Choosing the right business structure is critical. It is also very PERSONAL. There are liability, compliance and tax considerations that must be contemplated when making this choice. This is why you should not do it alone and why you MUST have a competent professional that specializes in these areas to assist you.
For example, there may be an entity choice available that is more advantageous for a professional firm, than a business providing goods or other types of service. Some business forms, like a Limited Liability Partnership (LLP), may by default provide for the better choice considering tax implications but may not be the best choice as far as liability is concerned. In this form, partners are shielding themselves from liability resulting from the actions and negligence of other partners but remain responsible for LLP’s debts, liabilities, and other obligations. There are options to consider other than the LLP for individuals who want to partner with each other in business. But remember- there is no one-size-fits-all or blanket choice for everyone.
Whether it’s a limited liability company, general partnership, limited partnership, C corporation, S corporation, joint venture or strategic alliance, you MUST be sure to seek counsel from the RIGHT experts before you choose a form. This requires tax expertise AND legal expertise. This is a very important decision to make! It’s PERSONAL!
Contact C&G to assist you today!
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