Part of starting any business is choosing your business entity. Unfortunately, there are many misconceptions about the entities that exist and how they can be used. That’s why it’s a good idea to get in touch with your attorney early on in this process.
You want to get the business entity and structure that will:
- Protect your personal assets
- Give you the best tax benefits
- Give you the option to expand and grow
Some of the most popular business formations are LLCs because these shield the owner and other members from personal liability if the company is sued. This isn’t necessarily the best choice for everyone though, as other business entities, like a Chapter S corporation, also offers protection against personal liability and also against double taxation of your corporate income.
Creating a business isn’t simple, but the one step you can take to make it easier is to establish the right business entity from the start. Whether you need to protect your personal assets or you want to make sure you’re not paying too much in taxes, you’ll need to select a business entity that helps with those goals.
Where can you learn more about business entities?
On our website, you’ll see more information about the different kinds of business entities and why you should consider something other than a sole proprietorship or LLC. Every business is different, so it’s worth taking some time to get to know the possible entity structures before you get started. Getting the right protections in place now can help you prevent trouble with your company in the future.