LEGITIMIZE YOUR VISION

• Are you looking to branch out and become your own Boss?
• Have you identified opportunities in the marketplace that you can take advantage of?
• Do you have a side hustle that is starting to generate consistent revenue?
• Are you looking for ways to reduce your tax liability?
• Do you have a desire to make a lasting impact in your community and in the world?

If you answer yes to ANY of these questions, you need to limit your risk exposure! Creating a Limited Liability Company (LLC) or Corporation, is an INVESTMENT into your vision that will help shelter your personal assets in the event your business is sued for something you, a co-owner or an employee does. 

Corporations offer the most personal asset protection and tax advantages, but come at a higher cost for maintenance and with a lot more rules and regulations. LLC’s are extremely popular because of the flexibility they provide.

An LLC is a business structure in the U.S. that protects its owners from personal responsibility for certain debts or liabilities. They are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship, offering flexibility in decision making with protections and potential tax benefits of corporate ownership. 

Most nonprofits are formed to provide a benefit to the public, as opposed to clubs, cooperatives, etc. that are formed to benefit their members. They include companies formed for charitable, educational, scientific, religious and literary purposes. These charitable companies are also have the option of becoming Sec. 501(c)(3) organization, which is a section of the Internal Revenue Code that provides them with an exemption from taxation. 

Do not get these entity structures confused with insurance, as they are not the same! Insurance provides coverage (pay outs) for certain events, these entities create an extra barrier between your personal assets and company assets. 

Entity options:

• LLC
  • Limit your personal liability for business 
  • Easier to manage
  • Tax flexibility
• Corporation
  • Attractive to investors
  • Ability to sell stocks and bonds
  • Want officers actions to be approved and overseen by a board (best if you have many employees and want to be hands off)
• Nonprofit
  • Tax-exempt status
  • Tax deduction for contributions for donors
  • Greater access to grants
  • Discounts
  • Credibility

Thompson’s Bookkeeping & Consulting is here to assist you with making the critical decision of which entity structure is best for your vision. Click the Light above to complete our form by answering a few short questions and leave the rest to us! 

At TBC, assisting YOU, is what WE do!