Set Up A Corporation
A C Corporation can offer greater tax flexibility. In addition, if you'll be keeping the profits within the company (as opposed to distributing dividends to shareholders), then the C Corporation can shield shareholders from direct tax liability. Can I form a Corporation with just one person? Yes. A Corporation can have just one shareholder. Keep in mind that even if you're the sole shareholder, you will still need to comply with corporate formalities such as director and shareholder meetings, and keeping meeting minutes. If I have multiple businesses, what's the best way to legally structure them? There are three different ways to structure multiple businesses. There are advantages and disadvantages for each approach – and the best structure will depend on your personal situation. You can file an LLC or corporation for each of your businesses. This approach isolates the risk to each individual business but involves maintenance fees and paperwork for each of the LLCs/corporations. You can file one LLC or corporation and then set up multiple DBAs ( Doing Business As) for each of the other businesses.
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This post originally appeared on the American Express OPEN Forum, where Mashable regularly contributes articles about leveraging social media and technology in small business. The portrait of today's worker is undergoing a fundamental shift. Fueled by advances in cloud-based, social and mobile technologies, companies are choosing to gain agility and savings by leaning on an always-on virtual workforce of contingent workers. According to Freelancers Union, there are approximately 42 million Americans who make their living independently — that's 30% of the workforce. Forget about a traditional 9 to 5 at the office. Workers in this new gig or freelance economy find that they need to become their own marketing experts, accountants, sales and IT gurus. And somewhere along the way, small business providers, contractors and freelancers need to grapple with selecting a business structure. Forming an LLC or corporation can be a relatively quick and easy process, but most small business owners aren't exactly experts in tax and business law.
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When you hear the term "offshore haven, " you tend to think about places like Panama, where Mossack Fonseca is headquartered, or the Bahamas, the British Virgin Islands, or Switzerland. But as I reported in the story, the United States is the second-easiest country, after Kenya, in which to establish an anonymous shell firm, according to a a DC group called Global Financial Integrity. That's probably why Mossack Fonseca sets up so many shell firms in the US, specifically in Florida, Wyoming, and Nevada, where it works with closely affiliated local offices. A recent report by the group Global Witness documented dozens of scams and crimes pulled off with American shell companies, ranging from massive Medicare fraud by an Armenian-American crime syndicate to money laundering by Mexico's Los Zetas drug cartel (which used some of the laundered funds to buy race horses, including one named "Number One Cartel, " that won millions of dollars at the track). Senator Carl Levin of Michigan, who is retiring next year, has long tried to pass legislation that would make it harder to incorporate anonymous companies in the US.
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