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Love and associates are experts in Tax Resolution Services - Bookkeeping Services to Personal Financial PlanningLove and associates are experts in Tax Resolution Services - Bookkeeping Services to Personal Financial Planning

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3550 Camino Del Rio North Suite 320

San Diego, CA 92108

(858) 614 1831

Company Formations

Entity Services

Do I need to incorporate?

Many business owners are bombarded with information and misinformation about the structure and taxation of a small business. There are many advantages to converting your existing business into a state recognized legal entity such as a corporation or an LLC. However, there are many things to take into consideration before you do. We always review each client’s business needs on a case-by-case business. What is right for one business, may not be what’s right for another. We will guide you in the right direction so you can determine if company formation is right for your business or if it is better to leave things as they are for the time being.

 

                To learn more about Non-Profits and Public Charities.

 

What is the difference between a corporation and an LLC?

This is actually a very in-depth discussion point. So much so that entire book series have been written on the subject. Let me outline a few key-points below:

 

-Corporations are governed by the Internal Revenue Code’s corporate tax rules

 

-LLC’s are governed under partnership tax rules

 

-There is no self-employment tax paid on the profit of a corporation, a member of an LLC generally pays self-employment taxes on all profits from an LLC

 

-Both corporations and LLC’s have the ability to make an “S” election for more favorable pass-through tax treatment

 

-Each state has specific tax and franchise tax rules that apply to each of these entities differently, it will take an analysis of the state your corporation will be based in to determine what these are

 

-Corporations must filed separate tax returns

 

-Single member LLC’s file and report their LLC income and expenses on either Sch C, Sch E or Sch F

 

What kind of services are included with our company formation?

Corporaitons

 

Check Name Availability

A free courtesy check of the proposed name against names of like entities registered with the CA Secretary of State are done prior to the filing of the Articles to follow the Business Entity Name Regulations of the California Code of Regulations, Title 2, Division 7, Chapter 8.5, Sections 21000 through 21008.

 

Out-of-State Registration fees with Secretary of State (only if another state)

Clients who are filing outside of CA will be informed of additional out of state registration fees prior to filing the appropriate forms.

 

State Filing Fees (Ca Only)

CA State filing fees are required to be submitted with the Articles for proper filing of the forms.

 

Prepare and File Articles of Incorporation.

The legal name of the corporation will be whatever is listed and filed under the Articles.  The general filing requirements are found in the California Corporations Code sections 200-202 et seq.

 

Prepare and File First Statement of Information

A Statement of Information (Form SI–200) must be filed with the California Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months.

 

Corporate Book

The corporate book protects and organizes records. Since corporations are required to retain certain documents such as minutes for shareholders’ and directors’ meetings, corporation accounting records, and document major corporate resolutions, these books provide the perfect method to organize and store the above-mentioned important documents.

 

Issuance of Corporate Stock Certificates

Certificates are printed with corporate name, stock designation, state of incorporation and signatories. Certificates are available for General Corporations, Not-For-Profit Corporation, Professional Corporation, Limited Liability Companies, General Partnership and Limited Partnership.

 

Corporate Embossing Seal

Seals are the official mark of the corporation.  The corporate seal retains a sense of authenticity and a mark of identity for a corporation.

 

Shipping and Postage

Shipping and postage is included in the package.

 

Implement Corporate Agreements and Bylaws

A corporation’s bylaws exist as the company’s internal rules and regulations that govern the business.The company needs to keep its bylaws at the primary office location, along with the corporation’s other important business documents.

 

Complete Financial Budget and Compensation Review

A complete financial budget and compensation review is done during the completion of the corporation formation.  This is important so that a reasonable budget and compensation can be determined for each client.

 

Corporation Minutes and Resolutions (Available on CD)

Minutes are an essential part to any meeting and are used as an official account of the decisions made during a board/shareholder meeting. A resolution is written documentation describing an action authorized by the board of directors of a corporation.

 

Structure of Accountable Reimbursement Plan

Structuring a plan for reimbursing employees for business expenses ties in with the Financial Review.  Under this plan, the reimbursement that the employee receives for the expenses is not included in his/her income. Employees are required to account adequately for expenses with records and return any excess reimbursement within a reasonable period of time.

 

Implement Tax Strategies

Implementing tax strategies is necessary in achieving the desired end result for each client.  We offer mid-year and end of year reviews for all our clients to make sure that they are still in the direction that their business is set.

 

Prepare and File Form 2553 S-Election (S-Corps)

Under Section 1362 (a) a corporation or other entity eligible to elect to be treated as a corporation must use Form 2553 to make an election to be an S Corporation.

