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Video instructions and help with filling out and completing Form 843 Insights

Instructions and Help about Form 843 Insights

Hi my name is Brett alter sure this week's topic is the formation of a company a lot of people think about going into business for themselves and they want to form some type of a legal entity suffer from themselves so they can operate their business and have certain benefits whether its tax or limited liability I'm going to discuss some of those today I'm discuss their advantages and their disadvantages some of the more common types are incorporation two of the most common types of corporations are C corporations and that is typically where the corporation is taxed for every dollar comes in at the corporate level and then if there's a distribution made to the shareholders that same dollar is text again at the shore holder level so a lot of people trying to avoid having a double taxation and they may want to form the second most common type which is an S corporation that is subchapter s of a certain tax code which is elected and must be followed strictly to be able to get that s subchapter status and that means that the corporation therefore would not be taxed twice it would have the benefit of just a single taxation of any money that comes in now the benefit of a corporation is that there's full liability coverage in other words the shareholders the officers the board of directors of the corporation cannot be sued personally for any debts that arise on behalf of the corporation they typically can also not be sued for any type of actions or omissions performed in their normal course of duties now gross negligence or an intentional will render certain individuals liability on behalf of the corporation but generally speaking the shareholders officers and board of directors have...

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