Our mission is to provide big-firm knowledge and expertise, while delivering unparalleled service and results with close personal attention.Our Vision is to be the premier provider of accounting, tax and consulting services. We will strive to be your trusted business partner and first resource for any business need.
– Accounting Services – Call: 702-372-7008
START NEW BUSINESS
Stars Accounting Services will form your new business the correct way,saving you time and money by avoiding costly errors.
Let us handle your business filings while you focus on growing your business.
When you place your order, we immediately start the process of forming your new business. This allows you to get your business
up and running.
Each and every one of our customers receive a personal Service. You have my direct phone number and email. Have questions?
Just call, No need to wait in a pool of phone calls.
What Business I Need?
Limited Liability Company or LLC
Like a corporation, a limited liability company or “LLC” is a separate and distinct legal entity. This means that
an LLC can get a tax identification number, open a bank account and do business, all under its own name.
How Does an LLC Protect You?
One of the primary advantages of an LLC is that its owners, called members, have “limited liability” meaning
that, under most circumstances, they are not personally liable for the debts and liabilities of the LLC.
For example, if an LLC is forced into bankruptcy, then the members will not be usually be required to pay the
LLC’s debts with their own money. If the assets of the LLC are not enough to the debts and liabilities, the
creditors generally cannot look to the owners for payment. Their debt was with the LLC, not the people that
owned the LLC.
Benefits of an LLC: Flexible, Scalable, and Simple
LLCs aren’t bound by the same rigid rules of corporations, but this doesn’t stop them from being just as useful.
It doesn’t matter if you are a one-man business or if you have hundreds of employees, an LLC keeps protecting
you while allowing for expansion and growth. With an LLC, there’s no requirement for special meetings,
extensive corporate records, or many other formalities. Limited liability companies are even flexible when it
comes to taxes, offering lots of options so you can create a tax plan that works for you.
This simplicity, protection, and ease of use have made forming an LLC a popular choice for small businesses in
A corporation is a distinct legal entity created under state laws which can open a bank account, purchase
property, enter into contracts and operate a business. One of the most important features of a corporation is that,
generally, its owners are not personally liable for the debts of the corporation.
The main reason people incorporate is to avoid personal liability. While sole proprietors and partners have all of
their personal assets at risk, corporate shareholders risk only what they paid for their stock. With so many
people ready to sue for any reason (or for no reason), the corporation is one of the few inexpensive protections
What are the main differences between a C corporation and an S corporation?
C corporations are subject to double taxation; that is, one tax at the corporate level on the corporation's net
income, and another tax to the shareholders when the profits are distributed. S corporations have only one level
of taxation. All of their income is allocated to the shareholders.
However, C corporations have greater tax planning flexibility and can shield shareholders from direct tax
liability. In addition, S corporations are subject to limitations, such as the number and type of shareholders they
S Corporation or C Corporation
A corporation has a choice of how it wants to be taxed. It can make the election at the beginning of its existence
or at the beginning of a new tax year. The choices follow.
Formerly called a “Sub section S corporation”; an S corporation pays no income tax and may only be used for
small businesses. All of the income or losses of the corporation for the year are passed through to the
shareholders, who report them on their individual returns. At the end of each year, the corporation files an
information return, listing all of its income, expenses, depreciation, etc., and sends each shareholder a notice of
his or her share as determined by percentage of stock ownership.
Using this method avoids double taxation and allows the pass-through of losses and depreciation. For tax
purposes, the business is treated as a partnership. Since tax losses are common during the initial years due to
start-up costs, many businesses elect S status and switch over to C corporation status in later years.
A C corporation pays taxes on its net earnings at corporate rates. Salaries of officers, directors, and employees
are taxable to them and deductible to the corporation. However, money paid out in dividends is taxed twice. It is
taxed at the corporation’s rate as part of its profit, and then at the individual stockholders ; rates as income, when
distributed by the corporation to them.
If taxpayers are in a higher tax bracket than the corporation and the money will be left in the company for
expansion, taxes are saved. Fringe benefits, such as health, accident, and life insurance, are deductible expenses.
NOTE: All corporations are C corporations unless they specifically elect to become S corporations.
What are the main differences between an LLC and an S corporation?
An LLC has more operating flexibility and fewer corporate formalities than an S corporation. For example, an S
corporation cannot have more than 100 stockholders and must hold both periodic director’s meetings and an
annual meeting of stockholders. However, owners of an S corporation may be subject to fewer taxes than LLC