Prime Corporate Services provides its clientele with consultation services and professional guidance in all areas of estate planning. Understanding the mechanisms of the probate process is essential to successfully developing and executing an estate plan.In a probate court, a pre-appointed administrator distributes assets among beneficiaries as outlined in a will. The administrator also is responsible for paying any bills and tax liabilities incurred by the estate. This process does not apply to all types of assets. The beneficiary designation on non-probate assets, which include jointly owned properties or bank accounts and retirement plans, cannot be superseded by the terms of a will. Unlike probate assets, which includes most assets that are owned outright by the decedent, non-probate assets can bypass probate court and are disbursed directly to named beneficiaries. While it is possible for the decedent to change beneficiaries during his/her lifetime, complications can arise if designations do not reflect the language or intentions of a final will after the decedent's passing. Proper estate planning requires careful consideration of both probate and non-probate assets. Contact Prime Corporate Services at www.primecorporateservices.com/contact for a professional consultation.
Based in Draper, Utah, Prime Corporate Services is a consulting firm offering a broad range of services to small businesses. One of Prime Corporate Services’ offerings is entity registration for limited liability companies (LLCs) and limited liability partnerships (LLPs).LLCs and LLPs are some of the most common forms of businesses in the United States. While the two sound similar, they have unique differences. An LLC is a legal entity that shares some of the characteristics of a corporation and a partnership. It is formed by members who can be persons, corporations, or foreign persons. An LLC can have as many members as desired. LLCs are a popular form of business among small businesses because of their flexibility and tax advantages. LLCs are not subject to the corporate reporting requirements that corporations are. They also do not pay taxes at the corporate level since profits are passed down to individual members and taxed at that level. An LLP is made up of partners, each of whom must be individual persons. There must be one managing partner to take legal responsibility over the affairs of the LLP. Other partners, referred to as silent partners, are not legally exposed, provided they are not in managerial control. An LLP shares the same tax advantages as an LLC. Thinking of forming an LLP or LLC? Consult www.primecorporateservices.com.
Headquartered in Draper, Utah, Prime Corporate Services (PCS) maintains a staff of experienced business consultants with expertise in corporate tax structures, corporate credit, and estate planning. Among other services, the consultants at Prime Corporate Services assist clients in determining the best way to structure their businesses for tax purposes. The S corporation is one business entity that offers several advantages.Starting a business involves more than just identifying a market and creating a product. Smart business owners also consider the best way to structure their businesses for tax purposes. While sole proprietorship and LLC entities are robust enough for small or new businesses, once a company starts growing, the owner may want to look at more complicated corporate structures that offer additional benefits.One of these structures is the S corporation, which offers many of the same benefits as an LLC, including pass-through taxation and shielding personal assets from business creditors. However, an S corporation has the added benefit of allowing the business owner to in an employee capacity. This means the owner can take salary and dividend payments and pay individual income tax only on that portion of the business’ revenue.This arrangement offers two major tax benefits. First, dividend payments are not subject to self-employment tax like other business classifications. Second, the salary drawn by the business owner can be deducted from business revenue as a business expense. Both of these can lead to a lower overall tax bill for the business owner.Prospective clients are encouraged to visit www.primecorporateservices.com/contact to learn more about PCS and its services.
Based in Draper, Utah, Prime Corporate Services offers comprehensive financial consulting services for your business needs. Maintaining awareness of economic and industry trends, Prime Corporate Services advises business owners on e-commerce trends.Judging by a recent report from the US Commerce Department, 2017 was a great year for e-commerce. Total retail e-commerce spending reached $453.46 billion last year, which is a 16 percent increase from the 390.99 billion recorded in 2016. The jump marked the highest increase in retail e-commerce spending since 2011. Amazon led the pack in online retail sales, followed by eBay, Walmart, and Apple. Overall retail sales last year amounted to $4.86 trillion. Factoring in only goods that can be bought and sold online, the sales figure was $3.496 trillion. This means that e-commerce sales accounted for 13 percent of retail sales in 2017. According to Statista, this percentage will grow consistently up until 2021, due to sales being buoyed by an increasingly mobile-savvy population, advancements in digital payment systems, and high customer satisfaction rates with online retail.
Established in 2012, Prime Corporate Services offers comprehensive financial consulting to large and small businesses. On the economic and regulatory front, Prime corporate Services advises businesses on tax code changes. The recent passage of the Tax Cuts and Jobs Act by both houses and its signing into law by President Donald Trump has heralded a significant break for small businesses. One of the key features of the act is the 20 percent deduction for business incomes made by qualified pass-through entities such as limited liability companies (LLCs) and S corporations. Small business owners with qualifying entities will benefit from a 20 percent deduction of their total taxable income, leaving only 80 percent liable to taxation. Small business owners can use the additional liquidity to expand their operations, purchase new equipment, or give employees bonuses. However, the deduction does not automatically pass to all small businesses. According to the act, all businesses with a taxable income below $157,500 if the owner is filing as a single person, and $315,000 if filing as a couple, qualify. Businesses with taxable incomes above those thresholds can still claim the deduction as long as they are not professional service firms offering legal, medical, or financial services.
Located in Draper, Utah, Prime Corporate Services is a boutique consulting firm that was established in 2012. Prime Corporate Services offers consultation and support in virtually all areas of business planning, including an array of entity creation services.Entity creation processes have been developed to help businesses meet all standards and requirements set by local and state agencies in the most efficient ways possible. With proper entity creation services in place, new businesses can hit the ground running without concern about potential legal or financial issues.The entity creation process begins with a face-to-face consultation between business leaders and Prime’s entity creation professionals. Rather than emailing clients a standardized entity creation document, the consultation process involves conversations with a live representative who is interested in learning the specifics of the client’s business operations, as well as immediate and long-term goals. The consultation process also helps clients understand the logistics behind each step of an effective entity creation initiative.After an entity creation plan has been formalized over the course of a consultation, representatives can discuss a number of additional services that may benefit clients, from tax payment support to business license acquisition. These services have been similarly designed to prepare new businesses for a successful launch as opposed to a series of costly false starts and other financial challenges.
Prime Corporate Services, LLC, provides comprehensive consulting related to the planning and setup of business entities. Prime Corporate Services can help a business understand the various advantages and limitations of forming a limited liability company, or LLC, as opposed to a corporation, and to decide whether or not to choose that particular structure. An LLC simultaneously incorporates aspects of a corporation, a partnership, and a sole proprietorship. Most LLCs closely resemble a partnership or sole proprietorship in matters of taxation, in that the owners report profits and losses on their own individual tax returns and pay the taxes instead of the entity. However, owners of an LLC may choose to have the entity taxed as a corporation, in which case the business must follow all relevant corporate tax regulations.Owners of an LLC also do not shoulder responsibility for any debts or lawsuits that the entity incurs. If anyone files a lawsuit against the LLC, the courts may not force the owners to use their personal assets to pay a settlement. Relatedly, when an LLC goes through bankruptcy, creditors may not seek repayment from the individual owners.However, an LLC does have its limitations, including the inability to issue shares of stock. Although it is possible for aspiring business owners to decide independently which type of entity is the most appropriate for their enterprise, many seek out professional guidance.
