Entity Formation
– Entity Formation
What is a business entity? It is an organization created by an individual or individuals to perform basic business tasks.
Business Entity Types
Sole Proprietorship
Partnership (General, Limited)
Limited Liability Corporation
Corporation (C-Corporation, S-Corporation)
Depending on what type of business entity you have will determine how you are taxed.
Factors to Consider
When considering what type of business entity to choose there are a few factors to consider including:
Legal protection
Tax treatment
Paper requirements
However, at the end of the day – the type of business entity that you choose for your business is a very important decision. This can make or break you and your business and impact your legal exposure and liability. Therefore, it is important to consult a lawyer when making this decision to make sure you are protected on all levels and that all of the right paperwork is in place and your entity is filed properly with the right department.
Not sure what entity is right for you? Contact us today!