By incorporating you have the ability to separate yourself from your business’ liability. For example, if your business goes under or is sued, your own personal assets (home, car, etc.) will not be subject to repossession. Other entities such as sole proprietorships do not offer that kind of protection. If you operate as a sole proprietorship and your business goes down or sued, all of your family’s personal assets are subject to repossession to pay any lawsuit or remaining business debt.
You can also take advantage of numerous additional tax deductions which include expenses such as health insurance, life insurance and a retirement plan. You also have the added bonus of deciding to pay corporate income tax and then receive a salary from the corporation, which you then would report on your own personal income tax return. With an S-Corporation election, you have the option of letting the profits/ losses of your business flow through to be taxed as your own personal income.
Corporations usually operate with greater credibility than sole proprietorships and partnerships. Many banks and suppliers prefer a corporate account over a normal small business account and generally are more likely to do business with you.
The total cost to set up an LLC, regular corporation, or a professional services corporation; first year free registered agent service; and applying for your employer identification number is only $375.00 (includes State fees). The total process takes about 2-3 business days to complete.
If you need an Assumed Name Certificate for your DBA covering all Texas counties to be placed under your corporation will be $75/each.
Remember, once you have your corporation filed, you will need to prepare a Texas Annual Franchise Tax Return. We can file this for you for only $75, which is a requirement of The State of Texas to keep your corporation in “Good Standing” at all times.
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Assumed Name Certificates:
These are DBA’s placed under your Texas corporation and we process them for $75/each.
Texas Comptroller of Public Accounts office filing requirement by May 15th of every year:
Texas Franchise Tax Return
We provide this as a separate service for only $75/return.