Legally Black LLC

Business Plan Template

Sale price Price $200.00 Regular price $500.00 Unit price  per 

A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.

Why is Business Services important?

  • “When beginning a business, you must decide what form of business entity best meets the needs of your business"
  • Your business entity status determines your future tax liability and determines how much it will cost to formalize your business

 

 

Trust

  • What is a Trust?
    • A Trust is a fiduciary relationship where the assets are held by the Trustee for the benefit of another(the beneficiaries).
  • What are the benefits of a Trust?
    • A Trust enables a business to continue to run in their absence, sets out a clear succession plan in the event the trustor(creator) or the Trustee(manager of the trust fund) are unable to perform their duties
    • Assets are privately protected
    • Business trust assets are protected from your personal liability
  • What are the drawbacks of a Trust?
    • A Trust is not a separate legal entity, therefore the trustee is legally liable for the debts fo the trusts and may use its assets to meet those debts
    • Can be expensive and complex to establish
    • Difficult to dissolve once established particularly where children are involved
    • Does not distribute losses, only profits
    • A trustee must apply for a tax file number (TFN) and lodge an annual trust return. The trust is not liable to pay tax. Instead tax is assessed to the trustee or the beneficiaries that are entitled to receive the trust net income.


501(c)(3)

  • What is a 501(c)(3)?
    • Organizations that meet the requirements of Section 501(c)(3) are exempt from federal income tax. While the Internal Revenue Service (IRS) recognizes more than 30 types of nonprofit organizations, organizations that qualify as 501(c)(3) organizations are unique because donations to these organizations are tax-deductible for donors.
    • What are the benefits of a 501(c)(3)
      • Exemptions from Federal income Tax
      • Tax-deductible contributions
      • Tax-exempt financing
      • Has a specific entity purpose that cannot be altered 
    • What are the drawbacks of a 501(c)(3)
      • Limited purpose
      • Cannot contribute to political campaigns
      • Public scrutiny for claimed charitable purpose

 

LLC 

  • What is an LLC?
    • A limited liability company is a business structure where the members are not personally liable for the company’s debts or liabilities. LLC’s are a formal partnership arrangement that requires articles of organization to be filed with the state.
  • What are the benefits of a LLC
    • Personal liablity is limited to acts performed in the ordinary course of business
  • What are the drawbacks of a LLC?
    • Lengthy filing process 
    • Yearly tax implications (depending on where you file)
    • More expensive to operate
    • Subject to Self-employment tax

 

Partnership or Sole Proprietorship is an automatic designation if you have not chosen one of the specified legal entity above. 

From building your vision•business plan to filing your tax documents in your proper state of incorporation we help take your business to the next level by making it official and ready to do business as a nonprofit.