0
If you intend to "do business as" a name different from your corporation or LLC name, then you can file as a limited liability corporation in California. Read more at www.sos.ca.gov/business/be/faqs.htm -
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How do you file for a limited liability company?
Go to the website of the Secretary of State or State Corporation Commission or Department of Corporations for your state. Either they have forms or they have instructions. You fill out the forms, mail them in along with a check, and they send you a paper that says that you've been issued an LLC. At least one state - Colorado - lets you do everything with a web browser and a credit card as long as the LLC has a Colorado address. The fee will be anything from $100 to $900 depending on the state. There will be a renewal fee each year in most states.
What is the purpose of third party liability insurance?
Third party liability insurance is useful if you are blamed for having caused an accident and someone wishes to file a claim against you. With third party insurance you are insured for claims up to a predetermined amount.
Three legal forms of business ownership?
1. Sole Proprietorship 2. Partnership 3. Corporation _________________ 4. Cooperative Relative Position of U.S. Proprietorships, Partnerships, and Corporations Comparison of Proprietorships, Partnerships, and Corporations in Selected Percentage of firms in the industry Industry Pro Part Corp Services 73% 7% 2% Trade 70% 4% 26% Construction 80% 3% 17% Finance 47% 29% 24% Manufacturing 54% 14% 32% Comparison of Proprietorships, Partnerships, and Corporations in Selected Percentage of industry's business receipts Industry Pro Part Corp Services 67% 5% 28% Trade 6% 3% 91% Construction 16% 4% 8% Finance 3% 7% 90% Manufacturing >1% 3% 97% Sole Proprietorship A business owned and operated by one person Most common form of business Simplest to establish, operate and terminate Only laws or regulations are those affecting firms in a particular industry Sole Proprietorship - Negatives Owner is responsible for all losses incurred by the business, even if liabilities exceed the value of the firm Capital is limited Lack of stability and continuity Difficult to attract qualified people Partnership 1. General Partnership 2. Limited Partnership General Partnership A business owned and operated by two or more persons who have unlimited liability for the businesses debts and obligations2. Partnership Articles of copartnership should be drawn up during the perpetrating period to show rights, duties, and responsibilities of each partner "Get it in writing" General Partnership Involves more than one person in the operation and management of the business File IRS Form 1065 and get a state charter No limit to the number of partners that may participate in the business Except if securities are sold Partners live in different states General Partnership All earnings of the business are passed to the partners Each partner can act on behalf of the partnership on business matters Rights, obligations and duties of a partner in a business are governed by the laws in the state where the partnership reside Limited Partnership In a limited partnership one or more general partners conduct the business, while one or more limited partners contribute capital but do not participate in management and are not held liable for debts of the general partner Partnership agreement must be in writing and the partnership must abide by the rules and laws of the state and federal regulations Limited partners have the potential for a large profit but their losses are limited to their investment GENERAL PARTNERSHIP each partner actually participates as an equal in managing the business each partner is liable for the acts of other partners Weighing the Advantages and Disadvantages of a Partnership Corporations A corporation is a business formed and owned by a group of people, called stock holders, given special rights, privileges, and limited liabilities by law C corporations S corporations C corporations A regular corporation that provides the protection of limited liability for shareholders, but its earnings are taxed as both the corporate and shareholder levels Advantages Of Incorporation Limited liability to the owners Stability and continuity3. Easy to attract qualified personal Facilitates raising capital Disadvantages Of Incorporation Profits are taxed twice Laws and regulations and lots of additional record keeping Costly and difficult to form and dissolve Separation of ownership from management How to form a Corporation Articles of Incorporation: Which are the instrument by which a corporation is formed under the corporation laws of a given state A Corporate charter: Which states what the business can do and provides other organizational and financial information How a Corporation is governed Stockholders own the Company Elect the Board Of Directors Board Of Directors 1. Protects the interest of the stock holders. 2. Determine policies and votes on the important decisions 3. Appoints Officers Officers. 