Business Formations

LLC or Series LLC

When you’re choosing the right type of entity for your brand-new business, an LLC (which stands for limited liability company) is probably the first type you’ll consider. We can form your LLC or Series LLC within 48 hours. LLCs and Series LLCs are the most popular business structures, providing ample benefits to the owners. It provides:

1. Asset Protection

2. Liability Limitation

3. Tax advantages

Consider having your LLC or Series LLC elect s-corp tax status for even greater flexibility. Check out the article S corp Tax Benefits & Legal Requirements for more details.

Get our Ultimate Guide to the Illinois Series LLC to understand why it is the most popular business entity choice!

Check out the Blog for more information on LLC, Series LLC, L3Cs, and S-corps.

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S-corp

An S-corp is NOT a business entity or structure. You cannot file to become an S-corp in any state. That is because an S-corp is a TAX DESIGNATION. We have to form an LLC, Series LLC or C-corp first, then we file an additional form with the IRS telling them we want the company to be taxed under Subchapter S - which is commonly known as S-corp tax designation. I know your mind may be blown right now, but that’s why we’re the professionals! We’ve got you covered!

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

Check out the article S corp Tax Benefits & Legal Requirements for more details.

SCHEDULE A 15 MIN. CONSULT HERE