Incorporate a Business Online in North Dakota
North Dakota Business Structures
North Dakota C Corporation
The Internal Revenue Service (IRS) refers to general North Dakota corporations as C Corporations. Forming a C Corporation allows a business owner to create a separate legal structure that can shield their personal assets from judgments against the business. Unless a corporation applies for S Corporation status, the IRS taxes corporate profits as well as dividends paid to shareholders. Many tax professionals refer to this scenario as double taxation.
North Dakota Limited Liability Company (LLC)
A Limited Liability Company (LLC) combines the tax flexibility of a partnership with the personal liability protection of a North Dakota corporation. North Dakota LLC owners report their share of business profit and loss on their personal tax returns, similar to tax reporting for a general partnership. Forming an LLC in North Dakota can help you separate yourself from your business, protecting your personal assets in the event of a judgment against the company. All 50 states and the District of Columbia now recognize this popular business type.
North Dakota Limited Partnership Today
If you need to form a Limited Partnership for your business, We can help. A Limited Partnership provides some protection from liability for certain partners. Limited partners contribute capital to the business but cannot participate in its management. These limited partners have limited liability for business debts and obligations. General partners manage the company and have unlimited personal liability for judgments against the business.
North Dakota S Corporations
S Corporations get their name from a unique section of the Internal Revenue Service (IRS) code. A corporation can eliminate the disadvantage of double taxation of corporate income and shareholder dividends by applying for S Corporation status. Owners report profit and loss on their individual tax returns. They still have the opportunity to separate and protect their personal assets from judgments against the business.
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Related Resources:
Form an LLC in North Dakota
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Register DBA North Dakota
North Dakota Lawyers Online
EIN Number North Dakota
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