Awards and Community Engagement

Many of the companies Phenos has overseen or worked with have received numerous awards and accolades for their appearance, quality, and attention to detail under its guidance, structuring, and strategies.

Our Team has represented different businesses in multiple industries to various chamber of commerce boards while serving as community outreach ambassadors.

Advisory and Consulting Roles

Phenos has served in an advisory and consulting capacity to multiple cities and municipalities on matters of regulation, zoning, and ordinance development and coherence.

Training and Best Practices

Phenos has trained numerous store managers, compliance officers, inventory managers, administrators, retail managers, retail staff, and salespeople on matters of compliance, S.O.P.’s, structuring, and best practice procedures.

                                 Agriculture & Forestry/Wildlife 

Extermination/Pest Control 

Farming(Animal Production) 

Farming(Crop Production) 

Fishing/Hunting 

Landscape Services 

Lawn care Services Other (Agriculture & Forestry/Wildlife) 

                                  Business & Information 

Consultant 

Employment 

Office 

Fundraisers 

Going out of Business Sales 

Marketing/Advertising 

Non Profit Organization 

Notary Public 

Online Business 

Publishing Services 

Record Business 

Retail Sales 

Technology Services 

Telemarketing 

Travel Agency 

Video Production 

                          Construction/Utilities/Contracting

AC & Heating 

Architect 

Building Construction 

Building Inspection 

Concrete Manufacturing

Contractor 

Engineering/Drafting 

Equipment Rental 

Plumbing 

Remodeling 

Repair/Maintenance 

                               Food and/or Service Sales

Alcoholic Beverage Manufacturing 

Bakery 

Caterer

Cannabis

Food/Beverage Manufacturing 

Grocery/Convenience Store(Gas Station) 

Grocery/Convenience Store(No Gas Station) 

Hotels/Motels(Casino) 

Hotels/Motels(No Casino) 

Mobile Food Services

Restaurant/Bar Specialty Food(Fruit/Vegetables) 

Specialty Food(Meat) 

Specialty Food(Seafood) 

Tobacco Product Manufacturing 

Truck Stop 

Vending Machine 

Gaming Auctioneer 

Boxing/Wrestling Casino/Video Gaming Other (Gaming) 

Racetrack Sports Agent 

                                     Health Services 

Acupuncturist 

Athletic Trainer 

Child/Youth Services 

Chiropractic Office 

Dentistry 

Electrolysis 

Embalmer 

Non Emergency Medical Transportation 

Optometry 

Pharmacy 

Physical Therapy 

Physicians Office 

Radiology 

Residential Care Facility 

Speech/Occupational Therapy 

Substance Abuse Services 

Veterinary Medicine 

Vocational Rehabilitation 

Wholesale Drug Distribution 

                                          Motor Vehicle 

Automotive Part Sales 

Car Wash/Detailing 

Motor Vehicle Rental 

Motor Vehicle Repair 

New Motor Vehicle Sales 

Recreational Vehicle Sales 

Used Motor Vehicle Sales

                           Natural Resources/Environmental 

Conservation Organizations 

Environmental Health Land Surveying 

Oil & Gas Distribution

Oil & Gas Extraction/Production 

Pipeline 

Water Well Drilling 

Other (Business Type Not Listed) 

Personal Services 

Animal Boarding 

Barber Shop 

Beauty Salon 

Cemetery 

Diet Center 

Dry cleaning/Laundry 

Entertainment/Party Rentals 

Event Planning 

Fitness Center

Florist

Funeral Director 

Janitorial/Cleaning Services 

Massage/Day Spa 

Nail Salon 

Personal Assistant 

Photography 

Tanning Salon 

                                Real Estate & Housing

Home Inspection 

Interior Design

Manufactured Housing 

Mortgage Company 

Property Management 

Real Estate Broker/Agent 

Warehouse/Storage Safety/Security 

Locksmith 

                                   Safety/Security & Legal

Private Investigator 

Security Guard 

Security System Services 

Transportation 

Air Transportation 

Boat Services

Limousine Services 

Taxi Services 

Towing Truck 

Transportation(Fuel) Truck 

Transportation(Non Fuel) 

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A limited liability company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

• Sole proprietorships
• Partnerships
• Corporations
• S corporations
• Limited liability company (LLC)

1. Sole proprietorship

A sole proprietorship is an unincorporated business entity owned and operated by a single individual. Its main advantage lies in its simplicity: sole proprietorship is the default business entity designation for anyone selling a service or product themselves. A sole proprietorship requires no special filing. In addition, sole proprietors have complete control over their companies and enjoy a single round of taxation on personal income. 

Nevertheless, the ease of setting up a sole proprietorship is a double-edged sword, because this business type offers the lowest protection for owners. As a sole proprietor, you are fully liable for your company’s financial and legal situation, which is legally riskier when compared to an LLC.

This means that if your business falls on hard times, your personal assets may be drawn on to settle business debts.

