Incorporation and Filling DBA Papers

Incorporation and Filing DBA Papers:
Sole Proprietorship, Limited Liability Co., or Corporation - Choosing the Right Option

Why Incorporate?
Show me the entity comparison chart.
Help me choose which entity is right for me.

What kind of new business do you plan to start? Sure, you know what your business will do, but for legal reasons, you also need to figure out how to structure your company. It's a pretty important consideration, because you'll be thinking about how much liability protection you need, as well as how much paperwork you'll have to do.

Below you'll find information about defining your company as a sole proprietorship, partnership, limited liability company (LLC), or corporation.

How to keep the structure simple

For many new businesses, the best initial ownership structure is often either a sole proprietorship or a partnership. A sole proprietorship is a one-person company. Usually you don't have to do anything special or file papers to set one up. If you own the business with someone else, then a partnership may be the answer. This simple arrangement usually doesn't require filing paperwork, either. The arrangement begins as soon as you start a business with another person.

As far as the law goes, sole proprietorship and partnerships are one and the same as the people who own these businesses. As the owner of one of these companies, you report business income and losses on your personal tax returns, and are personally liable for any business-related obligations, such as debts or court judgments.

Potentially limiting Limited Partnerships

You may have heard of limited partnerships, which are a little more complicated. Limited partnerships are typically created by one person, called the general partner, who arranges investments from other people, called limited partners. These relationships between the general partner and the limited partners can be very complex.

Incorporation options

Incorporation makes sense for many entrepreneurs because it protects you, the business owner, from having your personal assets - such as your home, personal bank accounts, and vehicles - put at risk if something turns sour. In legalese, this concept is known as "limited liability."
Typically, there are three options available:

• C-corporation: You can think of a C-corporation (the technical name for a regular corporation) as having just about the same legal and tax status as a person. Owners don't use their personal income tax returns to pay tax on corporate profits. The corporation itself shells out the cash to the government, often at a lower rate than what the owners of other kinds of businesses pay. Setting up and running a corporation, however, means a fair amount of paperwork and formality, such as completing forms covering officers of the company and recording minutes of regularly scheduled meetings.
• LLC (limited liability company): Like corporations, LLCs provide limited personal liability for business debts and claims, which can be a real help for a new business. But when it comes to taxes, LLCs are more like partnerships, because owners report business income on their personal tax returns. This arrangement doesn't require as much formal structure as a regular corporation, which is one reason why it can be a good choice for a new business.
• S-corporation: Like an LLC, an S-corporation provides all the limited liability of a regular corporation, while the owners are also taxed for business income. But unlike an LLC, S-corporations must first be regular corporations before applying for this unique tax-paying status - and continue following all other corporate regulations. All of this translates into a business structure that requires careful consideration and even expert advice before starting.

Making your business structure official

If you start your business as a corporation, LLC, or limited partnership, you'll need to file organizational documents such as articles of incorporation with the right office in your state. Depending on the state in which you form your business, this will run you anywhere from about $80 to $800. Many states have forms and sample documents online. The actual filing is usually done through your state's department of corporations or secretary of state's office.

There's nothing phony about a fictitious business name

You may not have to do any filing if you're planning to start a sole proprietorship or a partnership. But even if this is your plan, you should investigate whether you need to apply for a fictitious business name. This fishy-sounding term is also known as aDBA, which is short for "doing business as," and is simply the operating name of your business. If your business name is not the same as your own personal name, you will need to file a fictitious business name.

The reason for a DBA, as far as the government is concerned, is to keep track of companies in the event of a complaint or legal problem. The registration process is very straightforward and is usually handled by the county clerk in the county where you plan to start your business. Once this is taken care of, you can do things under your business name, like open a business checking account.

To see how BizFilings can help you with an incorporation or related service call their experienced Customer Care team at 800-981-7183 or visit their website at (http://www.BizFilings.com/jpals.asp?TGID=&d=423423&PCD=A2125).

You might not need an attorney to start and run a business -- much of the legal work involved simply requires reliable information and the right legal forms. With Quicken Legal Business Pro 2013, you'll get forms you may need to get the job done.

