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Don’t be intimidated by the idea of forming a legal entity like an LLC. All you need is an understanding of what your business will do, how you plan to run it, and your state’s LLC filing fees.
Both LLCs and corporations protect owners’ personal assets from business liabilities or debts. The main difference between the two are:
How they’re owned: LLCs have one or more members while corporations have shareholders.
How they’re maintained: LLCs have less formal record-keeping and reporting requirements.
How they’re taxed: LLC profits pass through to members before taxes, while profits for some corporations are taxed at the company level first.
An LLC is a type of business entity while an S corporation is a federal tax election. Either an LLC or a C corporation that meets certain requirements can elect to be treated as an S corporation for tax purposes.
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Block Advisors’ Bookkeeping Full-Service plans include your own dedicated account manager, income and expense management, easy receipt capture, review of books year-to-date, standard chart of accounts, and custom financial statements.
Premium plans also include inventory, mileage, and expense management tools, project tracking, quotes, estimates, custom chart of accounts, accrual-based accounting, sales and use tax filing, and multiple currency options.
“Lifetime” or “for life” refers to the life of your client service agreement with Block Advisors for bookkeeping services. If your bookkeeping services are cancelled for any reason, including termination of your client service agreement, you will no longer be eligible for the 10% discount for bookkeeping services. That means you will not be able to reengage the offer if you choose to restore bookkeeping services at a later date. Please note that although you will receive a 10% discount off the then-current monthly rates for the bookkeeping services, Block Advisors reserves the right to change monthly rates at any time.