Zakir CPA, PLLC gets you going with corporation registration and business likeness services. To make your business a legal entity, you must register it. The registration process actually relies a great deal on the business structure as well as location.

There are legal, administrative, and financial implications for a business entity. Setting out on the wrong foot could prove o be disastrous. Here goes the paramount role of an efficient accounting firm, like ours. We roll your corporation on a solid structure, by taking into account the future scenarios.

Your business structure predisposes the tax types. Your credit and funding sources also depend on it. It also puts some personal liability on you and regulates the compliance requirements. C corporation and S corporation are two distinct categories for you to pick from, with advantages of their own.

C corps put a protective umbrella between you and personal liability. The business is considered a distinct entity. The owners and shareholders are not held responsible for it. C corps can sell stocks, shares, and go public. In case of occurrences, your personal property remains out of touch.

But on the other hand, it charges you a flat 21% tax on taxable income. Your earned dividends are again subject to taxes, resulting in double taxation. Besides, gigantic paperwork and filing could be overwhelming for just anyone.

S corps do not file company taxes. Rather the individual shareholders split up the income. Then they pay personal taxes on the earned amount. They do not pay federal taxes at the corporate level. S corps also protect the personal assets of the shareholders. The transfer of ownership goes pretty straightforward and free of charge.

On the flip side, many states do not recognize S corporations and tax them equally, like that of a C corporation. Flaws in elections, notifications, and stock ownership can terminate S corp status. Unlike an LLC or partnership, stock ownership determines the allocation of income and loss.

You might get legally entangled for exploiting someone else’s name, likeness, or other personal attributes. If this practice goes on without permission, the owner of that name can sue you. Using similar names and photographs for commercial purposes could lead to legal implications.

You can run into either of these two situations (1) invasion of privacy through misappropriation of name or likeness; and (2) violation of the right of publicity. Individuals can file legal claims against you for the misappropriation of name and likeness. Also, trademark infringement and unfair competition drive other companies into taking action against you.

From the very onset of your business, you must tread carefully and make the right decisions. So you can move forward with the business venture, without violating any law. Zakir Tax & Accounting is the leading tax firm in New York and we masterfully walk you through corporation registration and business likeness issues.