 

Prepare and File Stocks with Department of Business Oversight

This process must be filed electronically through the internet process made available by the Department of Business Oversight on www.dbo.ca.gov.

 

Prepare and File for SS-4 Employer Identification Number

An EIN is a nine-digit number assigned to sole proprietors, corporations, partnerships, estates, trusts, and other entities for tax filing and reporting purposes.  It is use in connection with your business activities only.

 

Ongoing Support and Consultation for Entity Assistance

We value our relationship with our clients and stand by our work.  Therefore, ongoing support during and after this process is important so that our clients can focus on their business and are reassured that we’re just a phone call away.

 

Limited Liability Companies

 

Check Name Availability

A free courtesy check of the proposed name against names of like entities registered with the CA Secretary of State are done prior to the filing of the Articles to follow the Business Entity Name Regulations of the California Code of Regulations, Title 2, Division 7, Chapter 8.5, Sections 21000 through 21008.

 

Out-of-State Registration fees with Secretary of State (only if another state)

Clients who are filing outside of CA will be informed of additional out of state registration fees prior to filing the appropriate forms.

 

State Filing Fees (Ca Only)

CA State filing fees are required to be submitted with the Articles for proper filing of the forms.

 

Prepare and File Articles of Organization

The legal name of the LLC will be whatever is listed and filed under the Articles.  The general filing requirements are found in the California Corporations Code sections 17702.01.

 

Prepare and File First Statement of Information

A Statement of Information (Form LLC-12) must be filed with the California Secretary of State within 90 days after filing the Articles of Organization and biennially thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Organization were filed and the immediately preceding five calendar months.

 

LLC Book

The LLC book protects and organizes records. Since LLCs are required to retain certain documents such as minutes for manager and member meetings, LLC accounting records, and document major resolutions, these books provide the perfect method to organize and store the above-mentioned important documents.

 

Issuance of Certificates of Membership Interest

Certificates are printed with LLC name, certificate designation, state of incorporation and signatories. Certificates are available for General Corporations, Not-For-Profit Corporation, Professional Corporation, Limited Liability Companies, General Partnership and Limited Partnership.

 

LLC State Embossing Seal

Seals are the official mark of the LLC.  The LLC seal retains a sense of authenticity and a mark of identity for an LLC.

 

Shipping and Postage

Shipping and postage is included in the package.

 

Implement Operating Agreement and Organizational Minutes

A LLCs Operating Agreement exist as the company’s internal rules and regulations that govern the business.The company needs to keep its Operating Agreement at the primary office location, along with the LLC’s other important business documents.

 

Complete Financial Budget and Compensation Review

A complete financial budget and compensation review is done during the completion of the LLC formation.  This is important so that a reasonable budget and compensation can be determined for each client.

 

LLC Minutes and Resolutions (Available on CD)

Minutes are an essential part to any meeting and are used as an official account of the decisions made during a manager/member meeting. A resolution is written documentation describing an action authorized by the manager or member of the LLC.

 

Structure of Accountable Reimbursement Plan

Structuring a plan for reimbursing employees for business expenses ties in with the Financial Review.  Under this plan, the reimbursement that the employee receives for the expenses is not included in his/her income. Employees are required to account adequately for expenses with records and return any excess reimbursement within a reasonable period of time.

 

Implement Tax Strategies

Implementing tax strategies is necessary in achieving the desired end result for each client.  We offer mid-year and end of year reviews for all our clients to make sure that they are still in the direction that their business is set.

 

Prepare and File for SS-4 Employer Identification Number

An EIN is a nine-digit number assigned to sole proprietors, corporations, partnerships, estates, trusts, and other entities for tax filing and reporting purposes.  It is use in connection with your business activities only.

 

Prepare and File Certificates with Department of Business Oversight

This process must be filed electronically through the internet process made available by the Department of Business Oversight on www.dbo.ca.gov.

 

Ongoing Support and Consultation for Entity Assistance

We value our relationship with our clients and stand by our work.  Therefore, ongoing support during and after this process is important so that our clients can focus on their business and are reassured that we’re just a phone call away.

 

Non-profit and tax-exempt entities

 

Check Name Availability

A free courtesy check of the proposed name against names of like entities registered with the CA Secretary of State are done prior to the filing of the Articles to follow the Business Entity Name Regulations of the California Code of Regulations, Title 2, Division 7, Chapter 8.5, Sections 21000 through 21008.

 

State Filing Fees (Ca Only)

CA State filing fees are required to be submitted with the Articles for proper filing of the forms.

 

Prepare and File Articles of Incorporation.

