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Dr. Escalante Management Group, Inc.

A Financial & Managerial Support Enterprise

Business Entity Formation

Selecting the right type of company for your new business helps maximize your chances of financial and operational success. Common business structures include:


C Corporation

  • 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.

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.

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.

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.

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.

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