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Dallas Incorporation |
ATTORNEY PREPARED DOCUMENTS!! - (The Duke Firm, PC Get Started)
Business
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Bad Check Notice,
Commercial Promissory Note,
Construction Contract,
Contract,
Contract Change Order,
Employee Nondisclosure Agreement,
General Noncompete Agreement,
General Release,
Hiring Letter At-Will Employment,
Independent Contractor Agreement,
Mutual Nondisclosure Agreement,
Noncompete Agreement for Business Managers,
Noncompete Agreement for High-Level Executives,
Noncompete Agreement for IT Professionals,
Noncompete Agreement for Research and Development Employees,
Noncompete Agreement for Salespeople,
Notice of Election to Cancel Contract,
Privacy Release,
Promissory Note,
Second Notice of Overdue Account,
Specific Release,
Subcontractor Agreement,
)
Corporations and LLCs
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Amendment to Articles of Incorporation,
Amendment to Bylaws,
Approval of Corporate Minutes,
Buy-Sell Agreement,
Bylaws,
Certificate of Formation (LLC) - Texas,
Certificate of Formation (Profit Corporation) - Texas,
Consent of Shareholders to Amendment of Bylaws,
General Partnership Agreement,
LLC Operating Agreement,
Notice of Meeting,
Organizational Meeting of Directors,
Shareholders Agreement,
Special Meeting of Directors,
Waiver of Notice of Meeting,
Formation of New Corporation (PACKAGE),
Formation of New LLC (PACKAGE),
)
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Comparing S, C, and LLC Incorporation
It's important to protect yourself and your family's assets when you're a business owner, and incorporation can help you do just that. The extent of the protection, however, along with the way you're taxed, varies by corporation type. The Dallas incorporation attorneys of the Duke Firm, PC explain the basic differences among corporate categories -- something every business owner should know.
First of all, incorporation offers major benefits, not the least of which is some degree of liability protection. Most people want the assurance of knowing that their personal assets are protected if their business should fail or be the subject of a lawsuit. How taxes are assessed also varies. Beyond that, the entities differ in both the degree of complexity and in the amount of bureaucracy involved in maintaining their status.
A C corporation is commonly used for larger businesses that may need to sell shares of stock to raise capital. C corporations pay income tax as a business, and any distributed dividends are taxed once again when the recipient pays personal income tax. An S corporation passes profits (and losses) on to shareholders; the business itself does not pay income tax. Other differences include the:
- Number of shareholders. An S corporation is limited to no more than 100.
- Residency of shareholders: Shareholders in an S corporation must be U.S. residents.
- Ownership: S corporations cannot be owned by a partnership, another corporation, or a limited liability company (LLC).
An LLC has fewer limitations than either an S or a C corporation. There are no restrictions on ownership or on the distribution of profits. The IRS, however, considers the owner of an LLC to be self-employed, so the owner must pay an annual tax of 15.3% (both the employer and the employee amounts) for Social Security and Medicare.
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