1. Report to the board of directors 2. Oversee day to day management 3. Hire and direct employees S corporations The S corporation is a special type of corporation that is exempt from multiple taxation and excessive paperwork Other Forms of Business The LIMITED-LIABILITY CORPORATION (LLC) combines the advantages of the corporation, such as liability protection, with the benefits of a partnership, such as tax advantages. Checklist for Evaluating Legal Forms of Organization Under what legal form of organization is the firm now operating? What are the major risks to which the firm is subjected? Does the legal form of organization give the proper protection against these risks? Does the firm supplement its legal form of protection with public liability insurance? Is unlimited liability a serious potential problem? Has the present form limited financial needs in any way? Checklist for Evaluating Legal Forms of Organization What is the relative incidence of the firm's major risks?4. Are there tax advantages available by changing the legal form of organization? Have you considered the management advantages of alternative legal forms? Are you aware of the features of a Subchapter S corporation? Would they be beneficial? Is the company using all the advantages of the present legal form of organization? Provisions for S Corporation Be a domestic US corporation Have no more than 75 shareholders, (150 including spouses) Only individuals, estates, trusts and banks Issue only one class of stock Only 80% of it's income from foreign sources More Provisions for S Corp. Only 20% of it's income from passive sources Stockholders must all elect to be an S corporation when the corporation is formed Stockholders can change to C status Disadvantages of S Corporation Difficult to retain earnings for growth. Difficult to obtain debt capital because the equity base is small. Earnings are taxed at individuals personal rate which may be higher than corporate rate. Cooperatives A business owned by and operated for the benefit of patrons using its services Trust Established for a specific time period or until certain designated events occur Trust receives specific assets from the persons establishing it Trust administered by a trustee or board of trustees to hold and distribute assets for the benefit of others Limited-Liability Company Advantages of a corporation Liability protection Benefits of a partnership Tax advantages Distributes profits and losses directly to owners who must report them on their personal income tax returns Joint Venture Form of temporary partnership Two or more firms join together in a single endeavor to make a profit Very popular in global operations Especially in China, Russia, and Vietnam Countries trying to attract Western capital, but require foreign companies to have a domestic partner
What are some tips for LLC filing for businesses?
Some tips for LLC, or Limited Liability Company, filing are to select more than one name choice to ensure your name is available, ensure you know all local, state and federal guidelines and to pay your state and federal taxes on time. If you are unsure which business structure is right to file for, you should consult an accountant
Do you have to own a business to have a Solo 401k?
To have a Solo 401k you have be the sole proprietor of a business, be in a partnership or establish a corporation. Essentially, you need to be self employed;not employed by another. To not have to file tons of paperwork, you should not have any employees except a spouse. If you have other employees, having a 401k becomes more complicated.
What does llc stand for?
LLC = Limited Liability Company It is sometimes mistakenly referred to as a Limited Liability Corporation. However, an LLC can file taxes as either a Discarded Entity, a Corporation or a Partnership.
Who is the registered agent for San Diego Padres Baseball corporation?
The San Diego Padres Baseball Club is not a corporation. It is a limited liability company. Unlike corporations, limited liability companies are not required to have a registered agent on file.
In Texas can a limited liability company convert to a professional limited liability company?
No, you will have to file a new Articles of Organization and setup a new LLC.
What is llc?
LLC stands for limited liability company. It's a type of business structure that, true to name, limits the amount of financial liability the owner faces. Most people who choose to create an LLC do so because of this limited liability, and also because they don't necessarily need to file separate tax documents, something that is mandatory with a corporation.
Can you transfer a New York corporation into a California corporation?
What do you mean, "transfer"? If all you want to do is move headquarters, then you'd only need to file some notifications, and qualify as a foreign corporation in California. You can also set up a new California corporation and merge the New York corporation into it, which will leave you with a California corporation.
What documents must an entrepreneur file to create a limited liability company?
IRS Form 1065
Is annual filing required?
A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.
Can I File A Title Reservation For Nonprofit Or Perhaps A Trade Title?
A reservation of title can be used for any LLC, for-profit corporation, limited liability partnership, limited partnership or investment trust title. Names can't be restricted to nonprofits or trade names just before filing the documents.
How do you save your work in My Documents?
My Corporation is a leading provider of online document filing services for clients who wish to form a corporation or limited liability company (LLC). My Corporation also helps file trademarks and copyrights 2u.pw/rCmq1
What are the requirements for filing a certificate of assumed in TEXAS?
A domestic or foreign corporation, limited liability company, limited partnership, limited liability partnership, or other foreign filing entity that regularly conducts business or renders a professional service in this state under a name other than its legal name (the name stated in its certificate of formation or comparable document) must file an assumed name certificate with the secretary of state and with the county clerk in the appropriate county.
Does a limited liability partnership have to file with the IRS each year?
Yes, as with all businesses you need to file and pay your taxes every year to avoid penalties.
What is the filing process of a DBA in California?
To file for a DBA in the state of California you must register with the county clerk of the county as either a sole proprietorship, partnership, or corporation. You do not have to file with your Secretary of Sate's office.
