Accounting Solutions for Every Client

Accounting

Bookkeeping is just data until it is produced into financial statements. Accounting statements give business owners a barometer in knowing the health of the company.

Bookkeeping

Everything starts with bookkeeping. Services include accurate tracking of business expenses, assets, and revenue. We will work with you however little or as much as you need.

Tax Services

To a busy entrepreneur, taxes are a headache. That’s where we come in. We’ll help prepare your taxes and make sure that you are taking full advantage of current tax benefits.

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“There are a number of reasons that Maxine and the team at The Balance Sheet are a valued business relationship. They are honorable, they can be trusted to do the right thing, timely, & working with them is easy. But what stands out is this, whether the mistake is made by me, the IRS, or other taxing agency, Maxine takes ownership of the challenge and resolves it quickly. I know that at The Balance Sheet they have my back.”

Dennis Mondul
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  • TL;DR: LLC is the most flexible and popular choice for small businesses thanks to its liability protection and tax options. S-Corp is best for tax savings when profits grow. C-Corp suits large or investor-backed businesses. Sole proprietorships and partnerships are easiest to start but offer no personal liability protection. Why Your Business Entity Type Matters Your business entity isn’t just a formality - it determines: • Your legal liability • How you're taxed • How much paperwork you face • How investors see you Choosing the wrong structure can expose you to lawsuits or higher taxes. Choosing the right one can protect your assets, simplify compliance, and set you up for growth. Sole Proprietorship: Simple Startup, Personal Risk Who it’s for: Freelancers, solo entrepreneurs just getting started and side gigs. • Protection: None. Your personal assets are at risk if the business is sued or goes into debt. • Tax Filing: Report income on Schedule C of your personal return. No separate tax return required. • Startup Paperwork: None, unless filing a DBA (Doing Business As). • Benefits: o Easiest and cheapest to start o No separate business tax return o Full control over decisions • Drawbacks: o No legal separation between you and your business o No liability protection o Hard to raise capital General Partnership: Shared Control, Shared Liability Who it’s for: Two or more people running a business together • Protection: None. Each partner is fully liable—even for the actions of the other partner. • Tax Filing: Form 1065 + Schedule K-1 for each partner • Startup Paperwork: Ideally a written partnership agreement (not always required but strongly recommended) • Benefits: o Shared startup costs and responsibilities o Simple to set up o Pass-through taxation • Drawbacks: o No liability shield o Partner disagreements can get messy o Each partner is personally responsible for the full debt LLC: Flexibility with Built-In Legal Protection Who it’s for: Most small to midsize business owners and really great for those short-term income projects – such as house flipping. • Protection: Yes. An LLC separates your personal and business assets. • Tax Filing: o Single-member LLC: Schedule C (like a sole prop) o Multi-member: Form 1065 + Schedule K-1 o Option to elect S-Corp or C-Corp tax treatment • Startup Paperwork: o File Articles of Organization with your state o Operating Agreement (especially for multi-member LLCs) o EIN (Employer Identification Number) • Benefits: o Shields your personal assets from lawsuits and debts o Flexible taxation o Fewer formalities than corporations • Drawbacks: o State filing fees o Varies by state (some require annual reports) S-Corp: Tax Savings for Growing Businesses Who it’s for: Business owners earning consistent profits and paying themselves a salary • Protection: Yes. Like an LLC or C-Corp, it separates personal and business liability. • Tax Filing: o File Form 1120-S o Each shareholder receives a Schedule K-1 o Must run payroll and file employment tax returns • Startup Paperwork: o Form an LLC or corporation first o Then file Form 2553 with the IRS for S-Corp status o Bylaws, shareholder meetings, and corporate minutes required • Benefits: o Avoids double taxation o Can reduce self-employment taxes o Still a pass-through entity • Drawbacks: o More compliance and paperwork o Must pay yourself a “reasonable salary” o IRS scrutiny is higher C-Corp: Best for Venture Capital and Expansion Who it’s for: Startups planning to scale or raise funding • Protection: Yes. Provides a corporate veil between you and the business. • Tax Filing: o Separate entity taxed via Form 1120 o Subject to double taxation: company pays taxes on profits, then shareholders may pay tax on dividends • Startup Paperwork: o Articles of Incorporation o Corporate bylaws o EIN, board of directors, annual shareholder meetings • Benefits: o Unlimited shareholders and multiple stock classes o Ideal for attracting investors o Perpetual existence (even if ownership changes) • Drawbacks: o Double taxation unless structured carefully o Most administrative complexity o Costlier to maintain Quick Comparison of Business Entities Type Legal Protection Taxes Best For Sole Proprietorship ❌ None Personal return (Sch. C) Solo service providers, side hustles Partnership ❌ None Pass-through (Form 1065) Small business with 2+ founders LLC ✅ Yes Flexible (Sch. C, 1065, S-Corp) Most small businesses S-Corp ✅ Yes Pass-through (Form 1120-S) Profitable owner-run businesses C-Corp ✅ Yes Double taxation (1120 + dividends) Startups, high-growth companies Filing Requirements by Entity Type Entity Type Formation Docs Ongoing Filings Sole Proprietorship Optional DBA Schedule C with personal tax return Partnership Optional partnership agreement Form 1065, K-1s LLC Articles of Organization, EIN, Operating Agreement Annual reports, tax returns S-Corp Articles, EIN, Form 2553, Bylaws Payroll filings, Form 1120-S, K-1s C-Corp Articles, EIN, Bylaws, Board setup Form 1120, annual meetings, corporate minutes What’s the Best Entity Type for You? Here’s a simple way to think about it: • Sole Proprietorship: Starting a hobby or freelance gig? Keep it simple. • Partnership: Trust your partner? Share the ride—and the risk. • LLC: Want liability protection and flexibility? This is your go-to. • S-Corp: Making money and want to save on taxes? Time to upgrade. • C-Corp: Looking for funding or planning an IPO? This is the path. Let’s Set Your Business Up for Success Choosing the right structure is one of the most important decisions you’ll make for your business. If you're unsure what fits your goals—or want help filing and staying compliant—The Balance Sheet is here to help. Schedule your consultation today and let’s build a solid foundation for your business success

What is the Best Entity Type for Your Business?

TL;DR: LLC is the most flexible and popular choice for small businesses thanks to its liability protection and tax options. S-Corp is best for tax savings when profits grow. C-Corp suits large or investor-backed businesses. [...]