DBA's, Partnerships, and S-Corporations

Anyone can create a corporation.  Schwartz and Sinski will help you determine whether incorporating your business is advantageous to you. 

Corporations protect personal assets and may help reduce your taxes.  If you are not incorporated your creditors may be able to acquire your personal assets should you be insolvent.  A corporation is a legal person.  It can open bank accounts, own property and do business under its corporate name.  A corporation is managed by a board of directors who are elected by its shareholders.  Nevertheless a corporation can be formed with only one shareholder.  The major disadvantage of a traditional C-Corporation is “double taxation.”  This occurs because the corporation is taxed on its income and then taxed again when it distributes profits to stockholders.  A way of avoiding double taxation is to create an S-Corporation.  This type of corporation allows the corporate profits to “pass through” to the owners.  The owners then pay the taxes on their individual rates.  However C-corporations have greater flexibility when it comes to tax planning and also can shield stockholders from tax liability. 

As you can see it is important to hire an attorney to guide you through the process of determining which type of incorporation is right for you.