 Completely updated to reflect the latest laws and regulations of your state, Quicken Legal Business Pro 2013 provides: 

• over 140 contracts, forms, and worksheets
• five completely searchable Nolo business bestsellers
• comprehensive "How to" checklists that help you through complex tasks
• free downloadable legal updates throughout 2013
• a free download of Nolo's bestselling book Working With Independent Contractors, a $34.99 value, when you register your software 

Plus, prepare cash flow, sales revenue and profit and loss forecasts, and use dozens of sample letters and policies, including collection and loan request letters. Quicken Legal Business Pro 2013 brings these five Nolo bestsellers together in one easy-to-use software package: 

1. Legal Guide for Starting & Running a Small Business
2. The Manager's Legal Handbook
3. How to Write a Business Plan
4. Contracts: The Essential Business Desk Reference
5. Deduct It! Lower Your Small Business Taxes 

With over 140 legal forms, you'll have access to the documents you need, when you need them. You can also take notes, create bookmarks, and read real-world examples of situations you're likely to face.

Need more details? Here’s a deeper look at what you can do with Quicken Legal Business Pro 2013:

Plan for Success

Select the best structure for your business, obtain licenses and permits, buy or sell a franchise, , file required documents, and minimize the chances of legal disputes. Figure out if your business idea will make money and present a comprehensive plan to potential investors.

Manage Taxes

Identify deductions allowed by the IRS, write off long-term business assets, maximize retirement funds, and minimize the chance of an audit.

Create a Business Plan

Figure out if your business idea will make money, find potential sources of financing, prepare cash flow and profit & loss forecasts, determine your assets, liabilities, and net worth, create a marketing and personnel plan, and present a comprehensive plan to potential investors.

Build Your Team

Hire workers, develop sensible personnel policies, supervise independent contractors, communicate effectively with employees, minimize the chance of employee lawsuits, and legally terminate workers when necessary.

Get Financing

Identify the best prospects for loans from a bank or loved ones, understand the legal and tax issues of borrowing money from family and friends, determine the best structure for each loan, draft a loan request letter, receive guidance on the best way to pitch your loan requests, protect your lenders, and deal with necessary documents, such as promissory notes.

