At Purdy & Bailey, LLP, our experienced California S corporation attorneys understand that forming a business can be both exciting and overwhelming. One important decision that new business owners must make is choosing the appropriate corporate entity. For many entrepreneurs in California, an S corporation may be the ideal choice.
An S corporation is a type of corporation that is taxed similarly to a partnership. This means that the corporation itself does not pay income taxes, but rather, the profits and losses of the corporation are passed through to the shareholders who report them on their individual tax returns. Additionally, S corporations are limited to 100 shareholders, and all shareholders must be individuals or certain types of trusts or estates.
Choosing to form an S corporation can offer several benefits to business owners. One major advantage is that shareholders are not personally liable for the corporation's debts or obligations. This can provide a layer of protection for personal assets. S corporations also offer potential tax savings for shareholders since they can avoid double taxation on profits.
At Purdy & Bailey, LLP, our team of California S corporation attorneys has extensive experience helping business owners form S corporations. We can assist with every step of the process, from drafting and filing the necessary documents to obtaining the necessary licenses. Our attorneys can also advise on the best strategies for managing and operating your S corporation to ensure compliance with California law and maximize tax benefits.
We can also assist with the dissolution of S corporations when necessary. If a business owner decides to close their S corporation, they will need to follow specific legal procedures to dissolve the entity properly. Our California S corporation attorneys can guide business owners through the dissolution process and ensure that all legal requirements are met to avoid potential legal or tax consequences.
At Purdy & Bailey, LLP, our team of experienced California S corporation attorneys can provide the guidance and support needed to navigate the complex process of forming and operating an S corporation. Contact us today at 858-360-7080 to learn more about our services and how we can help you achieve your business goals.
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