes Certified Acceptance Agent (CAA) fees to get ITIN.
The IRS requires original documentation to obtain an ITIN. This means sending your passport or other identifying documents to the IRS for 1-2 months. The CAA can verify the authenticity of your documents and submit your application. You will be without your documents for no more than 5-10 minutes.
Persons who are not trained in submission of the W-7 Application for an ITIN frequently make mistakes resulting in rejection of the ITIN application. This can lead to more paperwork over a span of months, or possibly result in the loss of certain tax deductions or refunds. We are experienced in submitting the W-7 and can give you the most support possible to get an ITIN from the IRS.
TIN Acceptable Documents
– Passport (stand-alone document)
– National identification card (must show photo, name, current address, date of birth, and expiration date)
– U.S. driver’s license
– Civil birth certificate (required for dependents under 18 years of age)
– Foreign driver’s license
– U.S. state identification card
– Foreign voter’s registration card
– U.S. military identification card
– Foreign military identification card
– Visa
– U.S. Citizenship and Immigration Services (USCIS) photo identification
– Medical records (dependents only – under 6)
– School records (dependents only – under 14, under 18 if a student
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We take pride in the professionalism of our partners and staff. Our team’s certifications, experience, and positive reviews assure our clients that we can meet our commitment to quality and service and that our professionals serve our clients in a way that is competent, objective and with due professional care.
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