|By PR Newswire||
|October 22, 2013 11:11 AM EDT||
CALABASAS, Calif., Oct. 22, 2013 /PRNewswire/ -- With 15 years of supporting entrepreneurship and exemplary customer service in the incorporation and LLC formation industry, MyCorporation.com is taking a closer look at comparing Corporations and LLCs in their new infographic "Corporation vs. LLC: Find Out Which is the Better Fit For You."
"There are actually a lot of similarities when it comes to comparing a Corporation and an LLC - asset protection, establishment of business credibility, and the ability to minimize taxes - but often the structure you choose can impact those who invest in your business and the choices you'll make concerning your business down the road. You have to evaluate the benefits when thinking of those components," said Deborah Sweeney, CEO of MyCorporation.
The infographic defines the Corporate and LLC structures, discusses the benefits of each entity type and presents which entities are chosen by businesses in varying industries. Similarities and differences between the pair are also discussed along with a closer look at how each entity is taxed.
Currently, annual LLC formations outnumber Corporation formations 2-1 nationally, making the LLC the most common choice for business.
"I elected to form each of my businesses as LLCs rather than Corporations because the initial set-up costs and the ongoing costs were much more affordable. Additionally, compliance is easier for me as a small business and I still have the flexibility of electing to be treated as either a Corporation or sole proprietor/partnership for tax purposes. I actually used MyCorporation myself to form three different LLCs and I was very pleased with the level of service!" said Joel Ohman, Certified Financial Planner and the founder of Car Insurance Comparison.
The infographic further explores what corporations and LLCs should know about liability protection, taxation, formation, and corporate maintenance. The infographic also breaks down the incorporation and LLC formation process into five steps that are simple to understand.
Ultimately, Sweeney says, the choice of entity to form a business as all depends on the business itself.
"Choosing what sort of entity to file your business as needs to come from looking at your fellow business owners, the industry you're in, and the needs of your business. Thankfully, entrepreneurs have a resource like MyCorporation to make the decision that much easier!"
For over 15 years, MyCorporation.com has reliably, and affordably, helped small business owners incorporate their businesses and form LLCs. If you 're ready to start up your own business, give MyCorporation a call at 1 (877) 692-6772 Monday through Friday at 7 AM – 5 PM PT or visit us at mycorporation.com.