New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
Hello,
I am currently working for a company and thinking registering a company. The profit of the business will be small. Can you suggest I should register a comporation or LLC?
thanks!
Mei,
That is a great question that comes up in almost every conversation when planning your business registration, and for good reason. Typically speaking, smaller businesses tend to open LLC’s for their flexibility, lower maintenance and the fact that it is not taxed as much as a Corporation. It is always suggested that you consult a professional accountant to help decide which entity type and subsequent tax structure would be best for your business as well as yourself personally.
That being said, I once answered a question dealing with this very same question regarding the major differences between an LLC and a Corporation, and think you may find this to be very helpful to your question.
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