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Popular Forms of Business Formation

Forming a new business is a complicated matter, so it pays to have a good Bowie CPA firm like J Marshall & Associates LLC to help you sort through your options. For example, here are a few of the most common forms of incorporation with which we can assist you.

Limited Liability Entities

As the name implies, these entities provide limitations on the liability incurred by the company’s partners or members. There are two types:

  • A Limited Liability Partnership (LLP) is comprised of general partners who have personal liability for the company’s financial obligations, and limited partners who are liable only up to the amount of money they have invested.
  • A Limited Liability Company (LLC) shields its members from personal liability for its debts and obligations, but the members must report any money they receive on their personal income tax returns.

Corporations

Corporations are separate legal entities, and their owners or shareholders are not held personally liable for their financial obligations.

  • C Corporations are taxed on their income, and shareholders are also taxed on any distributions or dividends they receive from the company.
  • S Corporations are not taxed, but their shareholders pay taxes on income they receive from the business.

Call J Marshall & Associates LLC at 301-390-5280 for a free initial consultation. We’ll tell you more about the options that are available for incorporating your business.