When starting a business, it is very important to choose the right legal structure. This decision will affect taxation, personal liability, and regulatory requirements. Two common types of companies are limited liability companies (LLCs) and C corporations (C-Corporations). This guide compiles information from Incfile and eDeal.cc to provide an overview of these business structures and the LLC and C-Corp incorporation process.

Limited Liability Company (LLC):
An LLC is a popular choice for small business owners because of its flexibility and simplicity. It combines aspects of a partnership and a corporation, providing the owners (called “members”) with limited liability protection. For tax purposes, an LLC is treated as a pass-through entity, meaning that profits and losses are reported on the members' individual income tax returns. This structure helps avoid the double taxation that can occur in some other types of corporations.

C-Corporation (C-Corp):
A C-Corp is a separate legal entity owned by shareholders. It provides limited liability for shareholders, officers, and directors. Unlike an LLC, a C-Corp is subject to double taxation: it pays taxes on its profits, and shareholders also pay taxes on dividends received. However, C-corporations have some advantages, such as the ability to raise capital through the sale of stock and a wider range of tax-deductible expenses.

EINs, SSNs, and ITINs are tax identification numbers issued by the Internal Revenue Service (IRS). They are used to identify taxpayers for tax purposes.

An EIN, or Employer Identification Number, is a unique nine-digit number assigned to a business organization for tax purposes. Businesses use EINs to identify themselves to the IRS and to provide financial information.

To get an EIN quickly, you must have an SSN or ITIN. If a business owner does not have an SSN or ITIN, the process of obtaining an EIN can take up to 60 days. To obtain an EIN, a business must complete Form SS-4 and fax it to the IRS.

An SSN, or Social Security Number, is a unique nine-digit number assigned to individuals for tax purposes. The SSN is used to track a person's lifetime income and to determine eligibility for Social Security benefits.

To obtain an SSN, a person must be authorized to work in the United States or have a Green Card or citizenship.

An ITIN, or Individual Taxpayer Identification Number, is a unique nine-digit number assigned to individuals who are required to have a taxpayer identification number for tax purposes but are not eligible for an SSN. ITINs are used by individuals who are not eligible for an SSN, such as nonresident aliens, to report their income to the IRS and to pay taxes.

To obtain an ITIN, a person must file a special Form W-7, certify a copy of his or her passport to a Certified Acceptance Agent (CAA), and submit the required documents in the prescribed manner. In addition, a person must provide proof of income in the form of a tax return showing that he or she has income. Our company provides such a service. You can order it after registration.

Having a taxpayer identification number, such as EIN, SSN or ITIN, is necessary for individuals and businesses to pay taxes and comply with tax laws in the United States. In addition, identification numbers can be used by individuals and businesses to open bank accounts, apply for loans, and conduct other financial transactions.

In general, identification numbers such as EINs, SSNs, and ITINs are used by the IRS to identify taxpayers for tax purposes and to track financial information. An identification number is necessary for individuals and businesses to pay taxes and comply with U.S. tax laws.

The chief executive officer, or CEO, is the highest-ranking executive officer in a corporation. The CEO is responsible for making major decisions, overseeing the overall operations and resources of the company, and acting as the primary liaison between the board of directors and corporate operations. The role of the CEO typically includes setting the company's strategy, vision, and direction, as well as managing internal and external relationships.

In some cases, the CEO may be the founder of the company or the person appointed by the board of directors to lead the organization. The specific duties and powers of the CEO may vary depending on the size, industry, and structure of the corporation.

The CFO, or director of finance, is a high-ranking corporate executive who is responsible for managing the financial operations of the company. The CFO's primary responsibilities include financial planning and analysis, risk management, budgeting, financial reporting, and overseeing the accounting and finance departments.

The CFO works closely with the CEO and other senior executives to develop financial strategies and ensure the financial stability and growth of the company. The CFO's role is critical to making informed decisions about investments, capital allocation and financial management to help the company achieve its goals and maintain financial health. The CFO is often appointed by the board of directors or the CEO, and his or her specific responsibilities can vary depending on the size, industry, and structure of the corporation.

In a corporation, the treasurer is the manager responsible for managing the company's financial resources and ensuring that its funds are properly allocated, invested, and safeguarded. The treasurer's primary responsibilities include cash management, financial risk management, and oversight of corporate investments, banking relationships, and lines of credit.

The treasurer works closely with the CFO and other financial executives to develop strategies and policies for managing the company's financial assets, ensuring liquidity and optimizing the company's financial performance. The specific duties and responsibilities of the treasurer may vary depending on the size, industry, and structure of the corporation. In smaller organizations, the treasurer's duties may also be performed by the chief financial officer.

In a corporation, the secretary, often referred to as the corporate secretary or company secretary, is the executive responsible for overseeing the company's administrative and compliance matters. The corporate secretary's primary responsibilities include maintaining corporate records, ensuring compliance with regulatory requirements and corporate governance practices, and managing communications between the board of directors and shareholders.

The secretary's duties often include organizing and preparing board meeting agendas, taking and distributing meeting minutes, maintaining the company's legal records, and filing required reports with regulatory agencies. The corporate secretary also assists in implementing corporate governance policies and ensures that the company complies with relevant laws and regulations.

The specific duties of a corporate secretary may vary depending on the size, industry, and structure of the corporation. In some cases, the corporate secretary may be an attorney or have a law degree to better navigate the legal and regulatory requirements associated with his or her role.

One person can hold several positions in a company, such as founder, CEO, CFO, secretary and others. This situation is most common in small companies and startups where resources are limited, forcing the founder to take on different responsibilities in order to effectively run the company.

However, as the company grows, it is usually advisable to separate these roles and assign different people to fulfill specific responsibilities. This separation allows for more efficient management, better division of labor, and better oversight and checks and balances within the organization. In addition, some jurisdictions may have rules or requirements regarding the segregation of certain roles, particularly in large or publicly traded companies.