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Home-Based Businesses

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Now is the time to say goodbye to the boss and start your own business from home. The respect and independence you deserve can be yours sooner than you think. The Company Corporation invites you to get the information you need to form a corporation or LLC today. We can help you start your business from home.

I sell products out of my home and at parties hosted by my friends and relatives. How can incorporating or forming a business entity help me?

Your income is important to your family. Why not keep more of what you earn? Forming a business entity can protect your personal wealth and help you realize a tax savings too.

  • Limited Liability. If you operate as a sole proprietor, your personal assets are at risk from business debts or possible lawsuits. However, owners of corporations maintain separate business and personal identities; therefore, their personal assets are shielded from the debts and liabilities incurred by the business.
  • Credibility. Often when a potential customer is looking for a certain product type, they will lean towards the company that has Inc. or LLC after its name. Incorporation adds immediate credibility and authenticity to your business.
  • Tax savings. Tax rates for business entities are lower than the individual tax rate. In addition, expenses like insurance and travel for business purposes may be eligible tax deductions.

My plan is to build a business out of my home and then sell it to fund my retirement. How can incorporating or forming an LLC make transferring ownership easier?

Transferring ownership of a corporation is easier because a corporation is a separate legal entity and does not cease to exist if ownership is transferred via the sale of a portion or all of the stock. If you decide to sell the business, the value of the company is based on the life of the corporation, as it is perpetual. If you were to transfer ownership of a sole proprietorship, the valuation is difficult at best, because the value of the company would be based on you, the owner. A sole proprietorship is not a separate legal entity.

Incorporation allows you to transfer ownership simply through the sale of stock.

I started a gift basket company out of my home. What steps do I need to take to make my business official with local and state regulations?

We can help you form a business entity in any of the 50 states or the District of Columbia. These are a few steps to take to get started:

1) Choose a Business Name. The Company Corporation can assist you with name search and reservation.

2) Choose a State in which to form your business.

3) Select the type of business structure that best meets your needs.

4) Get a Federal Employer Identification Number (EIN).

We have business specialists ready to assist you today. It takes as little as 10 minutes to get started online. We have formed more than 300,000 businesses nationwide for entrepreneurs just like you.

I operate an import-export business out of my home and work in different states and countries. What are the tax advantages of forming an entity and to which states do I need to be concerned about paying taxes?

You can benefit from tax cuts by forming a corporation or LLC. If your business generates more than $100,000 in net revenue, the tax savings may be significant for you and any other shareholders. In addition, incorporated businesses are not limited in the amount of operating or capital losses the company can transfer between tax years.

Even though you have transactions in many states, each with different sales tax laws, it is not your responsibility to collect the sales taxes for all states. Home based businesses are required to collect and pay a sales tax when they deliver products and some services to a state in which they have a physical presence. This usually means having an office, store or other facility. However, if a business sends a sales force into a state, it is also considered a physical presence. Some products or services are exempt. Rules and regulations vary by state and sometimes within the state. Consult your accountant or a tax specialist for more specific information about your state.

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