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Don't Lose Your House While Starting Your Company
By Howard Schwartz
Forming a corporation or a limited liability company is called Incorporating. Getting registered as a corporation can also be an online process where you have to select a state of filling and the type of entity that could be non-profit Only registered users can see links on this board! Get registred or enter the forums! | , profit or a professional corporation. Individuals incorporate their business because of its many inherent benefits. For example, if a business fails, incorporation protects an individual against the need to sell off his personal assets. In case of sole proprietorship or partnership the personal belongings of an individual become liable for paying off the company's debts.
Incorporation also has added advantages like tax saving over partnership or sole proprietorship's business. Various schemes like pension Only registered users can see links on this board! Get registred or enter the forums! | , medical, ownership of stock in other corporations, disability insurance premiums Only registered users can see links on this board! Get registred or enter the forums! | , stock ownership plans also help in bringing down the tax liability.
Types Of Incorporation
Corporation
Small and big corporations generally use a business corporation. This has the advantage of minimum restrictions, unlimited stockholders and an assurance of protection for individual property. Under this the liability of a stockholder is limited to the amount of investment in a business.
Limited Liability Company (LLC)
Limited Liability Companies has a separate entity from its members. Member's rights, duties and obligations are governed by an operating agreement. The agreement is particularly important in deciding how the company and its members will be taxed for federal income tax purposes Only registered users can see links on this board! Get registred or enter the forums! | , management policy, terminating the LLC and transfer of interests. Under this agreement all the members have limited liability provision and enjoy full security of their personal assets.
Non-Profit Corporation
Businesses that undertake varied activities with an aim to do good for the society should be registered as non-profit incorporations. The income earned from the business is used for charitable, religious Only registered users can see links on this board! Get registred or enter the forums! | , educational or scientific activities. The motive of the business is not to make profit. Income generated by most of these organizations is exempted from income tax.
S Corporation
It is taxed under Subchapter S of the Internal Revenue Code. IRS approval is required for Subchapter S status. All earnings or losses are passed directly to the personal income tax return thus avoiding the case for double taxation.
Learn more about incorporating online:
About the Author
Howard Schwartz is a partner in several business strategy groups, including HJ Ventures International, Inc. Howard has worked with hundreds of entrepreneurs worldwide with a focus on writing Business Plans for companies interested in raising capital from Venture Funds and Angel Investors. Howard's business plans have secured several million dollars in funding. For more information:
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This is an excellent loan for those that are lacking the down payment required for other types of mortgages.
The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a 20% second mortgage.
If you are a conforming borrower Only registered users can see links on this board! Get registred or enter the forums! | , doing your loan in this manner will save you from having to pay mortgage insurance. Mortgage insurance is almost always required when you have less than 20% down. But with the 80 20 loan you avoid this necessary evil.
If you are a sub-prime borrower, doing you loan in this manner will typically keep your interest rates 脙茠脝鈥櫭兟⒚⑩€毬吢∶兤捗⑩偓拧脙鈥毭偮? to 2.5% lower than doing a 100% one loan. A 100% one loan is simply one loan for the entire purchase price.
Many times you will have two choices when it comes to the second mortgage portion of the 80 20 mortgage. The second mortgage can either be a fixed second mortgage or it can be a line of credit.
If it is a fixed second mortgage. The interest rate is fixed for the entire length of the mortgage. Most fixed second mortgages are a 30 due in 15. Meaning that the second mortgage is amortized over 30 years, but is due in 15 years. Basically it is a balloon payment. Don't let this scare you. Statistically people refinance or sell their home every 7 to 9 years any ways.
If it is a line of credit as the second mortgage. The interest rate will fluctuate as the Federal Reserve adjusts the prime interest rate up or down. The benefit of going with the line of credit as the second mortgage is that the interest rate is normally much lower than the fixed second mortgages rate. It can be 2% to 5% lower.
If you are considering doing the 80 20 loan have your loan officer compare the two different options if you have both available to you.
You may also want to consider an 80 20 interest only loan. The interest only loan could save you hundreds of dollars in mortgage payments every month. This can help you purchase a more expensive home or keep the payments down on the home you want to buy.
About The Author
Matthew Allen is a mortgage consutlant with Action Brokerage Services Only registered users can see links on this board! Get registred or enter the forums! | , Inc. in Medford Oregon. He is also the author of "How To Buy A Home With Zero Down, Even If You Have Damaged Or No Credit" You can visit his website at . An aerobed for children is a very useful item to have. It can be useful in a wide range of different circumstances, but they are particularly popular for camping. Aerobeds are much more versatile than you might think and even if you don't go on family camping trips Only registered users can see links on this board! Get registred or enter the forums! | , it is a good idea to have a couple for spares.
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