Traditionally, most businesses chose to create a corporation, an entity which can be taxed either as a corporation or as a sole proprietorship or partnership (depending upon the number of owners). However, in recent years, the limited liability company form of business has become the first chose of most new businesses. A LLC also provides some liability protection and has a choice of taxing schemes. More importantly, however, the LLC is designed to require less paperwork and structure than the traditional corporation.

Which form of entity is right for you? The are specific advantages to the corporation, the LLC, as well as other entity options depending on the type and purpose of your business. Your initial choice regarding the form of the entity should also take into consideration your future plans for the business. For instance, will you seek financing from investors, do you intend for other family members to join you in the business, or will you look in the future to sell your company to others? Spending time doing future planning when you first create the business can save both time and money in the future.

If you are interested in creating a new business or converting an established business, make an appointment with our office at your convenience, and we'll discuss with you the best options for your goals.