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.
Sales tax exemption alleviates a company from collecting and remitting sales tax on certain products and services.
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.
We have partnered with RFUnlimited, a tax preparation business that offers for profit tax services.
Check out our banking and lending referrals and find your banking or lending solution!
Check out our funding and technical support for nonprofit organizations!