Generally speaking, entrepreneurs incorporate their business in the state where they conduct their business. If you live and work in New Hampshire, for example, you would incorporate your business in New Hampshire. If your business conducts business throughout the United States, you need to incorporate in the state where your headquarters will be. If you have a substantial business presence in another state, you may need to let that state know and file state tax returns or sales tax returns based on your business earnings in that other state. Businesses with substantial nationwide activity sometimes choose to be incorporated in Delaware or Nevada because of the business-friendly laws in those states. Even if you incorporate in Delaware or Nevada, you will still need to register your business in those states where you have an actual business location. Types of Business Entities for Tax Purposes While there are a variety of designations at the state level, for federal tax purposes there are only 6 forms of business organizations: Sole Proprietor (Form 1040 Schedule C or Schedule F), C-Corporation (Form 1120), S-Corporation (Form 1120S), Partnership (Form 1065), Trust (Form 1041), and Non-profit organization (Form 990) You may notice that the limited liability company (LLC) is not listed above. That's because an LLC can be treated (for tax purposes) as a sole proprietor, as a partnership, as a C-corporation, or as an S-corporation. The owners of the limited liability company (LLC) can pick which tax treatment will apply. By default, an LLC with just one owner is considered a disregarded entity, with the result that the LLC is treated for tax purposes in the same way that the owner of the LLC is taxed. By default, an LLC with two or more owners is considered a partnership. An LLC can opt out of the default treatment by electing to be treated as a Corporation. After electing to be treated as a corporation, owners of an LLC can further elect to be treated as an S-corporation. (For further details, see Publication 3402, Taxation of Limited Liability Companies. Overview of Each Type of Business Organization Sole proprietors are unincorporated businesses. They are also called independent contractors, consultants, or freelancers. There are no forms you need to fill out to start this type of business. The only thing you need to do is report your business income and expenses on your Form 1040 Schedule C. This is the easiest form of business to set up, and the easiest to dissolve. (An LLC with only a single shareholder, a so-called single-member LLC, is taxed as a sole proprietor on a Schedule C.) C-Corporations are incorporated businesses. The shareholders of C-corporations have limited liability protection, and corporations have full discretion over the amount of profits they can distribute or retain. Corporations are presumed to be for-profit entities. Corporations must have at least one shareholder. S-Corporations are a type of corporation. The shareholders of S-corporations have limited liability
entrepreneurship to the general public and raise awareness of the importance of this type of business....
Social entrepreneurship is the attempt to draw upon business techniques to find solutions to social problems.This concept may be applied to a variety of organizations with different sizes, aims, and beliefs.
Conventional entrepreneurs typically measure performance in profit and return, but social entrepreneurs also take into account a positive return to society. Social entrepreneurship typically…
Legal Forms of Business Paper
June 3rd, 2011
University of Phoenix
Legal Forms of Business Paper
Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax…
* What is an economic system?
Business organizations exist in an economic system or environment that provides employment for workers, pays taxes to as many as three levels of government (in Canada), and supports many charities.
The system in which sellers and buyers can exchange goods and services is called a market. The local farmers market is a market. Farmers bring their fruits and vegetables to a single location to attract customers to that location. A stock exchange, like the Toronto…
Alien Corporation - established in another country, but does business in the USA
Articles of Incorporation—(also known as the Certificate of Incorporation) the legal documentation required by the incorporating state that identifies the business name, purpose, location, incorporators, stock provisions, and so on. Once the incorporation is approved by the state, the articles and the state's approval become the Corporate Charter.
Balanced scorecards – a set of measurements unique to a company that…
aimed to smooth relations with entrepreneurs and venture capitalists, increase researcher morale, and keep abreast of developments in the broader technology field. This is done by offering technology to the venture capital community in exchange for equity. IP ventures will have an observer seat on the board. Microsoft supplies public relation, marketing and technology support but not financing.
Many corporations that had operated VC efforts had revised them. Corporations such as Sun and Dell had disbanded…
SWOT analysis is a useful tool for understanding and decision-making for all sorts of situations in business and organization. SWOT analysis can be classified into internal and external factors affecting a company. The Strengths and Weaknesses of the SWOT analysis represent the internal factors that influence the viability of the company. While the Opportunities and Threats, on the other hand, are the external factors that may affect the company's performances. A SWOT analysis provides more understanding…
financials that are needed in order to get the business running and to stay open. This paper will also explain the sources of capital as well as a break-even point for the company.
Developing a plan to open a new business is hard enough, but coming up with the start-up capital is even harder. Entrepreneurs have to get creative when dealing with a financial plan. All avenues need to be explored and tapped into. However, if the Entrepreneur is savvy enough there are many ways that start-up…
two persons: Stephen Son and Jinsoo Kim, and the subject of the case to determine if Kim, plaintiff, should be granted reimbursement of losses promised by Son.
Jinsoo Kim, investor, invested $170,000 into one of the Stephen Son’s corporations. However, Son’s corporations did not sustain competition and failed. Later, the two accidently met at the restaurant. Feeling guilty, after consuming abundant amount of alcohol, Son promised to repay the debt. To support the words, Son gave Kim a promise written…
Entrepreneur- one who undertakes to organize, manages, and assumes the risks of a business.
ENTREPRENEURSHIP- a dynamic process of vision, change, and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions.
ENTREPRENEURIAL MANAGEMENT- the techniques and principles of this emerging discipline will drive the entrepreneurial economy in the twenty-first century.
MYTHS OF ENTREPRENEURSHIP:
1. Entrepreneurs Are…
Entrepreneurship Reflection Essay
HCS/567 Entrepreneurship in Health Care
October 8th, 2014
Entrepreneurship Reflection Essay
Entrepreneurs are always trying to come up with new ideas or trying to improve procedures which make this a new innovated idea that will make them different from others. “The way to improve the U.S. health care system is through innovation and entrepreneurism” (Herzlinger & McPherson, 2009, p. 2). This paper will state…