Going out on your own and starting your own business is both a thrilling endeavor and a terrifying experience. Your attention is necessarily focused on your field of expertise and your mission, but you also need to cross all the Ts and dot all the Is of business formation. There are four major organizational forms from which you can select, and the one that you choose will have an impact on your personal liability your tax liability. These issues can be complex, but an experienced business formation attorney can provide you with the guidance you need to make the right choice.
The four types of organizations, sole proprietorship, partnership, corporations and limited liability companies, each have their own benefits as well as drawbacks. These are best understood by examining each individually and comparing their attributes to your specific needs.
The business formation decision is one of the most important that you will make as a business owner. For legal guidance, contact our office to set up a consultation.