Many small business probably shouldn’t consider incorporating as the filing requirements related to corporate tax returns are too complex to do on your own and potentially too expensive to have done properly. Once a business starts to generate substantial profits though, the owner may want to consider operating as an s-corporation. Why, you ask? The answer is simple: reducing self-employment taxes. You can save up to 15.3% on some portion of your profits with a simple election.
Our Missouri S Corporation kit
For entrepreneurs in the state of Missouri interested in the s-corporation option, we provide two downloadable do-it-yourself kits. One uses a limited liability company as a base. The other, a corporation. We generally recommend going the LLC route. Again, why, you ask? LLCs are generally more flexible, provide similar asset protection, and have fewer regulatory requirements. An added bonus: the LLC can operate as either a partnership or sole proprietorship in the period leading up to generating more profits before you make the s-election.
Click below to purchase the LLC version of the kit:
The corporation version of the kit is available below:
Note: the LLC version comes with a single and multiple-member operating agreement while the corporation kit comes with sample corporate bylaws. These documents declare how each entity will be managed.
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How Subchapter S Corps Are Taxed: If you’re going to be starting an s-corporation, you should understand a little about how they are taxed.
What Tax Returns Are Required for a New Small Business Corporation?: Check out our list to make sure you don’t forget any of the filing requirements.
Your CPA vs. TurboTax: Should you prepare tax returns yourself, or hire someone else to do it?