Pennsylvania Small Business Startup Package for S-Corporation

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State:
Multi-State
Control #:
US-P107-PKG
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Description

The package is designed to assist an S corporation in running the corporation by providing a large selection of necessary and commonly used forms at a greatly reduced price. The forms provided are valuable tools to ensure the smooth operation of typical business affairs. Purchase of this package is a savings of over 75% off the price compared to purchase of the forms individually!


The documents in this package include the following:



Profit and Loss Statement - This is a general Statement of Profits and Losses for a company. It lists in detail, all profits, or gains, as well as all losses the business may have suffered. This form can be used by any type of company, whether a corporation or a sole proprietor.







2553-S Corp Election for Small Business - This form is used to be treated as a subchapter S corporation by the IRS.



General Trademark License Agreement - This form is a Trademark License Agreement. The licensor is the owner of certain trademarks and the licensee desires to use the trademark on the terms and conditions set forth in the agreement. The licensor agrees to grant to the licensee an exclusive worldwide right and license to use the trademark in connection with the licensee's product.



Investor Stock Purchase Agreement - This is a form authorizing the sale of stock to investors in a company. Detailed provisions cover the representations and warranties of both parties, as well as the specifics of the transaction.



Amendment to Bylaws - This is an Amendment to the Bylaws form, to be used across the United States. This is to be used as a model, and should be modified to fit one's own personal needs.


Job Invoice-Short - This form is a job invoice form. It contains provisions for a job description, starting date, completion date, date and hours worked, list of materials and costs, and an itemized statement of total due for materials, labor, and other.








Employment Agreement - General - This form is used when an Employee agrees to be employed by Employer, and the Employer agrees to employ the Employee, for the purpose of performance by and on behalf of Employer services as may be reasonably requested from time to time by the Employer. The agreement contains provisions for compensation, confidentiality, non-competition and breach of contract.



Employment Agreement with Covenant Not to Compete - This form is used when an Employee agrees to be employed by an Employer, and the Employer agrees to employ the Employee, for the purpose of performance by and on behalf of the Employer as may be reasonably requested from time to time by the Employer. This agreement contains a covenant not to compete clause.



Self-Employed Independent Contractor Employment Agreement General - A company agrees to hire a contractor to perform work on the terms and conditions set forth in the agreement. The contractor agrees that all financial and accounting records will remain the confidential property of the company. The form also provides that the company will reimburse the contractor for all reasonable and necessary expenses incurred by the contractor with the performance of his/her duties.



Secrecy, Nondisclosure and Confidentiality Agreement by Employee or Consultant to Owner - The first party has possession of proprietary information and know-how relating to an idea, product or service, and wishes to employ the second party but desires that the second party agree not to disclose information learned by second party during such employment. Both parties agree that all information, ideas, products or services, processes, written material, samples, models and all other information of any type, whether written or oral, submitted to the second party by the first party is now, and will remain, the property of first party.



Drug Testing Policy Disclosure and Consent Form - This form explains the drug testing policies of a particular company and includes a consent form.



Employee Permission to Do a Background Check - This is a form signed by an employee or prospective employee granting an employer permission to do a background check.



Employment Position Announcement - This form is a business type form that is formatted to allow you to complete the form using Adobe Acrobat or Word. This form allows an employer to announce that applicants for a position with the company are being sought.


Consultant Agreement - This form is a Consultant Agreement for use with consultants exposed to commercial trade secrets or other confidential information as part of their work with a business.


Internet Use Policy - This agreement is to be signed by an employee upon the request of a company concerning the proper uses of internet access. The agreement defines acceptable uses and states that the inappropriate use of the Internet may lead to denial of access or other action by the company.



Also included in this package are: Employment Termination Agreement, Cash Disbursements and Receipts, Check Request form, Daily Accounts Receivable, Yearly Expenses by Quarter, Petty Cash Form and Purchasing Cost Estimate

