Small Business

Incorporation can provide many benefits. The most important factor is that incorporation can help limit your personal liability as a business owner.
Generally, creditors of your corporation must satisfy their claims by seizing the assets of the corporation rather than your personal assets.
In contrast to a sole proprietor or partner in a partnership, you are financially responsible for all liabilities of the business, and your personal assets are subject to seizure or lien by creditors.
Other benefits of incorporation can include greater tax deductions for health insurance and medical expenses, lower payments for Social Security tax and Medicare tax, and greater opportunity to raise capital for the business through the issuance of stock.

A limited liability corporation offers limited liability to its owners, but may elect to be taxed as a partnership which passes all the income and losses through to its owners. A C corporation is taxed at the federal level and profits are either retained by the corporation or distributed to the shareholders. A profit distribution is called issuing a dividend. These profits are then taxed as income in the shareholders personal taxes. Witha LLC, the owner has options of how to be taxed. Ithe IRS allows 3 choices. A Corporation tax like a general C corporation, Partnership taxation like a S corporation or

Both entities provide the benefits of pass-through taxation to avoid double taxation of profits as well as limited liability for the owners.
S Corporations pass-through income to the shareholders who pay no Self Employment tax on that income, While LLC income is subject to self- employment tax.
S corporations have restrictions which are not applied to limited liability companies.
Limited liability companies cannot issue stock, but rather, they offer memberships. S corporations, issue stock and are owned by the shareholders. S corporations are managed by the directors and officers, while limited liability companies are managed directly by the members unless they hire managers

A close corporation is also known as a closely held corporation. It is a corporation in which the stock of the corporation cannot be traded on a public exchange such as the NYSE, NASDAQ, etc. and the number of shareholders must be specified, and typically cannot exceed 35 and certain limitations may be placed on the transfer of stock. A close corporation can be advantageous for small businesses.

There is no limit, and it is not illegal to bring in or take out any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coin in current circulation, travelers checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000 you must file IRS Form 4790, the Report of International Transportation of Currency or Monetary Instruments with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.

Dues paid a community booster club conducted for the purpose to attract tourists and settlers to the locality where the members do business are deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.

The dues you pay the stock exchange as a securities dealer are deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% limitation.

Amounts you pay your trade association are deductible if the trade association is conducted for the purpose of furthering the business interests of its members. The amount is deductible as a miscellaneous expense on on IRS Schedule C.

Amounts you pay your trade association are deductible if the trade association is conducted for the purpose of furthering the business interests of its members.
The amount is deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.