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| Case Study for a C-Corporation | |||
Gabby and her two best friends, decide to start a company that develops personal budget software for smart phones. They are excellent programmers and developers, not to mention business people, so there is a good chance they will take their company public in the future. They decide they will call their company “G3 Development” and that they will divide all the profits and liabilities of the company equally among the three of them. Since issuing stock and potentially going public is a requirement of Gabby and her friends, they decide to form a general-for-profit corporation or C-Corporation. |
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| Case Study for an S-Corporation | |||
| Derek has his own consulting business and recently has become concerned about protecting his personal assets. Derek wants to form a corporation for the limited liability protection but is concerned about the double taxation of corporations. Derek much prefers the pass through tax advantages of the LLC but really wants to be an “Inc.” Therefore, Derek looked into S-Corporation election which offers the same pass through taxation as LLCs. Derek formed a corporation and elected S-Corporation status with the IRS. By doing this, Derek has able to still be an “Inc.” while also avoiding the double taxation and having the pass-through tax advantages. | |||
| Case Study for a Limited Liability Company (LLC) | |||
| Nathan has been planning on starting a catering business. In anticipation of getting his operation going he has decided to form the company “Nathan’s Nutrition.” He likes the liability protection of a corporation but he doesn’t want to deal with the annual reports, bylaws, distribution of shares, and all the other things that come with operating a corporation. He decides to form a LLC which gives him liability protection similar to a corporation but doesn’t have the formalities of a corporation. The LLC also gives the benefit of having all the profits and losses to pass directly through to him. | |||
| Case Study for a Non-Profit Corporation | |||
| After a lifelong battle with restless leg syndrome, and dealing with the difficulties of diagnosing and treating this issue, David decided to start a corporation in order to aid those who are working on this cause. Since David’s primary objection is to support medical advances and does not want to gain a profit, he decides to set up a non-profit corporation. Further, by forming a nonprofit corporation, David can apply to the IRS for tax exempt status, thereby making all donations tax deductible. | |||
| Case Study for a Professional Corporation | |||
| Omar has just finished his dental residency and is ready to start his own practice. Omar decides to form a corporation to protect his personal assets and give his practice some credibility. However, Omar’s state requires that all health professionals form “professional corporations” because he will be organized for the purpose of providing professional services. Unlike a regular corporation, professionals are not absolved for personal liability for their own acts of malpractice or negligence. Therefore, Omar remains liable for his own acts or malpractice but receives limited liability for malpractice of other partners, tort liability (i.e. slip and falls) and business debts. | |||
What MyCorporation customers are saying... "Intuit MyCorporation is amazing! It was fast, easy and affordable. The Impeccable staff has great follow-up, listening skills, professionalism, and someone always picks up the phone. Highly recommended!" “Intuit MyCorporation helped me go through a change that I was not looking forward to, but with their help, it was resolved on time. ... I was able to take care of my future and gain the new enterprise...” |
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