Chapter 7 of 7
Module 7.1: Recap of Key Points
Throughout this course, we've covered the essential aspects of setting up a business entity for your artistic endeavors.
We've explored the differences between LLCs and C-Corporations, the benefits of each structure, and the step-by-step process for forming both types of entities. We've also discussed the tax implications, ownership considerations, and ongoing requirements for maintaining your business in good standing.
Key Points:
- LLCs: Offer flexibility and pass-through taxation.
- C-Corps: Provide opportunities for growth but come with more regulatory requirements.
Module 7.2: How to Maintain Your Business Structure and Stay Compliant
Once you've established your business entity, it's important to maintain it properly to preserve the legal protections and benefits it provides.
This includes filing annual reports, paying any required fees, keeping accurate financial records, and maintaining the separation between your personal and business finances. For C-Corporations, additional requirements include holding regular board meetings and maintaining corporate minutes.
Key Points:
- File Annual Reports: Required for both LLCs and C-Corps.
- Pay Annual Fees: Ensure your business stays in good standing by paying any required state fees.
You're on Chapter 7 of 7