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Choosing the right entity for your business is essential as it has financial and legal implications.  Momin & Momin, CPAs can help you choose the best entity for your particular business. 

C Corporation

C Corporation

This is the most common type of the corporation in the U.S. The reason for this is because C Corporation offers unlimited growth potential through the sale of stocks. There is no limit as to how many shareholders a C Corporation can have.

  • Limited Liability for directors, officers, shareholders, and employees
  • Exitance of the business is forever, even if the owners decide to leave the company
  • Enhances Credibility
  • Unlimited growth potential
  • No shareholders limit
  • Enjoy tax-deductible business expenses

S Corporation

S Corporation enables your company to be plainly excluded from federal income taxes, yet at the cost of extra guidelines and impediments. S Corp is like C Corp. in the manner that they both offer investment opportunities, perpetual existence, and liability protection. Unlike C Corp., an S Corp. are not subject to double taxation.

  • Limited Liability for directors, officers, shareholders, and employees
  • Exitance of the business is forever, even if the owners decide to leave the company
  • Owners must be U.S. citizens or permanent resident
  • Owners report their share of profit and loss on their individual tax return
  • Income is taxed only once and eliminates double taxation
  • Investment opportunities
S Corporation

Limited Liability Corporation (LLC)

LLC is considered one of the least complex legal entity.  LLC’s structure is flexible compared to an S Corp or C Corp. It provides the business with limited liability and legal protection for their personal assets in a bankruptcy situation. It also provides businesses with the advantage of pass-through taxes. Following are the advantages of LLC:

  • Avoid double taxation by filing share of profit or loss on your individual tax return rather than corporate tax return
  • No such requirement of the owner being a U.S. citizen or permanent resident
  • Owners have limited liability for business debts and obligations
  • Enhances credibility


Partnership requires two or more people willing to part take in running business together and share in profits and losses. One partner assumes responsibility of general partner while the others are limited partners.

  • Partnerships do not pay income tax. Instead, each partner files for profits or losses separately on their own personal income tax returns
  • Easy to establish
  • Higher ability to raise funds
  • Improved management with more than one owner
Sole Proprietorship

Sole Proprietorship

Sole proprietorship is the simplest form of business of all. If you are in business for yourself than the chances are you are already a sole proprietor.  However, it doesn’t provide limited liability like other business entities.

  • Owner receives all profits
  • Sole proprietor is personally liable for the debts of business
  • Report all business profits as personal income and pay self-employment tax on those profits
  • Few documents required at start up
  • Owner pays only personal income taxes on the profits

Get more information about taxes due for each business structure at the IRS website.

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