EMPOWER YOUR BUSINESS JOURNEY Prompt Filings
Build Your Business with Expert Tax & LLC Essentials
Build your dream venture with our seamless platform and personalized guidance.
Plans begin at just $49 plus state fees
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Packages Begin at $49.00 + State Fee of $0
Choosing the Right Business Structure
Sole Proprietorship, C Corporation, S Corporation, or LLC
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Sole Proprietorship
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C Corp
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S Corp
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Limited Liability Company
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Formation Requirements, Costs
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None
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Must file with state, state specific filing fee required.
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Must file with state, state specific filing fee required.
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Must file with state, state specific filing fee required.
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Personal Liability
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Unlimited liability.
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Shareholders are not typically held liable.
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Shareholders are not typically held liable.
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Members are not typically held liable.
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Administrative Requirements
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Relatively few requirements.
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Election of board of directors/officers, annual meetings, and annual report filing requirements.
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Election of board of directors/officers, annual meetings, and annual report filing requirements.
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Relatively few requirements.
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Management
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Full control.
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Shareholders elect directors who manage business activities
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Shareholders elect directors who manage business activities
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Members can set up structure as they choose.
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Term
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Terminated when proprietor ceases doing business or upon death.
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Perpetual: can extend past death or withdrawal of shareholders.
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Perpetual: can extend past death or withdrawal of shareholders.
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Perpetual, unless state requires fixed
amount of time.
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Taxation
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Entity not taxable. Sole proprietor pays taxes.
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Taxed at corporate rate and possible double taxation: Dividends are taxed at the individual level if distributed to shareholders.
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No tax at the entity level. Income passed through to the shareholders.
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No tax at the entity level. Income passed
through to members.
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Double Taxation
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Yes, taxed at corporate level and then again if distributed to shareholders in the form of dividends.
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Self Employment Tax
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Subject to self employment tax.
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Salary subject to self employment tax.
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Salary subject to self employment tax, but shareholder distributions are not subject to employment tax.
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Salary subject to self employment tax.
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Pass Through Tax Treatment
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Tax Forms
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1040
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IRS Form 1120
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IRS Form 1120S Shareholders get K-1 for personal tax returns.
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1 member: sole proprietor IRS Form 1040 - Schedule C Partnership: IRS Form 1065, Members get K-1
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Transferability of Interest
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Shares of stock are easily transferred.
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Yes, but must observe IRS regulations on who can own stock.
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Possibly, depending on restrictions outlined in the operating agreement.
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Capital Raising
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Individual provides capital.
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Shares of stock are sold to raise capital (Securities laws apply).
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Shares of stock are sold to raise capital. Limitations prevent S corp stock ownership by corporations.
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May sell interests, but subject to operating agreement (Securities laws may also apply).
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Ease of Operation
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Easiest
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Must have annual meetings, Board of Directors meetings, corporate minutes, and stockholder meetings.
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Must have annual meetings, Board of Directors meetings, corporate minutes, and stockholder meetings.
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Easy, some states may require more
than others.
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Complete Tax and Business Support
Our in-house team of tax experts and CPAs handles everything from state and IRS filings to LLC formation, EIN, ITIN, and more. With our tailored solutions, you can focus on growing your business while we take care of the paperwork.
Business Formation Services
We manage every aspect of registering your business in the United States, handling all necessary paperwork and ensuring full compliance with legal requirements from the very beginning. Start your business journey with confidence and ease.
Employer Identification Number (EIN)
We help you obtain your EIN, a unique 9-digit identification number issued by the IRS, essential for opening business bank accounts, filing taxes, and hiring employees. This number serves as your business's tax identity and is a crucial step in establishing your company's legitimacy and operations.
Simplify BOI Compliance with Ease
Starting in 2024, companies are required to file a Beneficial Ownership Information (BOI) report. Let us handle this process for you, ensuring your business remains compliant with the latest regulations seamlessly and efficiently.
Streamline Your ITIN Application
We’re committed to simplifying the process by providing personalized guidance and end-to-end assistance, ensuring a smooth and hassle-free experience.
Choose Your Package
Explore our 3 tailored packages and find the one that fits perfectly with your business formation needs.
STANDARD
Fast Processing, 3 Business DayAs low as
(1 year free) then
$149/yr**
(EIN) +$79
PREMIUM
Fast Processing, 1 Business DayAs low as
+$89
ENTERPRISE
Fast-Track Filing SolutionAs low as
Make the Right Move,
Reach New Heights
Limited Liability Company
We aim to make LLC formation straightforward, allowing you to enjoy the benefits of limited liability and operational flexibility.
Limited Liability Company (LLC) Services
Forming an LLC provides flexibility and protection for your business, combining the benefits of a corporation and a partnership. Prompt Filings specializes in LLC formation with services.
S Corporation (S Corp) Services
S Corporations are a popular choice for small to medium-sized businesses looking to benefit from pass-through taxation while retaining the advantages of a corporation.
Prompt Filings offers expert assistance in forming your S-Corp.
S Corporation
Our goal is to simplify the formation process and support your business as it grows.
C Corporation (C Corp) Services
At Prompt Filings, we understand that forming a C Corporation can be a strategic move for your business, offering numerous benefits such as limited liability, perpetual existence, and the ability to attract investors through stock issuance.
Our team is dedicated to making the process seamless, so you can focus on building your business.
Establish Your Non-Profit Corporation with Expert LLC Formation Services
Starting a non-profit corporation is a noble endeavor, and our expert LLC formation services help you build a solid foundation for your organization. We guide you through the entire process, from filing the necessary paperwork to ensuring compliance with state and federal regulations.
Let us help you turn your vision into a legally recognized entity, so you can focus on what matters most—your cause.
Seamless LLC Formation for Non-Profits
We simplify the process of establishing your non-profit corporation, ensuring quick, accurate filings and compliance, so you can focus on your mission.
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FAQ
Frequently Asked Questions
Tax Preparation
Our tax preparation service ensures that you get the most out of your tax filings with accuracy and efficiency. From understanding deductions and credits to filing on time, we handle every detail to help you maximize your return and stay compliant with all tax regulations.
LLC Formation
Starting an LLC has never been easier! Our LLC formation service guides you through the entire process, from paperwork to compliance, ensuring your business is set up correctly and quickly, so you can focus on what matters most—growing your business.
ITIN (Individual Taxpayer Identification Number)
An ITIN is essential for individuals who need to file taxes in the U.S. but aren’t eligible for a Social Security number. We streamline the ITIN application process, making it easy and stress-free to obtain your tax ID for filing and compliance purposes.
EIN (Employer Identification Number)
An EIN is crucial for opening business bank accounts, hiring employees, and maintaining business compliance. Our EIN application service simplifies the process, providing you with a tax ID number swiftly so you can operate your business smoothly and professionally.
