Business Plan Legal Structure

Business Plan Legal Structure-48
A wife can be the sole owner and employ her husband and many other employees or vice versa.

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When filing taxes for your sole proprietorship, use your personal IRS Schedule 1040 and attach Schedule C (“Profit or Loss from Business”), which, in effect, is a mini business income statement.XYZ Consulting is a new company that provides expertise in search marketing solutions for businesses worldwide, including website promotion, online advertising, and search engine optimization techniques to improve its clients' positioning in search engines.We cater to the higher education market, including colleges, universities, and professional educational institutions.To obtain LLC status, you must apply to a state by submitting an application with an annual fee (each state is different, but it is generally in the 0 to 0 range).With the state-approved LLC, there will be an operating agreement — think company bylaws.Before you begin writing your company summary, remember to stick to the big picture.Other sections of your business plan will provide the specific details of your business. Small Business Administration (SBA) website has a lot of information available if you've never written a business plan before.It is on this amount that you will be assessed payroll taxes, via Form SE (“Self-Employment Taxes”), and on this amount, you can create a Simplified Employee Pension Individual Retirement Account (SEP-IRA) or a Solo 401K Plan and reduce your taxable income.This organizational form has the personal liability protection benefits of a corporation without having all the required administrative and governance procedures. You first need to form a company from which to run the business.Here’s a summary of the key provisions and implications for the most used company structures.

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