Uncertain About Whether Incorporating or Forming an LLC is Right for You?
Forming an Limited Liability Company (LLC) is a way to protect your personal assets. At DMV Vegas, we can simplify the complex process of forming both a corporation and a limited liability company. Allow us to help you determine which one is better for your company's short-term and long –term goals. We can help you select the right structure to maximize your chances for success. Though both protect personal asset from business debts and any potential lawsuits or judgments made against your business entity, an incorporated business and LLC offer different benefits.
Advantages of an LLC
- There is no limit to the number of owners and LLC can have
- Profit and loss are passed through to the individual tax returns of the owner
- There are no minute book or annual meeting requirements
Advantages of a Corporation
- Limited liability for directors, officers, shareholder and employees
- Unlimited growth potential through the sale of stock
- The splitting of corporate income may lower overall tax liability
Choosing to incorporate or form an LLC is a very important decision and we encourage you to consult a qualified professional who can assist you with choosing the ideal business structure.
Gaining a clear understand of your options can seem overwhelming, especially if you’re just beginning. When making your choice of entity selection, whether your business is a startup or small business with a sole proprietor, allow DMV Vegas, to help you make the right choice.
The DBA can be a valuable way to structure your business and provide you some protection of your rights as a business owner. They offer greater flexibility when it comes to your expanding, evolving business. While there are limitations to filing a DBA, for example, you do not have the right to prevent another individual from using the same business name, and filing a DBA is not part of corporate umbrella like an LLC will not provide you with any special tax benefits, it can be a fast and effective option to make your business “legal” while providing some benefits, it’s important to be aware of the limitations of this business name designation.