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For starters, you'll be defending yourself and your family from the possibility of a business closing litigation. Forming a corporation is Step One on the way referred to as "Asset Protection" -- you're going from the world of unlimited liability to the world of limited liability. (NOTE: For further insight to the legal features of integrating, check out... Are you contemplating incorporating your online business or self-employment activity? The advantages are many! For starters, you'll be protecting yourself and your family from the possibility of a company ending suit. Forming an organization is Step One on the path called "Asset Protection" -- you're going from the world of unlimited liability to the world of limited liability. (NOTE: For further insight into the legal advantages of incorporating, check out the article: "It Can Occur To You: Why Any Sole Proprietorship Is A Risky Business" at a tax perspective, you will find both advantages and disadvantages to incorporating. Yes, creating a corporation can often lower your taxes or increase your taxes, based on what type of corporation you create. There are two main types of corporations: "C" Corporations and "S" Corporations -- and which type you decide on can make all the difference in the world of taxes. NOTE: The problem of "C" Corp vs. "S" Corp has no impact on the asset protection given by your firm. This is a tax issue, not just a legal issue. [http://www.prweb.com/releases/2013/3/prweb10544152.htm wholesale jt foxx] A "C" Corporation often leads you in to a Tax Trap known as "double taxation." Yes, revenue from a "C" Corporation can actually be taxed twice -- once when it is acquired on the corporate level and again when it is paid for your requirements, the shareholder, in returns. There are numerous methods to avoid double taxation. Often the easiest way is always to tell the IRS that you determine to be an "S" Corp rather than a "C" Corp. The profits of an "S" Corp aren't taxable to the corporation; rather, these profits are reported directly on the shareholder's individual income tax return and are consequently only taxed once. And once will do, don't you imagine! Obviously, any article on Choice of Entity should retain the old disclaimer, "Consult your tax professional" -- I am maybe not recommending a one-size-fits-all way of this matter. However for many small biz owners and self-employed folks, the "S" Corporation is an excellent match because it offers protection from personal responsibility and avoids the nasty tax lure of double taxation -- two great benefits worth checking into. Must you incoporate your sole proprietorship and then determine that the "S" Corporation could be the right match, you should tell the IRS that your organization is selecting "S" Corporation status by filing Form 2553, which is, in place, an application to become an "S" Corporation. IMPORTANT: If you add and do not file Form 2553, you're automatically considered to be a Corporation by the IRS. Quite simply, to be a Corporation, you only incorporate; there's nothing you have to do to tell the IRS you wish to be a "C" Corporation. You can find crucial rules regarding how and when to file Form 2553, therefore make sure to read the instructions carefully, or talk with your tax pro. Failure to file Form 2553 promptly or filing Form 2553 improperly results in a denial of one's corporation's "S" Corp program, and the company is then automagically treated as a Corp, subject to double taxation, the very trap you were attempting to prevent. [http://www.digitaljournal.com/pr/1137239 jt foxx] To download a of Form 2553, go to: directions for filing Form 2553 are found here:

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