RESOURCES
Links to business information resources.

BUSINESS
Startup Checklist.I'm ready to start a business! I have a product/service and I'm sure that it will fly, so what do I do now?

FORMS
Here you will find the forms available for download from the City of Tuscaloosa, the City of Northport and Tuscaloosa County. Download Forms

STRUCTURES
Ways to set up a business.One of the key decisions to make after deciding to start you own business is what type of legal structure you should use to define the type of company you own.

Business Resource CenterBusiness Resource Center

Opening a new business used to involve standing in long lines, asking the same questions to dozens of people and trying to decipher numerous forms and permits.
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Limit Liability Company (LLC)

An Limited Liability Company (LLC) allows the company to be classified as a partnership for tax purposes. Members, the owners of LLCs, pay personal income taxes on their share of any LLC earnings. They do not pay any income tax at the company level. An LLC with two or more members is treated like a partnership for tax reasons unless it chooses to be treated as a corporation. Single member LLCs are treated like a proprietorship for tax purposes.

Advantages

  • Limitation on liability
  • There are no restrictions on the number or type of owners
  • Flexibility of capital structure
  • Flexibility in allocating income and expense to owners
  • Flow through of taxes to individual owners

Disadvantages

  • Might be more expensive to create than a sole proprietorship or general partnership
  • Variation of requirements from state to state. Laws aren't as uniformed as they are for corporations
  • May incur more legal issues since some LLC statutes are still untested in court with many situations