aCorporation, LLC or Partnership?

We have experience helping you choose the best business structure for your needs, be it a corporation, LLC, or partnership. Forming the right company is just the first step—managing and optimizing its tax benefits and achieving tax savings through our incorporation services is where the real advantage lies. Our ongoing incorporation services ensure you achieve the lowest possible tax exposure while also advising you on the best ways to take distributions from your business.

Payroll / Health Insurance / Benefits

The rules for payroll and social security are daunting. Let Us Help You Navigate Payroll Setup Effortlessly! 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, S corporation, and an LLC? Choosing the right business structure and understanding different business formations can be confusing. Starting a new business is simpler with assistance from an experienced CPA firm like Fallenbaum CPA & Advisors, LLC. We’ll walk you through the tax implications of each business structure and work together to determine the best option for your new venture.

Limited Liability Corporation (LLC)

A Limited Liability Company, or LLC, is a business structure that shields your personal assets from the company’s liabilities. In this setup, the “members” or owners are not personally responsible for the financial obligations of the business. However, the way LLCs are taxed can be complex and depends on whether it’s a single-member or multi-member LLC. Based on its structure, an LLC can be taxed as a sole proprietorship, a partnership, or even a corporation (S Corp).

C Corporation

Structuring as a C corporation has its perks, but one downside is double taxation—profits are taxed when earned and then again when distributed to shareholders as dividends. On the bright side, owners aren’t personally responsible for the business’s financial obligations.

S Corporation

S corporations share many similarities with C corporations, but their tax structure sets them apart. Instead of the company paying taxes, income is passed through to shareholders, who report any profits or losses on their personal tax returns. Additionally, there are “reasonable compensation (payroll)” requirements for owner/shareholders. We can help simplify the complexities of shareholder distributions versus payroll and assist with all the related special reporting.