Understanding Closed Corporations: Key Facts and Benefits
What do Ernst & Young, PricewaterhouseCoopers, Mars Inc., SC Johnson, Publix, Hearst Corporation, Chick-fil-A, and Hobby Lobby have in common? They are all large US-based closed corporations. A closed corporation, sometimes called a closely held corporation, is a type of business entity where the shareholders, directors, and officers are often the same people. In that…
ECI vs. FDAP: What’s the Difference?
US taxes can feel overwhelming, especially for nonresidents. But, you must file taxes for your US-based income if you’ve established an LLC in the US or other business but are a nonresident alien. Normally, that income falls into one of two categories under IRS criteria: FDAP income or ECI income. The tax ramifications for these…
What Is an Alternative Business Structure for Law Firms?
The alternative business structure (ABS) for law firms offers additional opportunities to expand access to justice for underrepresented communities. It encourages innovation in the way law firms operate. ABS gives attorneys ownership of law firms, allowing them to combine efforts with private equity. Read on to understand alternative business structures and their meaning for your…