When you form an LLC or corporation, you must not operate in the same way as you did when you were a sole proprietor. LLCs and corporations do not automatically provide tax benefits or protect assets. To get those benefits proper formation and on-going maintenance must take place and certain actions must be recorded that prove separation from the owners.
In addition, the owners and managers must follow the procedures outlined in the entity’s operating agreement or bylaws, protect the interests of the company and avoid committing alter ego blunders or else the benefits granted under the law may be lost.
Small and micro business owners often find themselves overwhelmed trying to make a living while attempting to comply with ever-increasing complexity. Most are violating scores of tax and business laws they don't know exist and can’t afford to hire a chief compliance officer to assure compliance.
The good news is that we can do that for you. Our LLC and corporate compliance services help to provide and protect tax and asset protection benefits by maintaining your company’s legal standing and prevent you from committing alter ego blunders. (See our articles: “Does your LLC or Corporation have Legal Standing?” and “Alter Ego Blunders—Piercing the Corporate Veil” for more on these topics)
We can take the compliance burden off of you to allow you more time to do what you do best—run your business.
Our tax planning services can save you money by structuring your LLC or corporation in a manner that reduces your taxes and increases tax-favored fringe benefits for you and your family. We can provide instruction on the recordkeeping needed to protect the tax benefits should you be audited by the IRS.
The Rules for operating an LLC or corporation are complex. Failing to comply with them may subject you to disciplinary actions and cost you thousands of dollars when penalties are assessed, tax-favored benefits are lost and asset protection features evaporate. Our LLC and corporate services can help reduce the chance that you’re sued and can protect your home and personal property from business liability.