Business Entity Formation

  • Which Entity should You Choose?

    In the dynamic world of ecommerce, it is imperative that you form your business from the ground up in a manner that will ensure its permanence and stability. This pertains to obtaining key documents which are essential to any ecommerce business, including but not limited to articles of incorporation, sellers permits, and resale certificates. Prestige Auditors will assist you in obtaining said documents, as well as choosing the correct entity types for your business, all while structuring your business in a manner which will allow you to operate on multiple marketplaces including Amazon, Walmart, Jet, and others. Customized tailored operating agreements can be provided with our assistance. Keep in mind that fresh ecommerce accounts are prone to being closely investigated, which can lead to undesirable consequences. We can help prevent such consequences.

    What sort of company would you like to form?*

    Select a company type above to see specific details about that type of company.

    What is an LLC?
    Forming a limited liability company (LLC) has many advantages. An LLC is not a partnership or a corporation but rather an entity that displays features common to both business types.
    It contains a deeper level of personal asset protection than the sole proprietorship and provides for simplified tax accounting. An LLC's owners are referred to as "members." The membership may consist of just one person, multiple people, or a combination of people and entities.

    What is a corporation?
    As opposed to other types of business entities, a corporation has a separate and distinct legal existence from its owners. The law treats corporations as if they are people, allowing them to take on liabilities, enter into contracts, sue and be sued in their own names, and pay taxes separately from their owners, which are called shareholders.
    Because of this trait, corporations may continue in existence indefinitely. Therefore, corporations only end when they are legally dissolved under state law, not when the owners change or die.
    The last important characteristic of corporations is that their owners have limited liability. This means that the owners may not be held personally liable for their company’s debts unless they agree. Instead, the corporation itself is responsible for repaying debts as well as paying off any legal judgments that may be awarded against it.

    What is a corporation?
    As opposed to other types of business entities, a corporation has a separate and distinct legal existence from its owners. The law treats corporations as if they are people, allowing them to take on liabilities, enter into contracts, sue and be sued in their own names, and pay taxes separately from their owners, which are called shareholders.
    Because of this trait, corporations may continue in existence indefinitely. Therefore, corporations only end when they are legally dissolved under state law, not when the owners change or die.
    The last important characteristic of corporations is that their owners have limited liability. This means that the owners may not be held personally liable for their company’s debts unless they agree. Instead, the corporation itself is responsible for repaying debts as well as paying off any legal judgments that may be awarded against it.

    How is an S corp taxed?
    Like partnerships, S corps are pass-through entities. This means that there are no federal taxes levied upon the corporation. Instead, the S corp passes on all profits directly to the shareholders, and then the shareholders are responsible for paying their own tax.

    Application Form

    Business Information

    Please fill out the information for your new company.
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    Provide your company's name. The name provided will be the official name of your company.
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    An entity designator forms part of your corporation's name to indicate to others what kind of entity it is. Entity designators are required by the majority of states and each state generally has an approved list of designators.
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    An entity designator forms part of your corporation's name to indicate to others what kind of entity it is. Entity designators are required by the majority of states and each state generally has an approved list of designators.
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    Enter the 6-digit NAICS (North American Industry Classification System) Code that best describes the company's business activity.
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    Business Principal Address

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    Mailing Address

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    Management Type

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    For multiple Share class we will ask about each share type and restrictions by email, once the application is submitted

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    Enter the maximum number of shares that the corporation is authorized to issue
    Par value is the initial price that a corporation offers to sell its shares and is often only a minimal value; for instance, "$0.01" or "$0.001."
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    Director Names(s)

    A director is an elected or appointed person who is a member of a board of directors and responsible for creating and implementing company policy. More directors can be added later in accordance with your corporate bylaws.
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    Management Information

    Select “Member-Managed” if all the LLC members (owners) are actively responsible for managing daily operations. Select “Manager-Managed” if a manager or team of managers are appointed by the LLC members (owners) to be responsible for daily operations.
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    Member (Owner) Address

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    Member (Owner) Address

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    Member (Owner) Address

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    Member (Owner) Address

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    Manager Address

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    Manager Address

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    Tax Identification Number

    An EIN, short for Employer Identification Number, is also known as a Federal Tax Identification Number. An EIN is required to establish a bank account in the corporation’s name and to pay employees and properly account for wages. It is very important that you apply for your corporation’s EIN properly.
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    The responsible party is the individual, who ultimately owns or has some level of control over the company.

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    This e-mail address will receive a request for signature from Prestige Auditors to sign a prepared EIN application as required by the IRS.

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    The IRS requires an individual SSN/ITIN to file and process the EIN application.

    A trade name, also known as a "fictitious name" or "doing business as," is a name other than the company's legal name that is usually used in marketing and sales.

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    Please enter the company's trade name.

    Select "Yes" if the corporation owns a heavy vehicle that has a combined unloaded vehicle weight, unloaded semi-trailer or trailer weight, and customary maximum load weight greater than 55,000 pounds and travels on highways.

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    Excise taxes covered in Form 720 are taxes paid when purchases are made on a specific good (e.g. gasoline and motor fuel) or on specific activities (e.g. wagering or highway usages by trucks).

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    Select "Yes" if you know the company will be hiring employees in the next 12 months. The IRS does not need to know the exact number of employees, only the highest expected number.

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    If you know the company will be hiring agricultural employees, enter at least 1.

    Industry Information*

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    Enter the main merchandise sold, specific construction work done, products produced, or services provided. For example, you might enter, “Selling retail office supplies and computer and appliance repair services.”
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