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Melville, NY CPA Firm
Melville, NY CPA Firm
Are you looking to register a new business? That can be both exciting and daunting for potential new business owners. Our goal at Pares & Company CPAs is to help you eliminate the daunting task of choosing the correct entity type and make the process as seamless as possible so you can get your company started on the right track. Our Long Island CPA firm can help you choose an entity type, register your business, develop a business plan, provide valuable tax planning advice and provide a multitude of other business advisement services.
One of the largest contributing factors to entity selection are the tax implications. We’ll work with you to minimize your tax liabilities and maximize profits.
Planning on working with your own accounting and bookkeeping software? We can help install the proper version of QuickBooks and train you or your staff on your new accounting software.
Would you prefer a professional to manage your books? No matter the size of your company, Pares & Company CPAs can help with all your accounting and tax needs.
Pares & Company CPAs will work with you to determine the best entity type for your new company. Each type of entity has its own advantages and disadvantages, so we’ll work with you to find the perfect match. Business entities come in several forms, and make no mistake – there IS a difference.
The owners or shareholders of a C corporation have no personal liability for its obligations, but the company itself is taxed and shareholders are taxed on any dividends or distributions they receive.
An S corporation is similar to a C corporation in many ways, but the company itself does not pay taxes, although shareholders must report income from the business on their personal tax returns.
A Limited Liability Partnership has two types of partners – general and limited. General partners have management authority for the business, and they also have personal liability for the company’s obligations. Limited partners are those who invest in the company, but have no management authority and no personal liability except for the amount of their own investment.
The owners or members of an LLC have no personal liability for the firm’s financial obligations, but the company may be taxed as a partnership, so the members are required to report their income and deductions on their personal tax returns. Several legal documents are required to form an LLC, including an organizational agreement and articles of organization that are filed with the Secretary of State.
Want to learn more about our entity selection services? Request a free consultation or give us a call at 516-735-3600 now to see how we can help you!
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