Nexus Incorp Services Include
Incorporation
Registered Agent Service
Authority to transact business in a foreign state (foreign qualification)
….in all 50 States
What is Registerd Agent?
A registered agent is a person or entity, designated in the articles of incorporation / organization, who can accept legal documents and notifications from a state office on behalf of a corporate entity. All corporations and Limited-Liability Companies (LLCs) must choose a person or entity to act as their registered agent.
Do you need to Foreign Qualify your business?
If your entity hires and maintains any W2 Employees or hold any real property or hold special licensing, then your entity will be required to apply for an authority to transact business in a foreign state
Business Structure Comparison Chart
| SoleProprietor | GeneralPartnership | Limited Liability Company | S Corporation | C Corporation | |
| LiabilityProtection | None. Owner/proprietor has unlimited liability. | None.Partners have unlimited liability. | Yes.Owners/Members generally not personally liable for the debts of the business. | YesOwners/Shareholders are not personally liable for the debts of the corporation. | Yes.Owners/Shareholders are not personally liable for the debts of the corporation. |
| Management | Owner/proprietor is responsible. | Generally partners have an equal share of responsibility. | Owners/Members can manage or elect to have designated managers. | The corporation is managed by the board of directors who are elected by the shareholders. | The corporation is managed by the board of directors who are elected by the shareholders. |
| Formation & Operation | Few legal requirements | Few legal requirements. | Some legal requirements, however, less formal than corporations. | Must maintain corporate formalities such as board of directors and shareholder meetings/resolutions, annual meetings and annual reporting requirements. | Must maintain corporate formalities such as board of directors and shareholder meetings/resolutions, annual meetings and annual reporting requirements. |
| Duration | Life of sole proprietor. | Dissolved by death of partner. | Generally limited to a fixed amount of time, however, more states now allow perpetual existence. | Perpetual | Perpetual |
| Taxation | Not a separate taxable entity. Sole proprietor pays all taxes. | Partners pay tax on their share of the income and can deduct losses against other sources of income. | Generally there is no tax at the LLC level. Income/loss is passed through to members of the LLC according to the Operating Agreement. LLC’s can elect to be taxed as a C Corporation. | No tax at corporate level. Income/loss is passed through to the shareholders according to their percentage of ownership. | Corporation must pay tax on all income and is subject to certain restrictions on retained earnings. Shareholders then pay income tax on the income distributed to them resulting in “double taxation”. |
| Pass Through Taxation | Yes | Yes | Yes | Yes | No |
| Double Taxation | No | No | No, however, LLC’s can elect to be taxed as a C Corporation. | No | Yes |
| Transferabilityof Ownership | No | No | Generally yes, subject to approval from other members. | Yes, subject to consent and restrictions on Shareholders. | Yes. Generally there are no restrictions on transfers. |
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