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Only 26% of businesses are owned by people with college degrees. Which means that, whether you have a degree or not, it’s your time to shine.
Embark on the great adventure or starting and running your own business — pursuing not only financial freedom, but your dreams as well.
Making the world a better place one valuable business at a time. Your time is valuable, and so is your business.
Get incorporated, and run it like a pro.
Frequently Asked Questions
Don’t let questions hold you back in life or in business. Sometimes you have to take the leap by faith. That beings said, here are answer to the frequently discussed. You can also give us a call for any information not provided below.
Difference between a corporation and an LLC?
Either type of business structure protects the owner(s) personal assets. However, investors tend prefer investing into corporations more than LLCs. In terms of ownership, corporations have shareholders and LLCs have individual owners. Businesses that want to scale prefer corporations.
What's a Sole-Proprietorship?
A Sole-Prop is when you run the business using your own name or a business name (DBA). In this structure, the business is not separate from you or your personal finances (though preferably you would have separate bank accounts). It’s for this reason that you have no protection over your personal assets.
In order to protect your personal assets, you must form a business that exists a separate entity from you — like a corporation or an LLC.
Should I choose an S-Corp or a C-Corp?
And you can always convert the business later, so you don’t have to have too bear too much pressure.
Taxes work differently depending on the choice of your structure.
In C-Corporations taxes take effect twice — once when the business pays its taxes, twice when the shareholders pay their taxes on their profits. In S-Corporations, only the shareholders are taxed.
In terms of shareholding, C-Corps can have limitless members. Whereas, S-Corps can only have one hundred and they must be US citizens or residents.
Which structure should I choose?
You all want protection (and not just from ninjas).
For smaller businesses (or service-based businesses) S-Corps offer advantages you would prefer.
For product-based businesses, C-Corps would be preferred.
Honestly, you can always start with an S-Corp and convert to a C-Corp later.
Main thing is, get started.
How Long Does It Take?
It can take anywhere from four to six weeks depending on what pricing model you choose from.
What are the advantages of a corporation?
We could really and truly write a book about this — and many have been written by many of the smartest and richest people.
When you’re starting a business it is of supreme advantage to protect your personal assets.
Having ‘INC’ or ‘LLC’ at the end of your business names makes you look awesome. Like David Hasselhoff. Or David Rodgers (the janitor at my office building; he’s awesome).
Tax savings. Tax savings. Tax savings. You save much more in taxes than if you incurred the personal income tax rate on your non-incorporated business.
Perpetual livelihood. Corporations live well past the lives of their owners. Meaning you can pass them onto your children and grandchildren. You can also give them cans of food with far off expiration dates and prunes.
Not Ready Yet?.
That’s okay. It is a big deal to start a business, that’s why you want to be informed and prepared. Sign up for our newsletter to get more information and to help you take this important next step in the development of your business.
CorpNation is one of the most awesome companies in the world. If you could ride a hot air balloon high into the skies and look over the Earth, you would know what it feels like to be us. Yes, this review of CorpNation was written by CorpNation. Just another example of how awesome we are.
– Your High-Flying Companion