Business formation
whats the difference
Business formation
whats the difference
What type of Business Formation do you need?
Choosing the correct operating entity takes careful consideration of your situation, including ownership structure, products, services, location, and goals. Have you considered all the visible and hidden risks, including tax, regulatory, and insurance issues? Selecting the wrong business formation can result in financial suffering and long-term consequences.
Because we offer holistic legal counsel from a business perspective, our minimally invasive incorporation process will help you determine the best business entity and tax strategy for your business.
Build your business on a solid foundation. Let us help.
BUSINESS FORMATION FACTORS TO CONSIDER:
WHAT THEY DO
WHAT THEY DON'T
- Provides asset protection
- Provides certain tax benefits like eliminating the need for your clients to provide 1099 reporting
- Provides certain preferred business deductions
- Separate tax filing
- No income tax elimination
- No automatic operation, specific admin requirements
- Provides asset protection
- Provides certain tax benefits including preferred business deductions
- Important tax deductions available
- Separate tax filing
- No automatic operation, specific admin requirements
- Provides asset protection
- Provides certain preferred business deductions
- Provides certain tax benefits like pass-through taxation may reduce your overall tax burden
- Separate tax filing
- Not available for all business/ownership structures – ex: foreign owners
- Provides flexibility for multiple business ventures
- Allows for ownership by either an individual or formal business entity
- No asset protection
- Individual income tax liability
- Allow you to open a bank account
- Required for filing taxes as an entity
- No asset protection
- Separate tax filing
Deciding what organization is best for your needs can be a complicated decision. Contact us today to get the answers you need to make the right decision.
OUR GUIDE TO KNOWING WHAT BUSINESS FORMATION IS BEST FOR YOU:
WHAT THEY DO
- Provides asset protection
- Provides certain tax benefits like eliminating the need for your clients to provide 1099 reporting
- Provides certain preferred business deductions
WHAT THEY DON'T
- Asset protection
- Tax benefits – ex: eliminating the need for your clients to provide 1099s
- Certain preferred business deductions
- Separate tax filing
- No income tax elimination
- No automatic operation, specific admin requirements
WHAT THEY DO
- Provides asset protection
- Provides certain tax benefits including preferred business deductions
WHAT THEY DON'T
- Asset protection
- Tax benefits – preferred business deductions
- Separate tax filing
- No income tax elimination
- No automatic operation, specific admin requirements
WHAT THEY DO
- Provides asset protection
- Provides certain preferred business deductions
- Provides certain tax benefits like pass-through taxation may reduce your overall tax burden
WHAT THEY DON'T
- Asset protection
- Preferred business deductions
- Tax benefits – ex: pass-through taxation may reduce the overall tax burden
- Separate tax filing
- Not available for all business/ownership structures – ex: foreign owners
WHAT THEY DO
- Provides flexibility for multiple business ventures
- Allows for ownership by either an individual or formal business entity
WHAT THEY DON'T
- Flexibility for multiple business ventures
- Ownership by either an individual or formal business entity
- No asset protection
- Individual income tax liability
WHAT THEY DO
- Allow you to open a bank account
- Required for filing taxes as an entity
WHAT THEY DON'T
- Open a bank account
- File taxes as an entity
- No asset protection
- Separate tax filing
Deciding what organization is best for your needs can be a complicated decision. Contact us today to get the answers you need to make the right decision.
