Welcome to Spotting the Issues, where we discuss business and legal issues impacting entrepreneurs and growing companies. I'm Emily Campbell, a real estate investor and internet entrepreneur, and the managing member of the Campbell Firm PLLC, a 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, as well as many micro entrepreneur programs. I have also been involved in business plan competitions at Columbia University's Lange Center for Entrepreneurship and Farouk's Field Center for Entrepreneurship at Fordham University. Additionally, I am an adjunct professor of law at New York Law School, where I teach drafting contracts and advising entrepreneurs. Today's discussion is on S-corporations versus LLC's. Many entrepreneurs are trying to determine whether to set up an S corporation or an LLC. We will set aside the C corporation discussion for another seminar, but today, we will focus on S corporations versus LLC's, which are typical choices for small businesses. It is important to understand and make an appropriate decision before you form your entity in order to ensure that you choose the right entity. 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, despite what many accountants think. There are a number of reasons for this, including the fact that both are pass-through types of entities, meaning the income or losses flow directly onto individual shareholders' tax returns. While this is a tax advantageous position for both types of companies, they each have limitations, with the S corporation having more limitations than the LLC. We will discuss these two distinctions so that you can see which corporation structure would be...
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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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