The Pennsylvania Small Business Startup Package for S-Corporation is an all-inclusive and comprehensive solution designed to assist individuals or groups in establishing a successful small business in Pennsylvania. This package is specifically tailored for those who choose to structure their business as an S-Corporation, offering various resources, guidance, and support to ensure a smooth startup process. The Pennsylvania Small Business Startup Package for S-Corporation encompasses a wide range of crucial services and materials necessary to establish a strong foundation for a new business venture. Here are some key components typically included in this package: 1. S-Corporation Formation: This package guides entrepreneurs through the process of forming an S-Corporation, including filing the necessary paperwork, obtaining an Employer Identification Number (EIN), and registering the business with the Pennsylvania Department of State. 2. Business Plan Development: A professionally crafted business plan is an essential tool for any startup. This package often provides resources and templates to help entrepreneurs develop a comprehensive business plan, covering aspects such as market analysis, financial projections, and marketing strategies. 3. Legal and Compliance Assistance: Starting a business involves various legal and compliance requirements. The package may offer guidance on obtaining necessary licenses and permits, complying with state and federal regulations, and drafting essential legal documents like articles of incorporation and bylaws. 4. Taxation Guidance: S-Corporations have unique tax obligations, and the package may include assistance with understanding Pennsylvania's tax laws, filing state income taxes, and navigating the complexities of federal tax obligations for S-Corporations. 5. Financial Resources: This package may provide resources to help entrepreneurs secure startup funding, such as access to business loans, grants, or venture capital. Additionally, guidance on establishing financial systems and accounting practices specific to S-Corporations may be offered. 6. Marketing and Branding Support: To effectively launch and promote a new business, marketing strategies and branding guidance are crucial. The package may provide resources to help develop a marketing plan, create a brand identity, and establish an online presence. 7. Ongoing Support and Networking: Some packages offer ongoing support through mentorship programs, networking events, or forums where entrepreneurs can connect with other business owners, professionals, and service providers to foster collaboration and growth. It is important to note that specific Pennsylvania Small Business Startup Packages for S-Corporation may vary among service providers or organizations. Therefore, it is advisable to research and compare different packages to identify the one that best suits the unique needs and goals of your small business startup journey in Pennsylvania.

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FAQ

Personally, I think if your business is making more than $60,000 in profit every year, then you should look into forming an S corp. Keep in mind that we're talking about taxable income, not gross revenue. Your gross revenue is all the money you make from your products and services.

An S corporation may have some potential disadvantages, including: Formation and ongoing expenses. ... Tax qualification obligations. ... Calendar year. ... Stock ownership restrictions. ... Closer IRS scrutiny. ... Less flexibility in allocating income and loss. ... Taxable fringe benefits.

Businesses that elect federal subchapter S status are considered Pennsylvania S corporations and are subject to the 9.99 percent corporate net income tax only to the extent of built-in-gains. Rather, shareholders in the businesses considered S Corporations are taxed at the personal income tax rate, 3.07 percent.

The biggest difference between S corporations and LLCs is how they are taxed. S corporations are taxed as pass-through entities, meaning that the profits and losses are passed through to the shareholders' personal tax returns, while LLCs can choose to be taxed as either a pass-through entity or a corporation.

S corporations have tax advantages that make them a good choice for many small businesses. An S corp. is a tax designation that allows a company's profits to pass through to the owners' personal tax returns.

Filing as an S Corp in Pennsylvania Step 1: Choose a Business Name. ... Step 2: Appoint Directors and a Registered Agent. ... Step 3: File Articles of Organization. ... Step 4: Create an S Corp Operating Agreement. ... Step 5: Apply for an Employer Identification Number. ... Step 6: File Form 2553 for S Corporation Election.

If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.

You need to earn at least $40,000 in profit for an S Corp to make sense, though. Otherwise, the costs of forming and running it exceeds the benefits of an S Corp. Here are some charts that show the tax savings for businesses with $40,000, $80,000, and $100,000 in profit.

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The guide outlines the procedures to follow and the forms to file with the Pennsylvania Department of Revenue. Your responsibilities as a new business owner ... S corporations are required to file PA-20S/PA-65,. S Corporation/Partnership Information Returns, provide each PA resident shareholder PA Schedule RK-1 and ...The basic process is that you form an LLC or Corporation first and then elect for the S-Corp tax designation. However, there are a lot more steps involved in ... This form is a handy checklist for the owner of a new business to use as a helpful tool in forming a new business. The form covers the stages of background ... Mar 16, 2021 — To register a business as an S corporation, Articles of Incorporation (sometimes called a Certificate of Incorporation or Certificate of ... Pennsylvania S Corporation kit with instructions, free forms and general information on incorporating in Pennsylvania. Oct 30, 2023 — Step 1: Choose a Name for Your Pennsylvania LLC. Every LLC registered in Pennsylvania must have a name that's distinguishable from other ... meets the definition of a small business corporation. Attach to. Form 1120-S for the final year of the S corporation a statement notifying the IRS of the ... Aug 4, 2023 — Many businesses will need to complete a PA Business Entity Registration with the Department of Revenue, which creates an account that allows the ... Once your LLC or C corporation formation is approved by the commonwealth, you need to file Form 2553, Election by a Small Business Corporation, with the IRS to ...

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Pennsylvania Small Business Startup Package for S-Corporation