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Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business
Weegy: Unlimited life, pooling of resources from anonymous investors and limited liability. Forming a corporation depends on what kind. Simple LLCs can be formed for under $250 by filling out of Secretary of State form most places. [ Forming a Bank Holding Company requires multiple levels of licensing and millions in initial capital. Each legal classification of corporation has substantially different requirements for formation, and in the USA there are over 40 legal forms of incorporation. Chief disadvantage is double taxation for C type (public stock) corporations. Also unrelated business income tax can complicate issues as well as corporations have higher baseline maintenance costs than do pass-through entities. ] (More)
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Asked 9/12/2012 7:51:21 AM
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Why does a company choose to form as a corporation?
Weegy: thanks for using weegy. Most business owners form corporations to protect themselves against financial and legal liabilities. [ In other words, a corporation keeps your business dealings, assets, and bank accounts separate from your personal assets. Forming a corporation has many advantages. Personal asset protection a both corporations and LLCs allow owners to separate and protect their personal assets. In a properly structured and managed company, owners should have limited liability for business debts and obligations. Additional credibility; by adding "Inc." or "LLC" after your business name can add instant authority. Consumers, vendors, and partners may prefer to do business with an incorporated company. Name protection because in most states, other businesses may not file your exact corporate or LLC name in the same state. Perpetual existence because Corporations and LLCs continue to exist even if ownership or management changes. Sole proprietorships and partnerships just end if an owner dies or leaves the business. Tax flexibility - Though profit and loss typically pass through an LLC and get reported on the personal income tax returns of owners, an LLC can also elect to be taxed as a corporation. Likewise, a corporation can avoid double taxation of corporate profits and dividends by electing Subchapter S tax status. Deductible expenses - Both corporations and LLCs may deduct normal business expenses, including salaries, before they allocate income to owners. Some of the disadvantages are The process of incorporation requires more time and money than other forms of organization. Corporations are monitored and subject to rules of entities: federal, state and some local, and therefore may have to meet many more requirements and administrative documents to demonstrate compliance. The incorporation of a company could result in paying more taxes. ] (More)
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Asked 9/12/2012 5:15:55 PM
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What are the steps required to become a corporation?
Weegy: Here's what you must do: 1. Choose an available business name that complies with your state's corporation rules. 2. Appoint the initial directors of your corporation. 3. [ File formal paperwork, usually called "articles of incorporation," and pay a filing fee that ranges from $100 to $800, depending on the state where you incorporate. 4. Create corporate "bylaws," which lay out the operating rules for your corporation. 5. Hold the first meeting of the board of directors. 6. Issue stock certificates to the initial owners (shareholders) of the corporation. 7. Obtain any licenses and permits that are required for your business. ] (More)
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Asked 9/12/2012 5:43:09 PM
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What are the advantages and disadvantages of the corporate form of doing business?
Weegy: Corporations can offer great advantages such as the ability to more easily raise capital, ownership is easily transferrable through the sale of stock, and offer limited personal liability to the owners.However, [ they can be substantially more expensive to create, are more highly regulated and are subject to significantly higher taxation (income is taxed and then dividends to shareholders are taxed again). ] (More)
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Asked 9/12/2012 5:58:08 PM
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What are the different types of dividends corporations may issue?
Weegy: cash, property, stock, scrip, liquidating dividends User: Do you prefer a stock dividend or a cash dividend? Why? Weegy: I prefer stocks as you can avoid paying taxes until the stocks are sold (More)
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Asked 9/14/2012 4:32:20 PM
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