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All of us are affected by business law, for all of us interact with business on a daily basis. Many of us own businesses, and so federal and state laws affect us more than others.
Many business owners have a wonderful idea that offers a solution to a particular problem. However, many business owners do not inherently know the best business entity (LLC, C-Corporation, Partnership, or S-Corporation) to help them fulfill their goals.
You have started your business and made it profitable through innumerable sacrifices and wise business decisions. You have expanded and hired employees, and now you are starting to think about taking a permanent vacation and retire.
What are the advantages of a Limited Liability Company?
An LLC offers the liability protection of a corporation and the taxation structure of a partnership. Liability protection prevents you from being personally liable for any liability arising from your business and vice versa. Because an LLC is taxed as partnership, business income is taxed as personal income and not subject to the corporate double taxation.
What are the advantages of a C-Corporation?
A C-Corporation offers two major advantages: liability protection and scalability. A C-Corporation protects you from liability arising from your business so that creditors or judgment-holders do not easily reach into your personal assets. A C-Corporation is scalable in the sense that many large corporations are C-Corporations. They have very sophisticated governing procedures that are appropriate for large corporations.
When do I want to form an S-Corporation?
An S-Corporation offers you an advantageous tax structure if you are working your business yourself and within a certain range of corporate income. For a more detailed conversation, I advise you to meet with me to discuss whether you want to form an S-Corporation.
Do I want to create a Partnership?
The decision to create a partnership or any form of business entity is a multi-factored decision. Please contact me to schedule an appointment to determine if a partnership is the right structure for you.
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Learn from speaker Brandon Rains, JD, an estate planning attorney, how to include the "why" in your estate plan. Learning Objectives: Understand estate planning strategies for incapacity and death Learn how to empower your loved ones and enrich their lives Create mechanisms and strategies for purposeful givingFind out more »