Welcome to spotting the issues where we discuss business and legal issues impacting entrepreneurs and growing companies I'm Emily Campbell I'm a real estate investor and internet entrepreneur and managing member of the Campbell firm PLLC the general practice law firm based in Manhattan I have guest lectured at Columbia University's Lange Center for Entrepreneurship Parsons School of Design and the School of Visual Arts and many micro entrepreneur program programs and have been involved in business plan competitions at Columbia University's Lange Center for Entrepreneurship Farouk's Field Center for Entrepreneurship at Fordham University I am at an adjunct professor of law at New York law school where I teach drafting contracts and advising entrepreneurs today's discussion is s-corporations versus LLC's many entrepreneurs are trying to determine whether to set up an S corporation or an LLC we're going to set aside the C corporation discussion for another seminar but we're going to focus today on S corporations versus LLC's which are typical choices for small businesses it's important to understand and to make an appropriate decision before you form your entity in order to make sure that you choose the right entity because setting up an entity that is not the right form for you could result in more costly reincorporation at a later point S corporations and LLC's are not identical even though many accountants think they're identical for a number of reasons including the fact that these are both pass-through type of entities meaning the income or losses flows directly on to individual shareholders tax returns now this is a tax an advantageous position for both of these kinds of companies but they have limitations each of them and the S corporation has more limitations and then the LLC and we'll talk about those two distinctions so...
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Llc s corp election deadline Form: What You Should Know
You will need the following documents from your business entity to properly register your corporation: The original Certificate of Incorporation of the business entity; A copy of a Certificate of Good Standing of the business entity; and, Whether the business entity has a Certificate of Public Convenience and Necessity.
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