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The IRS is giving taxpayers two extra days to get their taxes turned in this year. While Tax Day typically falls on April 15, the IRS announced Wednesday that it is pushing back this year's filing deadline to Tuesday, April 17. The IRS will also begin accepting returns submitted online through the agency's e-filing system -- which the IRS says is the fastest, most accurate filing option for taxpayers -- on January 17.

Limited Partnership: (1) A limited partnership is similar to a general partnership, except in addition to one or more general partners, it also has one or more limited partners. (2) Ownership: A general partner's ownership in a limited partnership is represented by the general partner's respective "general partnership interest", while a limited partnership's ownership is represented by the limited partner's respective "limited partnership interest". (3) Some Personal Liab...ility Protection for the Owners: The general partners are a jointly and severally liable for business debts, taxes and all other liability. The limited partners have personal liability protection. (4) Tax Treatment (Flow Through): Profit and losses are passed through to the personal income tax returns of the general and limited partners. (5) Management: It is managed by the general partners. The limited partners do not share in the management of the limited partnership. (6) Administration: Limited partnerships also do not have many statutory formalities to observe, but the general and limited partners must comply with the partnership agreement. (7) Continuity of Life: It automatically terminates upon the death, disability or withdrawal of one of hte general partners, unless otherwise agreed to in the partnership agreement. See more

General Partnership: (1) It is a common business entity because it is automatically formed when two or more people get together to do business. No documents need to be filed with the state to form a general partnership, but the partners usually enter into a partnership agreement (preferably a written one). (2) Ownership: Partners A partner's ownership in a general partnership is represented by the partner's respective "partnership interest". (3) No Personal Liability Prote...ction for the Owners: All partners are jointly and severally liable for business debts, taxes and liability. (4) Tax Treatment (Flow Through): Profits and losses are passed through to the personal income tax returns of hte partners. (5) Management: It is managed by the partners; all general partners can be held liable for a partner's dealings with third persons. (6) Administration: Any one partner, acting as an agent for the partnership, can bind the partnership even if the other partners disagree with the action of the one partner. (7) Continuity of Life: A general partnership automatically terminates upon the death, disability or withdrawal of one of the partners, unless otherwise agreed to in the partnership agreement. See more

Happy 2012! Have a Joyous New Year!

Limited Liability Company (LLC): (1) General Description: LLC combines several characteristics of a corporation and a partnership. As the name suggests, and LLC offers personal liability protection to its owners for company debts and liabilities. This liability protection is similar to the liability protection offered to shareholders of a corporation. An LLC with one member may be treated as a disregarded entity by the IRS. An LLC with mutiple members offers flexibility ...to its owners in that the owners can elect to be taxed either as a partnership or as a corporation and the owners can choose how the LLC will be managed. (2) Ownership: They are referred to as members. A member's ownership in an LLC is represented by the member's respective "membership interest". The total percentage of membership interests in an LLC should total 100%. (3) Liability Protection: Similar to corporations, the members and managers are generally not personally liable for the obligations of the LLC. (4) Tax Treatment (Flexible): For federal income tax purposes, the profit and losses of an LLC generally flow through the LLC to the owners, allowing the earnings of an LLC to be taxed only once. If the LLc has only one member, the IRS disregards the entity and the member reports the profits and losses on Schedule C to IRS Form 1040. For LLCs with multiple members, the IRS treats the LLC as a partnership for tax purposes. Both single-member and multimember LLCs can elect to be treated as corporations for tax purposes by filing IRS Form 8832, Entity Classification Election. (5) Management (Flexible): An LLC is managed either by the members themselves (member-managed LLC), or by one or more managers appointed by the members (manager-managed LLC). (6) Administration: LLCs are not required to observe certain formalities that corporations have to oberve to retain the limited liability for its owners. However, a LLC must still comply with state law and maintain adequate records and comply with the operating agreement. (7) Continuity of Life: Most state statutes governing LLCs limit the period of duration of a LLC to a certain number of years. 99 years is a common period. The LLC would then terminate after 99 years, unless the members elect to extend the period of duration. See more

Corporation / C Corporaton: (1) General Description: A Corporation is considered to be the most common business entity. It is sometimes referred to as a "C" corporation because subchapter C of the Internal Revenue Code explains how this type of corporation is taxed. (2) Ownership: The owners of a C corporation are referred to as shareholders. A shareholder's ownership in a corporation is repsresented by shares of stocks in the corporation. Unless limited in a shareholder... agreement, ownership of a corporation is freely transferable. (3) Personal Liability Protecting for the Owners, Directors and Officers: They are generally not personally liable for the obligations of the corporation. (4) Tax Treatment (Double Taxation): A C corporation is a taxable entity distinct from its owners and it must pay taxes on any profits it makes. Generally, the corporation pays taxes on its profits, and then the shareholders pay taxes again on the profits that are distributed by means of dividends. This is commonly referred to as "double taxation" and is seen as a negative by some people. (5) Management: The overall management of a corporation is by the Board of Directors. The directors are elected at the annual meeting of the shareholders. The Board of Directors in turn appoints the officers of the corporation. The officers handle the day-to-day operations of the company. (6) Administration: C corporations must observe certain formalities in order to maintain the personal liability protection for its shareholders. Some of the corporate formalities include, but are not limited to, annual shareholder meetings, periodic election of directors, annual director meetings, written records of all significant decisions, and keeping separate books and accounts for the corporation. (7) Continuity of Life: A C corporation has an unlimited life, it may exist in perpetuity, and it generally is not affected by the change of ownership through sales of shares. When shareholders pass on or leave the C corporation, they can transfer their shares to others to continue the business of the C corporation. (8) Summary: C corporations are the most common type business entity. The rules regarding C corporations are well established in most states. C corporations are generally utilized by those businesses planning to have more than 30 stockholders or large public stock offerings. See more

Federal Employer Identification Number (FEIN): Every corporation and most LLCs are required to have a federal tax identification number (also known as an EIN or Tax ID Number). It is needed to open a bank account, obtain corporate credit, hire employees, report taxes and for other important matters.

Pass-Through: Sole proprietorships, partnerships, S corporations and most LLCs are pass-through entities for federal income tax purposes. this means that these entities are not taxed on their income. Rather, the income and profits pass through to owners and are reported on the woners' tax returns. By default, LLCs are pass-through entities for federal income tax purposes, but the LLC may elect to be treated as corporations for tax purposes.

Wishing you all a very Merry Christmas!

Close Corporation: A close corporation is a business which is owned and managed by a small group of people or family members rather than by public shareholders. Close corporations in many states are allowed to function more informally than regular corporations. For example, shareholders usually can make decisions without holding meetings of the board of directors.

DBA: "Doing Business As" ~ Fictitcious Business Name A fictitious business name is simply a trade name that an owner of a business uses in the marketplace. A company whose operating name differs from its legal name is said to be doing business as the operating name. It may be referred to also as an assumed name or DBA. registration of a fictitious business name is often required by the state at a state or county level and serves to protect consumers and vendors. A consumer or creditor who has a legal dispute with a business can use the registry of fictitious names to determine what person or entity is ultimately responsible.

Domestic Corporation/LLC: A corporation or LLC whose articles are filed in the state in which it operates and maintains its principal office. Federal Tax Treatment: The LLC itself is not taxed (unless chosen to be taxed); profits and losses are passed through to the members.