The legal name of the corporation will be whatever is listed and filed under the Articles.  The general filing requirements are found in the California Corporations Code sections 5000 et seq.

 

Prepare and File First Statement of Information

A Statement of Information (Form SI–100) must be filed with the California Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months.

 

Corporate Book

The corporate book protects and organizes records. Since corporations are required to retain certain documents such as minutes for shareholders’ and directors’ meetings, corporation accounting records, and document major corporate resolutions, these books provide the perfect method to organize and store the above-mentioned important documents.

 

Issuance of Membership Certificates

Certificates are printed with corporate name, stock designation, state of incorporation and signatories. Certificates are available for General Corporations, Not-For-Profit Corporation, Professional Corporation, Limited Liability Companies, General Partnership and Limited Partnership.

 

Corporate Embossing Seal

Seals are the official mark of the corporation.  The corporate seal retains a sense of authenticity and a mark of identity for a corporation.

 

Shipping and Postage

Shipping and postage is included in the package.

 

Implement Corporate Agreements and Bylaws

A corporation’s bylaws exist as the company’s internal rules and regulations that govern the business.The company needs to keep its bylaws at the primary office location, along with the corporation’s other important business documents.

 

Corporation Minutes and Resolutions (Available on CD)

Minutes are an essential part to any meeting and are used as an official account of the decisions made during a board/shareholder meeting. A resolution is written documentation describing an action authorized by the board of directors of a corporation.

 

Structure of Accountable Reimbursement Plan

Under this plan, the reimbursement that the employee receives for the expenses is not included in his/her income. Employees are required to account adequately for expenses with records and return any excess reimbursement within a reasonable period of time.

 

Implement Tax Strategies

Implementing tax strategies is necessary in achieving the desired end result for each client.  We offer mid-year and end of year reviews for all our clients to make sure that they are still in the direction that their business is set.

 

Prepare and File for SS-4 Employer Identification Number

An EIN is a nine-digit number assigned to sole proprietors, corporations, partnerships, estates, trusts, and other entities for tax filing and reporting purposes.  It is use in connection with your business activities only.

 

Prepare and File with Attorney General

All charitable corporations, unincorporated associations, trustees, or other persons holding assets in trust for charitable purposes must register with the Attorney General’s Registry of Charitable Trusts within 30 days if initially receiving assets (funds, property, etc.).

 

Prepare and File Form 1023

Form 1023 is filed by organizations to apply for recognition of exemption from federal income tax under section 501 (c) (3).  Upon approval a determination letter will be mailed as written assurance of the organizations tax-exempt status.

 

Prepare and File Form FTB 3500

Form FTB 3500 is to apply for tax-exempt status from California franchise and income tax.

 

Ongoing Support and Consultation for Entity Assistance

We value our relationship with our clients and stand by our work.  Therefore, ongoing support during and after this process is important so that our clients can focus on their business and are reassured that we’re just a phone call away.

 

Entity Conversions

Taxes are never a fixed target. So even in the setup and formation of an entity for your business cannot take into account unknown variables and circumstances that may occur in the future. The IRS has made it very easy for business to convert their tax structure without having to start a brand new corporation or LLC all over. Even though the IRS has made the conversion process fairly simple, in regards to the filing of forms, there can still be some very complicated and tricky tax issues when a conversion happens. It is always important to analyze all of these tax and accounting issues before a switch.

 

Entity Clean-ups

Our practice makes it a policy to always review the corporate book when beginning a new business relationship with a client. There are countless stories of discovering that the professional or online service hired to form the company missed not only very key and integral pieces of the formation process, but even missed very basic and rudimentary pieces. There are cases where a well formed corporation has not had any tax plan put in place. In these cases, the corporation was set up correctly, but the client was reaping the benefits of the corporation that they had originally intended. We are able to work with our clients and get key missing components in place as well as polishing of the corporation with solid tax planning.

 

Company Dissolution and Resurrection

There are many instances where a business needs to close down and dissolve their corporation or LLC. We can assist in the proper way of dissolving and retiring companies. There are many important steps that need to be adhered to. It is not enough to just file an Article of Dissolution with the Secretary of State. It is also important to notify Federal, State and Local taxing authorities about the cease of business. If an entity is not dissolved correctly, ongoing penalties and taxes may accrue which may ultimately create a bigger headache and mess down the road.

 

Sometimes a business is unable to address or is unable to attend to the forms and fees associated with keeping an entity open and in good standing. Oftentimes Suspended entities can be brought back to life with something as simple as the filing of an information form and the payment of a small fee and penalty. If your corporation or LLC has lost its good standing status with your State, we can help identify the issue and rectify the situation.