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With years of experience and clients on every continent, VP Tax
Service is uniquely positioned to help you get your business
started. From simple packages of the basics to international
planning and consulting, you can rely on our long experience,
well-established relationships and commitment to our customers
to ensure you of the kind of experience you deserve.
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We can help you in the following
type company formation: |
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1. Sole
Proprietorship
2. General
Partnership
3. Limited Liability
Company
4. Business
Corporation
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1. Sole Proprietorships:
are the simplest form of
business type. They are
inexpensive to form, easy to
dissolve and generally have no
tax aspects, since profits and
losses of the business are
simply part of the owner's
personal income and the company
is disregarded for tax purposes.
However, since legally the
company is nothing more than an
individual using a trade name,
there is no limit to the owner's
liability for the company's
obligations. There are virtually
no formalities to be observed by
the company beyond basic
bookkeeping. On the death of the
owner, the company immediately
ceases to exist.
2. Partnerships:
are also relatively inexpensive
to form, and can be as simple or
complex in structure and
administration as the partners
want it to be. Partnerships are
formed by two or more persons
(persons being people,
corporations, other
partnerships, LLC's, trusts or
others) who make an agreement to
share profits and losses.
General partnerships are not
incorporated entities, and
therefore each partner has what
is called joint and several
liability to the partnership. In
plain English, this means any
particular partner can be made
to pay the entire debts of the
partnership, regardless of the
allocation of profits and
losses, or capital contributions
made into the partnership.
Taxation is more complex, but
the partnership itself pays no
taxes; it is only required to
file an informational return to
the government to report what
the profits and losses of the
partnership were and how these
were allocated to the partners.
A partnership ceases to exist
when certain criteria are met,
such as the death or bankruptcy
of a partner; or if they decide
to end the partnership.
3. Corporations:
are more complex than
partnerships or sole
proprietorships, in that a new
legal person is created. A
corporation is an entity that is
separate from its owners, so
that regardless of what happens
to shareholders, the corporation
continues until it is legally
dissolved. Depending on state
law, a corporation can be owned
by just one person and have just
one director and officer. The
owner(s) of a corporation are
known as shareholders. The
shareholders elect directors to
set the policies of the
corporation and represent their
interests. The directors appoint
the officers of the corporation
to manage day to day operations.
Corporations are legally
required to follow more
formalties than any of the other
entities, including annual
meetings of the shareholders and
directors, as well as board
approval of most significant
acts by the corporation. Because
a corporation is separate from
its shareholders, for example,
even if one person is the sole
shareholder/director/officer,
that person cannot just take
company funds for him/herself
without documenting the reason
and entering a board resolution
into the corporate records.
Taxation of corporations is much
more complex than sole
proprietorships or partnerships:
depending on the number of,
residency of and type of
shareholders, a corporation can
elect to be treated for tax
purposes as a if it were a
partnership (an S corporation)
and therefore not pay taxes
itself, or it can be treated as
a taxable entity (a C
corporation).
4. Limited Liability
Companies (LLC's):
are a hybrid of corporations and
partnerships, combining the
features of both. LLC's are
extremely flexible, and can be
used for a very wide range of
businesses. The members
(equivalent to shareholders or
partners) can, but need not,
have limited liability; can, but
need not have, managers
(equivalent to directors and
officers) and can elect to be
taxed either as corporations, or
as partners (if they have two or
more members) or be disregarded
for tax purposes like a sole
proprietorship. Like
partnerships, LLC's can be as
simple or complex as the members
desire. Depending on state law,
an LLC can have the same limited
liability for members as a
corporation, or have some
members with limited liability
and some without limited
liability (like a limited
partnership), or even have no
limited liability for any
members (like a general
partnership). Unlike
corporations, some States
require that their LLC's
designate a date in the future
at which the LLC will
automatically dissolve. Some
States also require that if a
member dies, goes bankrupt or
meets some other calamity the
remaining members of the company
must either dissolve or vote to
continue. |
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To
Acquire any of above said
Company Formation Services
Please
Call Us 206-444-4407 |
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