Platform Windows Only

Included Forms

Buying or Selling a Business

• Amendment to Contract (General)
• Attachment to Contract (General)
• Bill of Sale for Business Assets
• Contract for Purchase of Corporate Assets
• Contract for Purchase of Corporate Stock
• Contract for Purchase of Unincorporated Business
• Corporate Resolution Authorizing Sale of Assets
• Security Agreement for Buying Business Assets
• Seller's Affidavit: No Creditors
• IRS 4797, Sales of Business Property
• IRS 8594, Asset Acquisition Statement
• IRS 8821, Tax Information Authorization
• Contracts for Goods and Services
• Amendment to Contract (General)
• Attachment to Contract (General)
• Bill of Sale for Goods
• Consignment Contract
• Contract for Manufacture of Goods
• Contract for Services
• Equipment Rental Contract
• Invoice
• Mutual Release of Contract Claims
• Proposal
• Request for Proposal
• Sales Contract (Installment Payments)
• Sales Contract (Lump-Sum Payment)
• Security Agreement for Buying Goods
• Storage Contract
• IRS 1040, Schedule C, Profit or Loss from Business - Sole Proprietorship
• IRS 1040, Schedule SE, Self-Employment Tax
• IRS 1040-ES, Estimated Tax for Individuals
• IRS 8829, Expenses for Business Use of Your Home
• IRS W-9, Request for Taxpayer ID and Certification
• Corporate Minutes and Consents
• Consent of Directors
• Consent of Shareholders
• Minutes of Directors' Meeting
• Minutes of Shareholders' Meeting
• Minutes of Telephone Conference Directors' Meeting
• Notice of Directors' Meeting
• Notice of Shareholders' Meeting
• Shareholder Proxy
• IRS 1120, Corporation Income Tax Return
• IRS 1120S, Income Tax Return for an S Corporation
• IRS 1120S, Schedule K-1, Shareholder's Share of Income etc.
• IRS 2553, Election by a Small Business Corporation
• Forming a Business
• Affidavit of Lost Stock Certificate
• Amendment to Contract (General)
• Attachment to Contract (General)
• Corporate Bylaws
• Operating Agreement for Single-Member LLC
• Partnership Agreement
• Pre-Incorporation Agreement
• Stock Agreement
• IRS SS-4, Application for EIN
• Hiring Workers
• Amendment to Contract (General)
• Attachment to Contract (General)
• Authorization to Release Information
• Confidentiality Agreement
• Contract With Independent Contractor
• Employment Application
• Noncompete Agreement
• Offer of Employment
• IRS 1099-MISC, Miscellaneous Income (Sample)
• IRS 940-EZ, Employer Annual Federal Unemployment Tax Return
• IRS 941, Employer's Quarterly Federal Tax Return
• IRS W-2, Wage and Tax Statement (Sample)
• IRS W-4, Employee Withholding Allowance
• USCIS I-9, Employment Eligibility Verification
• Leasing Space
• Amendment to Lease
• Assignment of Lease
• Attachment to Lease
• Extension of Lease
• Gross Lease
• Landlord's Consent to Sublease
• Net Lease for Entire Building
• Net Lease for Part of Building
• Notice of Exercise of Lease Option
• Sublease
• LLC Minutes and Consents
• Consent of LLC Members
• Minutes of LLC Meeting
• Notice of LLC Meeting
• IRS 1040, Schedule SE, Self-Employment Tax
• IRS 1040-ES, Estimated Tax for Individuals
• IRS 1065, Schedule K-1, Partner's Share of Income etc.
• IRS 1065, U.S. Partnership Return of Income
• IRS 8832, Entity Classification Election
• Managing Finances
• Amendment to Contract (General)
• Attachment to Contract (General)
• Limited Power of Attorney for Finances
• Promissory Note (Amortized Payments)
• Promissory Note (Balloon Payment)
• Promissory Note (One Lump-Sum Payment)
• Promissory Note (Payments of Interest Only)
• Security Agreement for Borrowing Money
• Buying and Selling Real Estate
• Amendment to Real Estate Purchase Contract
• Attachment to Real Estate Purchase Contract
• Contract to Purchase Building
• Contract to Purchase Vacant Land
• Exercise of Option to Purchase Real Estate
• Extension of Time to Remove Contingencies
• Option to Purchase Building
• Option to Purchase Vacant Land
• Removal of Contingency
• Tax Forms
• IRS 1040, Schedule C, Profit or Loss from Business - Sole Proprietorship
• IRS Form 1040, Schedule E, Supplemental Income and Loss
• IRS 1040, Schedule SE, Self-Employment Tax
• IRS 1040-ES, Estimated Tax for Individuals
• IRS 1065, Schedule K-1, Partner's Share of Income etc.
• IRS 1065, U.S. Partnership Return of Income
• IRS 1099-MISC, Miscellaneous Income
• IRS 1120-A, Corporation Short-Form Income Tax Return
• IRS 1120S, Income Tax Return for an S Corporation
• IRS 1120S, Schedule K-1, Shareholder's Share of Income etc.
• IRS 2553, Election by a Small Business Corporation
• IRS 4562, Depreciation and Amortization
• IRS 4797, Sales of Business Property
• IRS 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business
• IRS 8594, Asset Acquisition Statement
• IRS 8716, Election to Have a Tax Year Other Than a Required Tax Year
• IRS 8821, Tax Information Authorization
• IRS 8822, Change of Address
• IRS 8829, Expenses for Business Use of Your Home
• IRS 8832, Entity Classification Election
• IRS 940, Employer Annual Federal Unemployment Tax Return
• IRS 941, Employer's Quarterly Federal Tax Return
• IRS SS-4, Application for EIN
• IRS W-2, Wage and Tax Statement
• IRS W-4, Employee Withholding Allowance
• IRS W-9, Request for Taxpayer ID and Certification

System Requirements:

Computer: Pentium 400 MHz

Operating System: Windows XP/Vista/7/8

Memory: 512 MB RAM

Hard Disk Space: 71.8 MB (89.8 MB to install)

Monitor: 1024 x 768 with 16-bit color

CD-ROM Drive: 2x speed

Internet Connection: 56 Kbps modem required to access online features

Printer: Any printer supported by Windows XP/Vista/ 7 / 8

Software: Microsoft Internet Explorer 6.0 or higher; Adobe Reader (optional); spreadsheet program (optional).

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