Lee's Summit, Missouri 64063
Toll Free: 1-855-524-4949
Fax: 816-524-4963
The information you obtain at this site is not, nor is it intended to be, legal advice. Do not rely on the information in this site as legal advice or the invitation of the attorney-client relationship. You should consult an attorney for individual advice regarding your own situation. The use of this website does not create an attorney-client relationship between the user and The Law Office of Camron Hoorfar, PC.
Disregard this solicitation if you have already engaged a lawyer in connection with the legal matter referred to in this solicitation. You may wish to consult your lawyer or another lawyer instead of me (us). The exact nature of your legal situation will depend on many facts not known to me (us) at this time. You should understand that the advice and information in this solicitation is general and that your own situation may vary. This statement is required by rule of the Supreme Court of Missouri.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The following legend is affixed pursuant to U.S. Treasury Regulations governing tax practice. Any U.S. Federal tax advice contained in this communication (whether distributed by mail, e-mail, fax, or other means) is not intended or written to be used, and cannot be used, by any person for the purposes of (1) avoiding U.S. Federal tax penalties that may be imposed on the taxpayer under the Internal Revenue Service of 1986, as amended, or (2) promoting, marketing or recommending to another party any tax-related matter addressed herein, whether an entity, investment plan or other transaction.
Our law office helps people with their business formation needs, including creating limited liability companies (LLCs), partnerships, and corporations (C Corporations and S Corporations). Our law office helps create new business entities in Missouri, Kansas, or Oklahoma.
If you are wanting to start your own business, you need to consult with our law office to address the advantages and disadvantages of each type of business entity and determine which entity is best for your needs.
A Limited Liability Company is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation.
Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Both Missouri and Kansas also permit “single member” LLCs, those having only one owner.
There are two types of corporations, an S Corporation and a C Corporation.
S Corporations are corporations that elect to pass corporate income, losses, deductions and credit 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.
C Corporations are corporations that are treated as a separate taxpaying entity for federal income tax purposes. A corporation conducts business, realizes a net income or loss, and distributes profits or losses 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 and shareholders cannot deduct losses of the corporation.
