BUSINESS PLANNING & FORMATION

There's more than one way to set up a business officially. Business entity startup costs are often tax deductible. Learn the difference between an LLC, DBA, Corporation, and Non-Profit. When you're ready to take that leap, we'll jump right in with you and help you get started.

Get all the essentials, all in one place. Whether it's an EIN, Operating agreement, Registered Agent, Business License- even tax advice- that you need, get them all when you file with us.

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Are you a new business owner?

Don't know where to start?

NO WORRIES!

We've got you covered.

 

We offer the following services:

  • Tax Structure/Business formation guide

  • EIN/Tax ID Application

  • Filing of State required documents

  • Business License Registration

  • Sales Tax & Use Number Application (if applicable)

Once you have developed a plan, allow Keys Consulting to complete the formation process of making sure your business is legally structured.

FREQUENTLY ASKED QUESTIONS

What's the difference between an LLC and a corporation?

Both protect owners so they're not personally on the hook for business liabilities or debts. But, key differences include how they're owned (LLCs have one or more individual owners and corporations have shareholders) and maintained (corporations generally have more formal record-keeping and reporting requirements). Even though LLCs are considered easier to start and maintain, investors tend to prefer corporations.

What's the difference between a C corporation and an S corporation?

The way you're taxed. C corporation income is taxed twice—the business pays taxes on its net income, and then the shareholders also pay taxes on the profits they receive. With S corporation income, only the shareholders pay taxes on profits received.

What's the main difference between a sole proprietorship and an LLC?

Personal liability protection. An LLC protects owners from being personally on the hook for business liabilities or debts. A sole proprietorship doesn't.

How are different business types taxed?

LLCs, S corporations, and sole proprietorships are taxed once on profits received. C corporations are taxed twice; the business pays taxes at the corporate level, and shareholders pay taxes on income received. Nonprofits with 501(c)(3) status are exempt from federal income taxes.

Which business types give me personal liability protection?

LLCs, corporations, and nonprofits. You don't get personal liability protection with sole proprietorships or DBAs.

 
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