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BUSINESS
ENTITIES

Business Trust

In a business trust, a trustee manages a business and conducts transactions for the benefit of its beneficiaries. The trustee, which can be a company or an individual (including the business’s owner), can be authorized to distribute business income and transfer property to beneficiaries.

 

A business owner can be the sole trustee of the trust that holds the business and be a trust beneficiary, as long as the business owner is not the sole beneficiary. Commonly, the beneficiaries of a business trust are investors or shareholders. If it is a family business, the beneficiaries might be the owner’s heirs.

 

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Corporation

In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders.

 

The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends. This creates a double tax. The corporation does not get a tax deduction when it distributes dividends to shareholders. Shareholders cannot deduct any loss of the corporation.

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Limited-Liability Company 

A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.

 

Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.

 

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.

 

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Nonprofit Corporation

A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers.

 

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Partnerships

A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.

 

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S Corporations

 

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

 

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Series Limited-Liability Company

The Series LLC was first introduced by Delaware in 1996. The concept was borrowed from Delaware’s statutory trust law, which was particularly popular with mutual funds. Under the statutory trust law, one investment company could be formed as a trust with separate series. Each series could have its own portfolio with different investors, investment strategies, and so on. When the Series LLC became an option it allowed mutual funds to use the LLC—a more flexible vehicle than the statutory trust. Although that’s how it began, a Series LLC can be used for many purposes beyond setting up mutual funds. 

 

A Series LLC consists of the “parent” or “umbrella” LLC with one or more series that are established under the parent. Each series has characteristics that are separate from the Series LLC itself and every other series. Each series can have its own assets, members, managers, purpose, and investment objectives. And if certain statutory requirements are met, the debts, liabilities and obligations of one series are enforceable only against the assets of that series and not against the assets of any other series or the Series LLC. As such, each series basically functions like a separate entity within the Series LLC.

 

The Series LLC is a creation of state law and can only be formed in a state that authorizes the formation of a Series LLC. Not all states do. The jurisdictions that do authorize Series LLC formation include the following:

  • Alabama

  • Arkansas

  • Delaware

  • District of Columbia

  • Illinois

  • Indiana

  • Iowa

  • Kansas

  • Missouri

  • Montana

  • Nebraska

  • Nevada

  • North Dakota

  • Oklahoma

  • Puerto Rico

  • Tennessee

  • Texas

  • Utah

  • Virginia (effective 2020)

  • Wyoming

Additionally, California and some other states do not allow Series LLC formation but do recognize Series LLCs formed in another state. Such foreign LLCs can register and do business within these states.

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Sole Proprietorships

A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.

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Can THE HAYNES CO. help form my Entity?

Yes. THE HAYNES CO. can help form your Entity. 

 

THE HAYNES CO. can prepare and file your required documents to form an Entity with the Secretary of State, provide a template for Bylaws or Operating Agreement plus a Resolution to Open a Bank Account, obtain your Employer Identification Number with the Internal Revenue Service and provide a custom Records Book. 

The estimated completion time is one (1) to three (3) business days (excluding holidays).

What price does THE HAYNES CO. charge to form Entities?

THE HAYNES CO. charges the following prices.

Business Trust

$1,275

  • Telephone Consultation $250

  • Document Preparation $250

    • Certificate of Business Trust

    • Initial List of Trustees

    • Nevada State Business License

    • Registered Agent Acceptance/Statement of Change

    • Form SS-4

  • Registered Agent for 12 months $250

  • Records Book $100 

  • State Filing Fees $425

    • Certificate of Business Trust with the Secretary of State $75

    • Initial List of Trustees with the Secretary of State $150

    • Business License with the Secretary of State $200

Corporation

$1,575

  • Telephone Consultation $250

  • Document Preparation $250

    • Articles of Incorporation 

    • Initial List of Officers and Directors

    • Nevada State Business License

    • Registered Agent Acceptance/Statement of Change

    • Form SS-4

  • Registered Agent $250

  • Records Book $100

  • State Filing Fees $725

    • Articles of Incorporation with the Secretary of State $75

    • Initial List of Officers and Directors with the Secretary of State $150

    • Business License with the Secretary of State $500

Limited-Liability Company (Domestic and Series)

$1,275

  • Telephone Consultation $250

  • Document Preparation $250

    • Articles of Organization

    • Initial List of Managers or Members

    • Nevada State Business License

    • Registered Agent Acceptance/Statement of Change

    • Form SS-4

  • Registered Agent for 12 months $250

  • Records Book $100

  • State Filing Fees $425

    • Articles of Organization with the Secretary of State $75

    • Initial List of Managers or Members with the Secretary of State $150

    • Nevada State Business License with the Secretary of State $200

Nonprofit Corporation

$950

  • Telephone Consultation $250

  • Document Preparation $250

    • Articles of Incorporation

    • Initial List of Officers and Directors

    • Charitable Solicitation Registration Statement

    • Registered Agent Acceptance/Statement of Change

    • Form SS-4

  • Registered Agent for 12 months $250

  • Records Book $100

  • State Filing Fees $100

    • Articles of Organization with the Secretary of State $50

    • Initial List of Officers with the Secretary of State $50

 

Partnerships (Limited, Limited-Liability and Limited-Liability Limited)

$1,275

  • Telephone Consultation $250

  • Document Preparation $250

    • Certificate of Limited Partnership

    • Initial List of General Partners

    • Business License

    • Form SS-4

  • Registered Agent for 12 months $250

  • Records Book $100

  • State Filing Fees $425

    • Certificate of Limited Partnership with the Secretary of State $75

    • Initial List of General Partners with the Secretary of State $150

    • Business License with the Secretary of State $200

Payment Instruction Steps

Send payment via Ca$h App or Zelle payment to (702) 934-8138. 

A receipt will not be provided and your transaction record will serve as your receipt. 

Forms

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