Chosing an Entity
You have decided to start a business or investment venture, but have you considered how you are going to own that business. Today, the options are numerous, including, sole proprietorships, limited liability companies, joint ventures, general partnerships, limited partnerships, corporations, and “s” corporations, to name just a few. To complicate matters, under federal "check the box" regulations, it is even possible to have a hybrid entity treated as one thing for corporate purposes and something else for tax purposes.
The choice can seem daunting and has the potential to distract you from the bigger picture – namely, starting and growing your business or investment! Nevertheless, you have two options – make the choice yourself, or have the choice made for you by the IRS or a plaintiff who has sued you.
In making your choice, there are numerous issues to consider. The goals are to protect you, your family and your partners or investors from personal liability while avoiding unwanted adverse tax consequences. In this regard, we focus our clients on three discrete issues: (1) whether to incorporate, (2) corporate law issues pertaining to liability, and (3) federal and state tax considerations.
After analyzing these issues, you will be able to make a well informed choice. When you have done so, we can draft, finalize and file the papers that will protect you and get your business or investment off to the right start.
The choice can seem daunting and has the potential to distract you from the bigger picture – namely, starting and growing your business or investment! Nevertheless, you have two options – make the choice yourself, or have the choice made for you by the IRS or a plaintiff who has sued you.
In making your choice, there are numerous issues to consider. The goals are to protect you, your family and your partners or investors from personal liability while avoiding unwanted adverse tax consequences. In this regard, we focus our clients on three discrete issues: (1) whether to incorporate, (2) corporate law issues pertaining to liability, and (3) federal and state tax considerations.
After analyzing these issues, you will be able to make a well informed choice. When you have done so, we can draft, finalize and file the papers that will protect you and get your business or investment off to the right start.