FINANCIAL RESOURCES

A limited liability company (LLC) is a type of business entity you can register in your state. The main purpose of an LLC company is to limit the personal liability of its owners—like a C or S corporation—but it also allows the business to operate with simpler rules and more flexible tax requirements.

Nonprofit organizations are groups organized for a good cause rather than for profit. None of a nonprofit organization's income is distributed to its members, directors, or officers.

A nonprofit designation and a tax-exempt status are given only to nonprofit organizations that further certain causes. For example, organizations with religious, scientific, charitable, educational, literary, sports competition, cruelty-prevention, or public safety purposes would qualify.

In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders.

An EIN is a nine-digit number used to identify businesses and is necessary for every entity. nine-digit number used to identify businesses. You may need to obtain an EIN for a number of reasons, including business, estate, or trust banking, hiring employees, and to file employment tax returns.

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