OlayinkaOyelamiCorporation (OOCORP) Most people have heard that forming a corporation provides "limited liability" -- that is, it limits your personal liability for business debts. What you may not know is that there's more to creating and running a corporation than filing a few papers. You'll need to keep good records to handle the more complicated corporate tax return and, in order to retain your limited liability, you must follow corporate formalities involving decision making and record keeping. In short, you've got to be organized. Limited Personal LiabilityOne of the main advantages of incorporating is that the owners' personal assets are protected from creditors of the corporation. For instance, if a court judgment is entered against your corporation saying that it owes a creditor $100,000, you can't be forced to use personal assets, such as your house, to pay the debt. Because only corporate assets need be used to pay business debts, you stand to lose only the money that you've invested in the corporation. Exceptions to Limited LiabilityThere are some circumstances in which limited liability will not protect an owner's personal assets. An owner of a corporation can be held personally liable if he or she:
This last exception is the most important. In some circumstances, courts can rule that a corporation doesn't really exist and that its owners should not be shielded from personal liability for their acts. This might happen if you fail to follow routine corporate formalities such as:
Liability InsuranceIncorporating should never take the place of good business insurance. Even though forming a corporation protects your personal assets, you should use insurance to guard your corporate assets from lawsuits and claims. A solid liability insurance policy can protect you against many of the risks of doing business. For instance, if you operate a clothing store, good business insurance should adequately cover the bill if someone slips and falls in your store. Also, insurance can protect you where the limited liability feature will not. For example, if you personally injure someone while doing business for the corporation, say by causing a car accident, liability insurance will usually cover the accident so that you won't have to use either corporate or personal assets to pay the bill. However, insurance won't help if your corporation doesn't pay the bills: commercial insurance usually does not protect personal or corporate assets from unpaid business debts, whether or not they're personally guaranteed. Paying Corporate Income TaxIf an owner of a corporation works for the corporation, that owner is paid a salary, and possibly bonuses, like any other employee. The owner pays taxes on this income just like regular employees, reporting and paying the tax on his or her personal tax return. The corporation pays taxes on whatever profits are left in the businesses after paying out all salaries, bonuses, overhead, and other expenses. To do this, the corporation files its own tax return, Form 1120, with the IRS and pays taxes at a special corporate tax rate. Alternatively, corporate shareholders can elect what's called "S corporation" status by filing Form 2553 with the IRS. This means that the corporation will be treated like a partnership (or LLC) for tax purposes, with business profits and losses "passing through" the corporation to be reported on the owners' individual tax returns. To learn more about S corporations, see Nolo's article S Corporation Facts. For more details on regular corporate taxation, see Nolo's article How Corporations Are Taxed. Forming a CorporationTo form a corporation, you must file "articles of incorporation" with the corporations division (usually part of the secretary of state's office) of your state government. Filing fees are typically $100 or so. For most small corporations, articles of incorporation are relatively short and easy to prepare. Most states provide a simple form for you to fill out, which usually asks for little more than the name of your corporation, its address, and the contact information for one person involved with the corporation (often called a "registered agent"). Some states also require you to list the names of the directors of your corporation. In addition to filing articles of incorporation, you must create "corporate bylaws." While bylaws do not have to be filed with the state, they are important because they set out the basic rules that govern the ongoing formalities and decisions of corporate life, such as how and when to hold regular and special meetings of directors and shareholders and the number of votes that are necessary to approve corporate decisions. Finally, you must issue stock certificates to the initial owners (shareholders) of the corporation and record who owns the ownership interests (shares or stock) in the business. To learn more about how to form your corporation, see Nolo's article How to Form a Corporation. Retaining Corporate StatusCorporations and their owners must observe certain formalities to retain the corporation's status as a separate entity. Specifically, corporations must:
For more information on making corporate decisions and keeping corporate minutes, see Nolo's article Documenting Corporate Decisions. And for detailed information about corporate laws and regulations in your state, see Incorporate Your Business: A Legal Guide to Forming a Corporation in Your State, by Anthony Mancuso (Nolo).The Internet is one of the most fertile grounds on which you can build a business to sell your products or services. This is because of the fact that your customer base is potentially in the order of millions of prospective buyers who are not restricted by physical location. eCommerce (also known as 'electronic commerce') refers to business conducted online. At one time, the term included only web businesses such as Amazon and Travelocity that transferred a real world paradigm – buying books or booking flights -- to the Internet. But heading into the second decade of the 21st Century, practically all business is conducted online in some way and eCommerce includes a wide range of subject matter, whether it’s downloading an app, clicking on an adword at a blog, licensing content from iStockphoto, or purchasing a legal form. In fact it's hard to imagine a business without some eCommerce aspect. Flexible eCommerce websites can be used to sell both physical and digital products. All packages come with hundreds of free templates, an online product catalog, and mobile eCommerce. In addition, our Take-a-Payment solution can be used to accept payments for services or to take donations. Shopify makes it easy to open an online store by providing all the tools and help you need.Click here to try it for free! Get your business online for less a lot less!We've taken away all excuses by offering a domain, website and email bundle for only $1*/month Click here to get started Nolo has books, forms, and online applications that can help small business owners run a successful business. See the Small Business Products page for a complete list of Nolo's small business products, Spend more time growing your business with QuickBooks Payments solution, for secure credit card and debit card processing, and now we are adding a seamless integration with QuickBooks Online. The App is available for FREE through the Bigcommerce Control. Panel. The app is easy to set up with just a few clicks. Specify what you want to happen when updates occur to both Bigcommerce and QuickBooks Online. Once it is set up, your orders in Bigcommerce will be automatically created as Sales Receipts in QuickBooks Online Comprehensive syncing: Automatically sync your Orders, Products, Customers, Taxes, Discounts, Refunds and Shipping Charges from your Bigcommerce store to QuickBooks Online. Data accuracy, all the time: Eliminate manual accounting and human error associated with manual bookkeeping. This integration automatically and accurately records sales income, tax, refunds, discounts and shipping Payment reconciliation: If you use Quickbooks Online with QuickBooks Payments (payment gateway), you'll benefit from automatic reconciliation of transactions The integration with Intuit/QuickBooks Online and Bigcommerce helps store owners focus on their business, not their finances. Bigcommerce + Intuit Quickbooks. Focus on your business, not your finance. Start Free Trial Now! Get Your own Business Started in a Matter of a Few MinutesOnlineWhether you're buying a franchise, creating a start-up, purchasing an existing operation or turning a hobby into a home-based entity – starting a business of any kind involves a great deal of planning and preparation. In addition to helping you incorporate or form an LLC, as well as providing information about how to start a business in each particular state, offers additional products and services useful to entrepreneurs when starting a business. partnering with businesses and corporations around the world to create one stop shop eCmmerce marketplace used daily by thousands of individuals, families, e-Business, digital network Entrepreneurs forming corporations and service organizations around the world. 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