Private Investigators In Virginia

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IRS Recommends Business Entity

Posted by Bill on June 23, 2008

Of all the choices you make when starting a business, one of the most important is the type of legal organization you select for your company. This decision can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face and your ability to borrow money. Business formation is controlled by the law of the state where your business is organized.

This fact sheet provides a quick look at the differences between the most common forms of business entities. The most common forms of businesses are:

Sole Proprietorships
Partnerships
Limited Liability Companies (LLC)

While state law controls the formation of your business, federal tax law controls how your business is taxed.  Federal tax law recognizes an additional business form, the Subchapter S Corporation.

Read

Here

Bill Lowrance

President PIAVA

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