While limited liability companies have less compliance requirements than other entity types, there are reports and licenses that need to be filed and maintained. S-Corps usually will need to file reports and pay compliance fees on an annual or semi-annual basis. C-Corps generally must file reports with their state, as well as a host of other regulatory and compliance fees. Non-Profits have more compliance responsibilities than other entities as they must continually preserve their tax-exempt status. Sole Proprietors do not have ongoing compliance fees.
The LLC is typically the best choice for smaller entities. The LLC structure provides a great deal of ownership flexibility in that an LLC may have any number of Members (owners) including non-US citizens and subsidiary companies. LLCs are also able to distribute several different classes of stock or ownership interest. However, their owners are typically required to pay a self-employment tax.
New York Shall contain the word "corporation", "incorporated" or "limited", or an abbreviation of one of such words; there is also a long list of words a business corporation is not allowed to use without additional approval from other agencies including "board of trade", "state police", "urban development", "chamber of commerce", "state trooper", "urban relocation", "community renewal", "tenant relocation", "acceptance", "endowment", "loan", "annuity", "fidelity", "mortgage", "assurance", "finance", "savings" and many others New York State Consolidated Laws, Business Corporations Law § 301; Not-For-Profit Corporations Law, § 301
Idaho "corporation", "incorporated", "company", "limited", or the abbreviation "corp.", "inc.", "co.", or "ltd.", or words or abbreviations of like import in another language; provided however, that if the word "company" or its abbreviation is used it shall not be immediately preceded by the word "and" or by an abbreviation of or symbol representing the word "and" § 30-1-401 Idaho Statutes
In this case, you need to write a remark about that circumstance on the Business Property Statement, or on an attachment to it. Also fill out Part III (Equipment Belonging To Others) of the form. If you own any small equipment, such as a printer, copier, etc., that you are using in the business, you should report these costs under Part II of the Business Property Statement and also Schedule A.
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