Expert Business Formation Advice
When you are starting your own business it is crucial that you sit down with an expert, like Paul Duncombe, to walk you through the different options for your business. This means going over all the different business entity types available to you and listing out the pros and cons of each. Without this step you will not be able to make the best business and tax decision for your new business. The differences in entity types are vast as they relate to specific business operations and models. Taking the time to get expert advice on which the right entity will avoid many headaches later on.
Types of Business Entities to Choose From
Sole Proprietor – tax form Schedule C, or E or F???
Partnership – General or Limited???
Limited Liability Company – LLC, LLP, taxation type???
Corporation – Full, S, Personal Service, Taxation Type???
When considering your business entity selection, each separate form of business should be carefully considered in order to determine which form will work best for the business operations you have, and for future growth. Taxes and liability are two very important factors when setting up the proper entity.