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Concept about business structure in Chicago

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Concept about business structure in Chicago

21.02.2023
Concept about business structure in Chicago

The business structure of a company in the United States affects literally everything from the implementation of standard financial transactions to taxation.

We recommend choosing the legal form that provides the necessary balance of business benefits and legal protection. It could be:

sole proprietorship

An analogue of the Russian IP, which assumes full sole control over the business. This form is relevant for small enterprises with a low level of risk. Most of all, it is suitable for opening a private hairdresser, bakery or confectionery.

Partnership

A structure relevant to two or more partners who jointly own a business. This is a good choice when it comes to organizing a business with several notaries (or representatives of other professional groups), and also as a first step before opening a business with a more complex structure. Partnership (partnership) can be:

LP (limited) – implies unlimited liability of the founders for all legal and financial obligations of the company;
LLP (limited liability) – in this case, partners are liable only as part of their contribution to the business.

Limited Liability Company (LLC)

For a limited liability company in the United States, the so-called pass-through taxation is applied. It assumes that founders report profit and loss on their personal tax returns and pay taxes on an individual basis.

More often, entrepreneurs choose to register an LLC, since this format allows you to protect personal capital in the event of a lawsuit or bankruptcy of the company.

C Corporation and S Corporation

There are two types of corporations in the USA:

  • C Corporation – This type of corporation is characterized by double taxation. It involves first paying a corporation tax on income, and then paying its members tax on dividends received. Members of the C Corporation may be US residents and non-residents;
  • S Corporation – corporations of this type have a pass-through taxation system, which implies that shareholders pay taxes (there can be no more than 100). The opening of an S corporation is available only to citizens and residents of the country, while doing business is possible only in the territory of one state.

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