Depending on your type of business and the product or service you are producing, there can be a variety of business entities that are right for you. A small business owner working out of his/her home without employees may be able to establish a sole proprietorship as the best structure for that business. If several people want to work together in a business, they may elect to do so via a partnership, a general partnership or a limited partnership. Others may wish to conduct business as a corporation, either an S Corporation or a C Corporation, or a Limited Liability Company. Each entity type has certain functions that benefit the company, depending on your specific needs.
Determining the business entity type to use for a particular situation is determined by many factors including the amount of personal risk to be incurred by the owners of the entity and the tax treatment of the entity's income.
We assist and counsel clients in establishing and maintaining the type of business entity, be it a partnership, corporation or limited liability company, that provides the most benefit in their particular situation. Contact us to discuss your situation and what option will best fit your situation.