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This article takes you through the different milestones of the incorporation process. You will learn what is the information required to start the process Francis Coquelin Jersey , what are the terms you need to familiarize yourself with, which entity type to choose, where to incorporate, how to open your corporate bank account and how to plan your taxes.


Incorporation state


The best advice may be to form a corporation in the state where you plan to conduct business. It will be far less complicated and more cost-effective in the long run. Listed below are some of the reasons why Delaware attracts both large and small businesses:


Delaware maintains a separate court system for business, called the "Court of Chancery." If legal matters arise involving a trial in Delaware, there is an established record of business decisions. No minimum capital is required to organize the corporation and there is no need to have a bank account in Delaware. Just one person can hold all the offices of the corporation: President, Vice President, Secretary and Treasurer. There is no state corporate income tax on Delaware corporations that do not operate within the state. Shares of stock owned by persons outside of Delaware are not subject to Delaware personal income tax. There is no Delaware inheritance tax levied on stock held by non-residents.


ENTITY TYPE


Corporations


The most important benefit of a Corporation is that Emiliano Martinez Jersey , legally, it's a separate entity from the individuals who own or operate it and thus limits your personal liability. If a court judgment is entered against the Corporation, you stand to lose only the money that you have invested in the Corporation. Generally, as long as you have acted in your corporate capacity (as an employee, officer or director) and without the intent to defraud creditors, your assets can not be used creditor to satisfy a judgment against your Corporation.


As the Corporation is separate from its owners, the Corporation pays taxes on any net income (profits) that is left after all business expenses have been paid or accrued. Corporations file IRS Form 1120 to report their income, expenses and taxes.


Corporate Income Tax Rates--2005


Taxable income over Not over Tax rate


0 50 David Ospina Jersey ,000 15%


50,000 75,000 25%


75,000 100,000 34%


100,000 335,000 39%


335,000 10 Danny Welbeck Jersey ,000,000 34%


10,000,000 15,000,000 35%


15,000,000 18 Chuba Akpom Jersey ,333,333 38%


18,333,333 .......... 35%


In addition, if the income is distributed to shareholders in the form of dividends, the shareholders pay taxes on the dividends they receive, currently 15%.


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Limited Liability Company (LLC)


LLC is the newest form of a business entity. As with a Corporation, the owners of a LLC benefit from limited liability. This means that being a member of a LLC doesn't normally expose you to legal liability for business debts and court judgments against the business. Generally Carl Jenkinson Jersey , if you become a LLC member, you risk only your share of capitol paid into the business. A LLC member may be an individual or a separate entity such as a Partnership or Corporation that has invested in the LLC. Operating agreement should be created (when forming the LLC) to detail how the business will operate.


If the LLC has one member it is treated like a sole proprietor or for tax purposes, otherwise it is treated as a partnership with each member reporting and paying income tax on their share of income.


Single Taxpayers?2005


Taxable income: Tax:


Over But not over Tax +% On amount over


$ 0 $ 7,300 $ 0.00 10 $ 0


7,300 29,700 730.00 15 7,300


29,700 71 Calum Chambers Jersey ,950 4,090.00 25 29,700


71,950 150,150 14,652.50 28 71,950


150,150 326 Alexis Sanchez Jersey ,450 36,548.50 33 150,150


326,450 ....... 94,727.50 35 326,450


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Non-Profits


The main benefit of forming a Non-Profit Corporation is to get a tax-exempt status under the IRC (Internal Revenue Code), usually Section 501(c)(3). If a Non-Profit is tax-exempt, not only is it exempt from paying income tax on its income Alexandre Lacazette Jersey , but donors who contribute to the Non-Profit can take a tax deduction for their contributions. To apply for 501(c)(3) status, the Non-Profit must file IRS Form 1023. The legal standard for tax-exempt status is that the Corporation has been formed for religious, charitable, literary, scientific or educational purposes. Non-Profits are usually managed by a board of directors or trustees who are involved in the operation of the Non-Profit. Officers and employees are in charge of the day-to-day business of the Non-Profit.


ENTITY name Your entity's name should contain a valid corporate indicator for the state in which you are incorporating (most state accept one of the following identifiers or a suitable abbreviation: Incorporated, Corporation, Company, or Limited) Alex Oxlade-Chamberlain Jersey , and must not match or be too similar to the name of an existing company registered in your desired state.


Officer Officer is appo

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