Our promise is to provide complete, all-around services to existing small businesses and start-up ventures. Our team of certified specialists provide hands-on professional guidance and strategies to help you achieve your business goals. We will be an integral part in simplifying your licensing and entity management. Whether in your State, or outside your State, we are committed to building a responsive, long-lasting collaborative experience with you while growing and fulfilling the needs of your business.
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Growing Your
Businesses Since 2005
Helpful Resources
Internal Revenue Service
The IRS is your best source for tax related questions. (www.irs.gov).
To avoid double taxation on the corporate income of a small business, the company must complete and submit Form 2553 “Election by a Small Business Corporation”, to the IRS requesting the IRS to approve the company for S Corporation status. (See below for further information on the S Corporation election).
S Corporations
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits 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 at the entity level.
To qualify for S corporation status, the corporation must meet the following requirements:
- Be a domestic corporation
- Have only allowable shareholders
- including individuals, certain trusts, and estates and
- may not include partnerships, corporations or non-resident alien shareholders
- Have no more than 100 shareholders
- Have only one class of stock
- Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders. See the instructions for Form 2553 for all required information and to determine where to file the form.
Click here for further information from the IRS.
What you should know before starting a Not-For-Profit Corporation
in the State of New York :
The New York State Division of Corporations has made the following information for the establishment of not-for-profit corporations in the State of New York. Click on the link below to access the guide with all you need to know about forming a New York not-for-profit corporation:
https://dos.ny.gov/system/files/documents/2021/02/1511-f.pdf
M/WBE Certification
One sure way to gain access to opportunities to obtain contracts with government agencies or private corporations is to get certified as a Minority/Women Owned Business Enterprise. Not only will your company be notified of bidding opportunities, your business will also be included in the online directory of certified businesses from which corporations seeking minority suppliers look for products and services.