0
Forming A Business Entity
Gener8! Business Ready in 8 Weeks
What Is A Business Entity?
• A “Non-Real Person”
• Legal entity
• As an owner you act on behalf of the
business
Forming A ...
Business Legal Structures & Name
• Determine your business’s legal
structure:
3Forming A Business Entity
Sole
Proprietorsh...
Sole Proprietorships
• For profit business owned by one
person
– Easiest business to set up and operate
– Profits are taxe...
Partnerships
• A business owned by any two or more
persons who contribute money, labor
and skill to a business and share i...
Corporations
• A business formed under state and
federal law. It is treated legally as a
taxable entity, distinct from the...
Limited Liability Company (LLC)
• A hybrid business structure composed of
aspects of a partnership and corporation.
• Owne...
Federal, State, & Local Taxes
8
Federal State County & City
Payroll taxes Sales & Use taxes Property Taxes
Income taxes Pe...
Federal, State, & Local Resources
• Federal:
– IRS
– OSHA
– Equal Employment Opportunity Commission
• State:
– Comptroller...
Get Connected & Learn More
www. mygenfcu.org
Email: smallbiz@mygenfcu.org
Sign Up for our business classes
Connect with us...
Upcoming SlideShare
Loading in...5
×

Entity formation

112

Published on

Choosing the right entity for your business is crucial, we've put together the basic entity types and detailed the differences for you.

Published in: Business, News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
112
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Entity formation"

  1. 1. Forming A Business Entity Gener8! Business Ready in 8 Weeks
  2. 2. What Is A Business Entity? • A “Non-Real Person” • Legal entity • As an owner you act on behalf of the business Forming A Business Entity 2
  3. 3. Business Legal Structures & Name • Determine your business’s legal structure: 3Forming A Business Entity Sole Proprietorship Partnership (many types) Limited Liability (many types) Corporation
  4. 4. Sole Proprietorships • For profit business owned by one person – Easiest business to set up and operate – Profits are taxed once – Unlimited liabilities – Business ends at death of owner 4Forming A Business Entity
  5. 5. Partnerships • A business owned by any two or more persons who contribute money, labor and skill to a business and share in profits, losses, and management – Profits are taxed once – Liability is shared among partners 5Forming A Business Entity
  6. 6. Corporations • A business formed under state and federal law. It is treated legally as a taxable entity, distinct from the individuals who own it. – Most complex form of business to set up and operate – Profits may be subjected to double taxation – Owner/Officers have limited legal liability – Business continues after death of owner(s) 6Forming A Business Entity
  7. 7. Limited Liability Company (LLC) • A hybrid business structure composed of aspects of a partnership and corporation. • Owners are shielded from personal liability and profits and losses pass directly to the owners without taxation of the entity itself. – Moderately easy to set up and operate – Passed through taxation – Owner/Officers have limited legal liability – Business may choose to terminate upon death or withdrawal of member (dependent on operating agreement) 7Forming A Business Entity
  8. 8. Federal, State, & Local Taxes 8 Federal State County & City Payroll taxes Sales & Use taxes Property Taxes Income taxes Permits Permits FICA Unemployment Insurance Franchise Tax Forming A Business Entity
  9. 9. Federal, State, & Local Resources • Federal: – IRS – OSHA – Equal Employment Opportunity Commission • State: – Comptroller’s Office – Secretary of State – Texas Workforce Commission • Local: – San Antonio Economic Development Center – County Clerks Office 9Forming A Business Entity
  10. 10. Get Connected & Learn More www. mygenfcu.org Email: smallbiz@mygenfcu.org Sign Up for our business classes Connect with us via social where we talk personal and small business tips to help you reach your money goals
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×