Business Solutions - TruNotary- Notarized Your Documents Online

Dissolution

Trunotary — Fri, 28 Aug 2020 19:02:11 +0000

When you want to move on from your corporation or LLC

If you ever decide it's time to dissolve your Corporation or LLC, you'll have to file what's known as "Articles of Dissolution." LegalZoom will not only create the necessary paperwork, but we'll also file it with the appropriate state agency.

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Federal Tax ID (EIN)

Trunotary — Fri, 28 Aug 2020 18:53:09 +0000

What is a federal tax ID? A federal tax ID (officially known as an Employer Identification Number or EIN) is a unique number assigned to a business or organization by the IRS. A business uses its federal tax ID much like a person uses a Social Security number.

Why get a federal tax ID (EIN)?

Essential for most businesses If your business will have employees or file taxes, you probably need a federal tax ID from the IRS.

Often required for business banking Banks usually ask for a federal tax ID before opening a business bank account or line of credit.

Helps shield against identity theft Sole proprietors may use a federal tax ID to help keep their own Social Security numbers private.

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Sole Proprietorship

Trunotary — Fri, 28 Aug 2020 18:42:31 +0000

Liability

Sole proprietors are personally liable for the debts of their business. If the business is sued, your house, savings, and other personal assets are at risk.

Taxes

A sole proprietor is responsible to report all business profits as personal income, and pay self-employment tax on those profits, to cover Social Security and Medicare.

Hard to Raise Capital

There are no partners, shares, or membership interests in a sole proprietorship so it’s generally difficult to attract investors without changing your business structure.

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NonProfit

Trunotary — Fri, 28 Aug 2020 18:10:47 +0000

What is a 501(c)(3) organization?

The term 501(c)(3) refers to a specific IRS tax code. To qualify, the nonprofit must meet IRS requirements. If your organization qualifies, we’ll help complete and file your application.

Eligibility for grants and donations

Only qualified nonprofits can receive grants from other nonprofits and government agencies. Also, contributions to qualified nonprofits are deductible on the donor’s income tax returns.

Get tax breaks

You’re eligible for state, federal and certain other income tax exemptions.

Lets you apply for 501c3 status

Contributions to certain types of nonprofits are tax deductible.

Protect your assets

Members and directors are shielded from personal liability for the nonprofit’s actions.

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Doing Business As (DBA)

Trunotary — Thu, 27 Aug 2020 20:41:55 +0000

Comply with legal requirement

A DBA filing may be required if you’re using a name other than your official name or personal name.

Set up a business bank account

In most states, you need a DBA to open a bank account under your business name.

Expand and grow your business

A DBA helps distinguish new business lines to market, manage, and grow your business.

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Corporation (Inc)

Trunotary — Wed, 26 Aug 2020 22:52:50 +0000

Why start a Corporation?

Attract investors
Raise funds by appealing to investors who may prefer corporations for their ability to offer stock.

Entice employees
Win over—and keep—top talent by giving them shares.

Look more official
Corporations have more clout—which can make it easier to do business with other companies.

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Limited Liability Company

Trunotary — Wed, 26 Aug 2020 22:38:00 +0000

What are the benefits of an LLC?

Requires fewer formalities
Unlike with a corporation, you aren’t required to have a board of directors or shareholders with an LLC. You have more options in setting up your management structure.

Protects you and your assets
An LLC protects you and your personal assets—including your car, home, and bank accounts—from liability if your business is ever sued or incurs debts.

Gives you tax flexibility
With an LLC, you get to choose how you’ll be taxed. By default, LLCs are taxed as pass-through entities, but you can decide to be taxed as a corporation or an S corporation.

What’s the process for forming my LLC?

If you know the name you want to use, we’ll do an initial search. Not yet sure? You can decide once you’ve completed our questionnaire.

Next, we’ll review your answers and check if your proposed LLC name’s available with the Secretary of State. If not, we’ll contact you for an alternative name. Once your name’s settled, we’ll prepare your Articles of Organization and submit them to the Secretary of State to register your LLC.

Finally, we’ll complete any additional documents you ordered like your EIN, which will be sent via email once completed and available.

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