|
When incorporating your small business, the name of your corporation must comply with the rules of your state's corporation division. You should contact your state's office for specific rules, but the following guidelines generally apply.
The name must end with a corporate designator, such as "Corporation," "Incorporated," "Limited," or an abbreviation of one of these words (Corp., Inc. or Ltd.).
Types of Ownership Structures
Learning about the various types of legal structures available for your business: corporation, LLC, partnership and sole proprietorship.
To decide on an ownership structure for your small business, you must learn about how each structure works. Here are the forms of doing business:
CarsonCity sole proprietorship
NV partnership
CarsonCity limited partnership
Nevada limited liability company (LLC)
NV corporation (for-profit)
Nevada nonprofit corporation (not-for-profit)
CarsonCity cooperative.
What sets the corporation apart from all other types of businesses is that a corporation is an independent legal and tax entity, separate from the people who own, control and manage it. Because of this separate status, the owners of a corporation don't use their personal tax returns to pay tax on corporate profits -- the corporation itself pays these taxes. Owners pay personal income tax only on money they draw from the corporation in the form of salaries, bonuses and the like.
|
