Corporations are still one of the best investments you can make even in these harsh economic times. A Corporation is viewed as a citizen in the State where it was created. It is able to build its own credit separately from your or any other person on your board. If done properly you can use the unsecured credit that you received from the Corporation to pay off all of your personal debts to improve your personal credit FICO score. A Corporation gives you many options and ways to make huge amounts of money totally unsecured, never having to use your Social Security Number or personal information to get credit.
Here Are The Different types of Corporation Available to You:
-Allows for Limited Liability for the Officers, Owners, and Director.
-Allows for an unlimited number of stockholders.
-Profits can be kept as retained earnings.
-Profits are taxed at Corporate rates, separate from the individual return (Your Tax RETURN).
The C Corporation is my personal favorite for a lot of reasons, but two of the main reasons is that it works out much better when I am building Corporate credit, and dealing with my taxes.
-All profits are taxed even if they are not distributed.
-Allows limited liability of the Officers, Owners, and Directors.
-Requires full disclosure of corporate owners.
-Mainly runs on a calender year.
-Profits are pass through to the individual tax return 1040. No tax brakets separation from personal tax brackets that apply to you.
-State taxes apply for individuals who live in the State.