As a potential business owner, the category your business is formed under is a main point of focus. From partnerships to corporations, the category that best suits the business and how it will function is chosen for a variety of reasons. One such option is the Sub S Corporation structure. There are a number of pros and cons of this choice, but before it’s chosen, a prospective business owner should learn more about the legal responsibilities with it. Las Vegas NV business lawyers work with business owners who want to learn more about the legal components associated with this form of company structure. The Dobberstein Law Group will provide the necessary legal information you need to make an informed decision in this matter.
Sub S Corporations and Taxes
One of the main reasons a Sub S Corporation structure is chosen is due to the tax incentives associated with it. Though it offers some tax relief for the company, there are other ways in which it is still responsible for paying other taxes. There is also the responsibility of financial reporting involved to prove that the company qualifies for this business category. There are companies who have tried to get around this rule and have faced major penalties from the IRS.
In cases of business structure, Las Vegas NV business lawyers can help you avoid the penalties that are faced by the IRS with deliberate improper financial reporting or abuse of tax incentives related to Sub S Corporations. Furthermore, an attorney can advise how a legal situation with this form of business should be handled so that you don’t risk having to pay hefty fines for non-compliance.
As you prepare to create your business under a Sub S Corporation structure, contact the Dobberstein Law Group. We can help ensure that you don’t face issues related to taxes and finances with your company.