Contact us today! T: (585) 227-3120 F: (585) 227-3122
Here at Vision Tax Payroll, we provide assistance with many types of business support services, including but not limited to:
-Sales Tax Certification Applications (popular)
-Tobacco License Applications (popular)
-Liquor License Applications (popular)
-Purchase & Sale Agreements
-Corporate Meeting Minutes
-Obtaining favorable Zoning and Variance Decisions -when Needed
If you find your business needs assistance with any Business Support Services, don't hesitate to contact us and inquire as to the steps you need to take to get the ball rolling!
An establishment can be a hassle to set up for a new business owner. As a business customer you will find that we try to get to know your business in depth in order to provide excellent service. When appropriate we will spend time at your work site to gain a better understanding of your business operations. Your business success depends on your focused attention. Why let tax and accounting concerns distract you from your main goals? We will help set up your business, insuring that it runs properly. Our continued relationship insures your records are kept accurately so that you can remain compliant with all regulating agencies.
CHOOSING A BUSINESS ENTITY
It is critically important for individuals to select the right business structure from the start to suit their businesses needs. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Legal and tax considerations enter into selecting any of the business structures.
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MOST COMMON TYPES OF ORGANIZATION:
Sole Proprietorship - this is the easiest method of organizing your business. A sole proprietorship can be conducted by a single individual, or by an individual and his or her spouse. There are no specific filing requirements other than a business license and fictitious business name. The owner is taxed as an individual on the income or losses of the business. The major disadvantage of the sole proprietor is that the individual owner is personally responsible for all debts and liabilities of the business. This means that all of your personal assets, not just the assets of the business, are at risk.
C Corporation - is an organization that is organized under specific provisions of the General Corporation Law. A Corporation must have corporate officers and bylaws, and must be registered with the State. In addition, the corporation will be taxed at the State and Federal level on its earnings. A corporation offers the protection from personal liability for the owners. This "corporate veil" of protection does not offer protection from liability in the case of fraud, failure to pay taxes, under capitalization of the corporation, or commingling of personal and corporate funds.
S Corporation - Similar to the "C" Corporation, the "S" corporation offers all the benefits of a corporation, but with a different tax structure. S corporations pay no Federal income tax, but pay state level tax. The S corporation's shareholders report the company's income or losses on their personal tax returns.
Limited Liability Company (LLC) - combines the limited liability protection of a corporation with the flexibility and pass through taxation of a partnership. Like the shareholders of a corporation, the owners (members) of an LLC are not personally responsible for the debts or liabilities of the LLC. The LLC has no limitations on who may be involved. The LLC can be managed by its members or by managers
Vision Tax Payroll
3000 Mt. Read Blvd. Suite 201 Rochester, NY 14616
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