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Start A Business

Servico has been providing fast, accurate and reliable service to the legal community since 1924; it has been our pleasure to do so.  Our courteous, knowledgeable staff stands ready to assist you with whatever you need to accomplish; including document retrieval and service of process, to research and incorporation services.  If you are just starting your business, the comparison chart below is a useful tool as you choose a business structure. As always, it is best to confer first with a legal or financial professional. Please feel free to contact us for further information once you have made your choice.

BUSINESS COMPARISON CHART

Type of businessOwnershipLiabilityTax TreatmentKey Characteristics
Sole Propietorship Individual owner with direct control Unlimited Personal Liability No double taxation Difficult to transfer ownership/assets
General Partnership Two or more individuals/entities controlled by partners & agreements Unlimited Personal Liability Partners percentage of income/loss included on personal return Responsible for acts of partner(s)
Limited Partnership Two or more individuals/entities two classes of owners, general and limited partners make all decisions General partners are fully liable, limited partners are liable to the extent of capital invested Same as a general partnership Formation and changes in structure are complex
C Corporation Shareholders (any number)Board of Directors and Officers manage business Separate Legal Entity ,generally no liability for shareholders Double taxation Easy to transfer ownership and raise capital
S Corporation (Must file IRS form 2553) Limited to 100 Shareholders, Board of Directors and Officers manage business Same as C Corporation No corporate tax, taxed as ordinary income to shareholders Easy to transfer ownership and raise capital, only one class of stock permitted
Limited Liability Company One or more members, may also employ manager(s) Generally no liability for members Freedom to choose tax structure Flexible tax and management structure, Easy to transfer ownership, beneficial for real estate holding
use our helpful glossary of terms to better understand what you need

Toll Free (NYS) 800-828-4428 | (518) 463-4179 | Fax (518) 463-3752
Servico | P.O. Box 871 | Albany, NY 12201
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