Business Formations & Contracts

913.906.9800

Discuss your Business Formations, Contracts, and General Issues with Troy Renkemeyer, a qualified Tax Attorney.

How can we help

Resolving your Business Formations, Contracts, and General Issues

Renkemeyer Law Firm can meet your general business legal needs. This includes everything from forming your company, preparing your tax returns, to drafting your contracts.

There are many missteps that can arise in the formation of a new entity. For example, if the correct method of taxation is not elected when obtaining a taxpayer identification number from the IRS, this could result in your company operating under a poor taxing arrangement.

 Common Services

Business Formations, Contracts, and General Services

Forming the entity in which your company will operate

governmental agencies and obtaining Taxpayer ID Numbers

lease agreements or other business contracts

Tax Return Preparation

Resolve accounting questions and issues

Commercial litigation of business disputes if the need arises

General real estate issues

bankers to assist in obtaining financing

Accounting Firm And A Law Firm

Why have both an accounting firm and a law firm to assist you with your business? With Troy Renkemeyer’s background as both a tax attorney and CPA, Renkemeyer Law Firm can fulfill both your accounting needs and your legal needs under one roof. This precludes the need for multiple advisers being involved, and additional time spent between them filling each other in on the facts of a given matter. Having all of your business, legal, and accounting needs fulfilled under one roof can be a great benefit to you.

There are two systems of taxation in our country. One for the Informed and one for the uninformed.

Justice Learned Hand

Us Court Of Appeals

 

Got a Predicament?

Call us 913.906.9800

Faq’s

Read Faq’s To Know More
Q: What are the most common types of entities used for small businesses?

A: Most small businesses operate as either an limited liability company, or LLC. Many businesses operate as corporations that have elected to be taxed as an S-corporation. Few small businesses operate as corporations that have not elected to be taxed as an S-corporation.

Q: What are the most common types of taxing systems for small businesses?

A: For the most part, small businesses are taxed as either (a) disregarded entities or sole proprietors, (b) partnerships, or (c) S-corporations. Limited liability companies that have one member are taxed as a disregarded entity. Limited liability companies that have more than one member are usually taxed as either a partnership or S-corporation. Corporations can elect to be taxed as an S-Corporation or C-corporation.

Q: What is a "flow-through" taxation system?

A: Partnerships and S-Corporations operate with “flow-through” taxation systems. This means a tax return is filed on behalf of the entity, called an information return, which sets forth all of the items of income, expense, etc. The net taxable income and related items are shown on the information return. A Form K-1 is provided with the information return showing each owners’ share of the taxable income. This amount is then included on the personal tax return of the owners. The entity itself does not pay tax on the profit. Rather, the owner pays the tax on its share of the profit of the entity by setting forth this net profit amount on the owner’s tax return. There are some rare situations whereby the entity pays taxes.

Q: What is "double taxation" mean?

A: The phrase “double taxation” typically refers to the taxation system of C-corporations. Under this system of taxation, the entity pays corporate tax under the corporate tax regime. After the taxes are paid, the shareholders pay tax on the dividends they receive from the corporation. As such, the income is taxed twice; once at the corporate level and then again at the shareholder level when the shareholder gets paid the dividend.