If you are looking to start a new business then you may not know where to begin, but Bullock, Garner, & Leslie is available to help you understand the tax implications of choosing a business entity so your business can be the most profitable. There are six forms of business organizations that are established by state law. While you may be familiar with the names of these organizations, it’s often difficult to know the tax implications for each one and which one will be the most beneficial to your company.
The 6 forms of business organizations are:
- Sole Proprietor (1040 Schedule C),
- Corporation (1120),
- Partnership (1065),
- S-Corporation (1120S),
- Trust (1041), and
- Non-profit organization (990)
There are many decision factors that will affect which type of business organization you file under. “Some of the decision factors include how profitable your business is, and how much of those profits you want distributed to you versus re-investing the profits back into the business,” About.com explained. While you can find information about filing under each of these business organizations online, it’s best for you to consult with an accounting firm in order to save the most time and money in the future. Our accountants would love to work with you to help you move forward with your business endeavor so you can be as successful as possible. When you are looking for an accounting firm in Melbourne, Florida then please give us a call at 321.752.5553 to schedule a consultation today.