Forming A Corporation
We will form the corporation that will suit your type of business. We are a local NEW YORK CITY business in the Jamaica, Queens, NY and we will help set your business up for you. Furthermore, we can run a research report and tell you all the business licences and types of registrations your business is required to have. We will discuss the different types of corporations and how they can be used to save you money on you income taxes. You can contact us by phone at
+1(917) 774-4659 or in person at 88-45 164th St., Jamaica, NY 11432. (Directly across from the Jamaica Post office)
We create the following types of corporations
Limited Liability Companies (LLCs)
Independent legal structures separate from their owners.
Help separate your personal assets from your business debts.
Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners).
No limit to the number of owners.
Not required to hold annual meetings or record minutes.
Governed by operating agreements.
Read More about Limited Liability Companies
C Corporations
Independent legal and tax structures separate from their owners.
Help separate your personal assets from your business debts.
No limit to the number of shareholders.
Taxed on corporate profits and shareholder dividends.
Must hold annual meetings and record meeting minutes.
Read More about C Corporations
S Corporations
Independent legal and tax structures separate from their owners.
Help separate your personal assets from your business debts.
Owners report their share of profit and loss in the company on their personal tax returns.
Limits on number of shareholders, who must be U.S. citizens or residents.
Must hold annual meetings and record meeting minutes.
Read More about S Corporations
Partnerships
Partners remain personally liable for lawsuits filed against the business.
Usually no state filing required to form a partnership.
Easy to form and operate.
Owners report their share of profit and loss in the company on their personal tax returns.
Read More about Partnerships
Sole Proprietorships
Owner remains personally liable for lawsuits filed against the business.
No state filing required to form a sole proprietorship.
Easy to form and operate.
Owner reports business profit and loss on their personal tax return.
Nonprofit Organization 501(c)
Incorporating your nonprofit will set legal protections in place that can keep you and your directors’ personal assets separate from the company’s liabilities. There are a number of other benefits to forming a nonprofit, as well.
In general, nonprofit corporations enjoy the following benefits:
Limited liability protection. Directors and officers are not personally liable for the organization’s debts and liabilities.
Perpetual existence. The corporation continues even if a director leaves the business or passes away.
Eligibility for grants. Nonprofits may be eligible for certain public and private grants.
While nonprofits are bound by different state laws than for-profit enterprises, in general their formation processes are quite similar. Like a regular corporation, nonprofits must file Articles of Incorporation with the state in which they wish to incorporate.
The benefits to having a corporation are as follows
1. Corporations are prestigious because they tell customers, banks and other business that you are a legitimate business. Most big businesses are almost always corporations.
2. It registers your business and gives you the legal right to do business in the state of New York or in any other state you want to do business.
3. It limits your liabilities on contracts. For example if you sign a lease for a store or an office you want to sign the lease for as long as you can so that if you business is sucessfull you landlord can’t raise your rent and take all your profits. However if you sign the lease in your personal name, as opposd to a corporate name, you are personally liable and can be forced to pay the rent even if you move or close your business. If you sign the lease in the name of the corporation, the landlord would only be able to go after the corporation and not you personally. Many a business owner have been driven into bankruptcy by signing contracts in their own name. You can lose eveything you have and they can even take money out of your future wages if you are not a corporation.
4. Owning a corporation enables you to get other individuals or corporations to buy stock in your company. You can even get venture capitalists to finance your business with a corporation.
5. A corporation is a separate legal entity and as such it has its own credit history, bank accounts and assets that are apart from yours. Therefore, if you have bad credit, you can develop credit in the corporate name, and use the corporation to finance your needs.
6. If you have any leins or judgments against you, the money in your bank account can be seized to pay the person or business to whom you owe money. If you put the money in a corporate bank account, it is very difficult for them to take your money because the corporation is a separate entity from you.
7. If someone is garnishing your salary, once again, the corporation can be used as a defense. Because if the company you are preforming services for pays your company instead of you personally, it is more difficult to take your money.