A Solid Foundation
When starting a new business, it's important to thoughtfully choose the right legal and tax entity types for your business.
Managing legal risk and minimizing your tax burden are important considerations.
Most people starting a new business say to us “I want to start an LLC. Can you help me?”
Of course, we’re happy to help! Our first question to them is “what made you decide that you want to start an LLC as opposed to an S-corporation, C-Corporation, etc.”
Usually their answer to that question is some version of “because that’s what everyone else does” or “because someone told me I should start an LLC.”
There is not one entity type that is best for every business. Sometimes multiple entities are needed to minimize legal and other risks.
We like to have a thorough conversation with our clients to ensure that they are starting the best entity type for their particular needs.
When clients come to us after they have already created an entity, we have the same discussion. If the entity type they created is not the best choice for their needs, we advise them on how to correct it.
Sometimes in the life-cycle of a business, the original entity type is not the best choice for the future. We advise our clients on the process of transitioning to a more beneficial entity type.