5 Easy Steps to Opening a Business in Connecticut

July 7, 2013 Small Business 6 Comments Print this page Share

 

1) Meet With Your CPA and Attorney

The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be able to advise you with regards to what entity you should have. Your attorney will get your business registered with the Secretary of State and provide all of the legal documents for your business.

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The Difference Between a C Corporation and a Subchapter S Corporation

April 17, 2012 Tax News 0 Comments Print this page Share

Business owners can maintain their corporation as a regular or “C” Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:

C Corporation

While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any taxable income reported.

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The Difference Between an LLC and a Subchapter S Corporation

November 17, 2011 Tax News 2 Comments Print this page Share

Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation.  Here are the differences:

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Why a Growing Business Should Elect Subchapter S Filing Status

August 4, 2011 Tax News 2 Comments Print this page Share

The primary reason to make the Subchapter S filing status election is to have a single federal income tax when the business is eventually sold. 

If the corporation is not an S corporation and the company assets are sold, there will be a double tax on sale.  The first tax will be at the corporation level.  A regular or C corporation will pay a tax on the gain on the sale of its assets.  … Continue reading »

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