2. General partnership

General partnerships (GPs) are the default form of business partnerships, or businesses owned by two or more people.

Like sole proprietorships, general partnerships are subject to pass-through taxation, meaning they are only taxed once, at the partners’ personal income levels. In addition, general partners are equal participants in the firm, meaning everyone has a say in how the business operates.

However, general partnerships are vulnerable to some of the same drawbacks as sole proprietorships. Because there is no legal distinction between the general partners and the partnership itself, all owners are subject to unlimited liability for the company’s debts and damages. 

Creditors and lawsuit plaintiffs can reach partners’ personal assets, and general partners are liable for the business conduct of all other partners—so choose your co-founders wisely.

3. Limited partnership 

Similar to general partnerships, two or more people own limited partnerships (LPs) and enjoy pass-through taxation. The key difference between LPs and GPs is the existence of limited partners, people have limited liability for the business according to the amount of capital they’ve invested.

All limited partnerships must have at least one general partner, who is subject to unlimited liability.

4. Limited liability partnership (LLP)

The final type of partnership, limited liability partnerships (LLPs), are owned by two or more partners who enjoy pass-through taxation. While partners in an LLP are liable for their own conduct, they are not personally liable for the conduct of other partners or the debts and damages of the business.

An LLP business structure provides additional separation between personal and company assets. Unfortunately, however, LLP status is not available to all types of businesses; it’s exclusive to certain licensed professions, such as law or accounting.

5. C corporation

C corporations, or C corps, are among the most common types of corporations and the ideal ownership structure for a large company. A C corporation is a legal entity completely separate from its owners, offering the strongest personal liability protection.

Another advantage of forming your small business as a C corporation is the relative ease of fundraising. C corps can be funded by issuing shares of stock. You can issue as many shares as you like and offer both common stock and preferred stock types.

One drawback of C corporations compared to other types of businesses is that each C corporation is a complex business organization requiring a detailed filing and registration process, as well as oversight via the drafting of bylaws and appointment of a board of directors.

Above all, the main downside of forming a C Corp is that you will not enjoy pass-through taxation status. That means C corporations pay income tax twice: once on corporate income and again on the personal income of owners and shareholders.

6. S corporation

S corporations, or S corps, sidestep the double taxation issue that C corps face. Like partnerships, S corps are pass-through entities, which means that instead of paying corporate income tax as a business entity, they are taxed only once at the owners’ and shareholders’ personal income levels. Choosing between an S corp or LLC is a common decision for business owners. 

That advantage is offset by limits on fundraising and strict requirements for maintaining S corp status. For instance, S corps may only issue common stock to a maximum of 100 shareholders, and those shareholders must be individuals who are citizens or permanent residents of the United States.

7. Benefit corporation

A benefit corporation, sometimes called a B corp, is a different type of for-profit corporation recognized by most US states. While they’re taxed the same way as C corps, benefit corporations place added emphasis on making a positive impact on local communities and the environment.

While a benefit corporation can both do good and generate profits, it’s subject to the same requirements as C corporations. Plus, a benefit corporation must demonstrate its commitment to a higher calling by publishing an annual report assessing its social and environmental performance.

8. Limited liability company (LLC)

Limited liability companies (LLCs) meld many of the characteristics of a partnership with those of a traditional corporate legal entity. LLCs are distinct legal entities, which helps to protect owners from personal liability for any debts and damages accrued by the business.

An additional advantage of forming your small business as a limited liability company is tax flexibility. LLCs can opt to be taxed as corporations (twice) or as pass-through entities like sole proprietorships and S corps.

The downside of forming a limited liability company is that the registration process is more complex than with sole proprietorship or partnerships. For instance, an LLC must write and file articles of incorporation and appoint a registered agent.

9. Nonprofit

A nonprofit is a business that has been granted tax-exempt status by the US Internal Revenue Service (IRS) on the basis that it advances a social cause benefiting the public. In essence, nonprofit refers primarily to a business’s tax status, as most nonprofits are also corporations.

The main advantage of forming your small business as a nonprofit is the tax benefit; if your organization qualifies as a 501(c)(3) tax-exempt organization under the Internal Revenue Code, it won’t have to pay federal income tax.

Nevertheless, nonprofits are limited in the business activities they can pursue and must reinvest all profits into the business. 

10. Joint venture

A joint venture is essentially a partnership between one or more separate business entities. In these types of business arrangements, firms agree to pool resources toward the achievement of a specific task—often on a temporary basis.

Businesses might undertake joint ventures to win a contract, purchase real estate, or respond to changing industry regulations.

The upside of joint ventures as a business structure is that they allow participants to benefit from the resources of other participating firms without forfeiting independence by merging them into one organization. The main disadvantage, however, is that each participant is responsible for all the costs and losses of the joint venture.

Disclaimer- THIS IS NOT BUSINESS, FINANCIAL, OR LEGAL ADVICE!