Whats the difference between a: llc, s-corp, c-corp,?

Question

Can any of these allow for me to open a savings account with out being accountable for my non-buisness dealings. I want the company that i own not to be avialable to my personal situations where the money may be frozen for a period of time. Its not an irs thing its a personal thing relating to a criminal case. i am in ohio and the income being paid to my company will between 100,000-250,000. i need to have full access(legally) without the goverment being accesable to it for my personal problems until the courts decide everything.

Answer 1

Here's a link to get you started ...

http://www.idsos.state.id.us/corp/typecorp.htm

Also, contact the Small Business Development Center in your area. They will advise you for free. You can find the center nearest you at ...

http://www.sba.gov/aboutsba/sbaprograms/sbdc/sbdclocator/SBDC_LOCATOR.html

Answer 2

An LLC is a STATE designation. The IRS is a federal issue. in case you comprise on the STATE element, the IRS sees you as a C employer (which records a form 1120) until eventually/until eventually you pick to document as an S-corp (which records a form 1120s). in case you do not incoporate, a multi-member LLC is a partnership(which records a form 1065); a unmarried member LLC is a sole proprietor (schedule C). An S-corp status is a probability the following if the kinds are filed. the biggest distinction is the C corp. The C corp records that is personal returns, pays wages to absolutely everyone appearing facilities and if there is income, pays income tax. money left over is sent to shareholders as dividends and is taxed two times. An S-corp pays wages, yet surpassed very last income/prices by to the shareholders as distributions. (Taxed once.) A partnership passes income by to the 1040. All income is subject to self employment taxes. the only prop. is going immediately to the schedule C, also subject to SE Tax.