Harvard Business Services, Inc. specializes in forming Delaware companies and providing low-cost Registered Agent services. We take pride in delivering fast, impressive service to all our customers. Our experienced and knowledgeable staff will guide you through our seamless formation process. Whether you're forming your first company or your fifth, you'll appreciate our professionalism, low prices and lifetime customer service. We are always here for you; if you need help, just let us know and our friendly, professional staff will assist you. Harvard Business Services, Inc. makes the business formation process easy, so you can focus on growing your company.
Richard H. (Rick) Bell, II
Chairman & CEO
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Our clients often ask, "Which business entity is right for me—LLC or corporation?"
The following chart details the advantages and disadvantages of utilizing each particular type of business entity.
Compare and contrast the benefits of a sole proprietorship, limited liability company and general corporation, then decide which option is best for your business.
|Sole Proprietorship||Limited Liability Company (LLC)||General Corporation|
|Formation||No state filing required||State filing required||State filing required|
|Liability||Unlimited personal liability; typically liable for the debts of the sole proprietorship||Typically, members not personally liable for the debts of the LLC||Typically, shareholders not personally liable for the debts of the corporation|
|Raising Capital||Contributions often limited to individual´s funds||Potential to sell interests, contingent upon operating agreement restrictions||Shares of stock are usually sold to raise capital|
|Taxation||Not a separate taxable entity; owners pay all of the taxes||Not taxed at entity level if properly structured. Profit/loss passed through directly to the members||Taxed at the entity level and shareholders receiving dividends are taxed at the individual level|
|Formalities||Minimal legal requirements||Less formal meetings and minutes are required; state reporting required||Board of Directors, formal meetings, minutes and annual state reports required|
|Management||Full control and responsibility of management, operations and day-to-day activities||Members have an operating agreement that outlines management responsibilities||Shareholders elect Board of Directors to appoint officers for day-to-day management|
|Existence||Typically ceases doing business upon the death of the sole proprietor||Perpetual unless otherwise specified||Perpetual unless otherwise specified|
|Transferability||Ownership non-transferable||Contingent upon operating agreement restrictions||Shares of stock are easily transferred|