Could Your LLC Save on Taxes by Converting to an S Corp?

As an LLC owner, one of the things that you should think about is whether the business should remain an LLC, or whether your business would benefit from changing its corporate structure to something else, such as an S Corp. If you’re thinking of the disadvantages and advantages of changing the corporate structure of your [...]

LLC (Limited Liability Company) Pre-Formation Checklist

Organizational Tasks  Select name. Check with Secretary of State on availability of name and reserve it with Secretary of State. See Corp C §201(c). Obtain approval, if necessary, from appropriate licensing board for use of fictitious business name. Prepare and file Articles of Incorporation(Secretary of State Form LLC-1) with the Secretary of State Prepare and execute the [...]

Form Minutes

1.         Name of corporation: 2.         Date and time of meeting: 3.         Place of meeting: 4.         Type of meeting: [ ] Regular [ ] Special 5.         Meeting held pursuant to: [ ] Written notice (attach copy) [ ] Oral notice [ ] Date and location fixed by bylaws or otherwise (no [...]

Sample Checklist for Approval of Transactions with Interested Directors/Officers

 Before board meeting: Identify interested director's material financial interest and ascertain whether the transaction falls within any exceptions. Gather material facts for disclosure to the board about the proposed transaction and the director's interest. Appoint disinterested person or committee to investigate possible reasonable alternatives for report to board. At board meeting: Disclose all material facts [...]

Entity Comparison – What Should You Form?

A comparison of the  tax advantages and disadvantages of a corporations versus  sole proprietorships, partnerships, LPs, LLCs, and LLPs:     Corporation Sole Proprietor / Partnership / LLC / LLP Borrowing from retirement plan permitted Yes, subject to certain limitations No Retirement plan contribution limited to earnings from business for which plan was established No [...]

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