Business Dominance
Additional Information
Truly great and successful businesses are those businesses that have learned how to not only weather the storms of various business challenges , but also have been able to rise far above them. In this area of Business Dominance, we provide proven methods and techniques that we have used throughout the years, and they are all solid and immutable . The greatest obstacle in any business, is the owners having a "limited" mindset or an unchallenged conquest to achieve.
When you learn the techniques and skills to truly achieve business success, then you will know for yourself, nothing is ever impossible.
Business Entities
Sole Proprietorship Business
This business entity is among the most often used and popular among small business owners. The reason why is because it requires the least amount of setup expenses to get in place.
The majority of small businesses can usually fit in this category as a starting place, because it also has much less "MASS" or attention in the financial world.
If a small business is anticipating generating in the first year income below $100,000 then this would be the business entity to choose.
LLC or Limited Liability Company (Also Limited Liability Partnerships & General Partnerships)'
This business entity is the next level that business owners consider, because it has or it is believed among many business people, that choosing this business entity would "limit" personal exposure to law suits and US Treasury Department (IRS) from seizing their personal assets.
However, in the tax code as complex and as convoluted it is there are always "exceptions" and "other laws" that can and will be used against you if there are financial or tax related issues involving the the US Treasury Department.
Also, business owners choose this option because it allows other people to be involved financially with the business, and have all of the income and expenses "pass-through" or over onto the individual tax returns.
Sub-Chapter "S" Corporation
Choosing this business entity is probably one of the best choices to make. This business entity type offers, not only no income taxes charged to the corporation but all income and expenses as well "pass through" to the individual or individual tax returns. This can be a great option, as there are a number of beneficial tax features that are offered within this entity.
Closed or C Corporation
The Close or C Corporation is generally an option selected for businesses with annual revenues $10,000,000 OR more. The C Corporation pays its own taxes as well as many other taxes. However, the benefits are also comparable as well.