Corporation, LLC or Partnership?

We have extensive experience to help you determine the best business structure for your specific circumstances whether it be a corporation, LLC, partnership. It is one thing to form the correct company, it’s entirely another to harness and manage the tax benefits to your advantage. Our ongoing services will assure that you accomplish this by having the lowest possible tax exposure while also guiding you on how to best take distributions from your company.

Payroll / Health Insurance / Benefits

The rules for payroll and social security are daunting. We will guide you on how to properly set up payroll and meet all payroll related compliance matters for both IRS and State. In addition, we will guide you on your options surrounding health insurance, retirement and fringe benefits.

What Type of Business Should I Form?

Do you know the difference between a C Corporation and an LLC? Identifying the right business structure is confusing for the average person. But forming a new business in the Sunrise, FL & Fort Lauderdale, FL area is much easier with the assistance of an experienced CPA firm like Fallenbaum CPA & Advisors, LLC. We’ll explain the tax consequences related to each type of business structure and together well find the best choice for your new business.

Limited Liability Corporation (LLC)

A Limited Liability Corporation or LLC is a legal form of company that allows you to protect your personal assets from the company’s liabilities. If your business is structured this way the “members” or owners will have no personal responsibility for the financial obligations of the business. The way LLCs are taxes can get tricky and makes a big difference whether it is a “single member” LLC or multiple member LLC. Depending on how the LLC is structured it can be taxed as a “sole proprietorship”, a “partnership” or as a “corporation (S Corp)”.

C Corporation

There are benefits to structuring as a C Corporation but one drawback is that the business is taxed on profits at two different points (double taxation). First when the profits are earned and again when the money is distributed to shareholder’s as dividends. One positive feature is that the owners are not held personally liable for the financial obligations of the business.

S Corporation

S Corporations are similar to C Corporations in a number of significant ways except that they are only taxed on the profits once. The company itself does not pay taxes but the income from the company is passed through to shareholders and they are required to report any income from the business on their own personal tax returns.