TYPES OF BUSINESS ENTITIES
Structuring your business can have major impacts on the tax and liability you will face. Each entity offers distinct benefits and disadvantages, and a Crown Point business attorney can help you decide which structure is the best option for your situation. Kent A. Jeffirs, Attorney at Law, PC can assist you with the formation of the following entities:
One of the easiest business forms to create, a sole proprietorship doesn’t require you to file paperwork. Because the owner and the business are legally the same, you can file your business taxes with your personal taxes. You will also be personally responsible for any debts or other business obligations, and your personal assets will be liable.
A partnership allows two or more owners to run a business equally by splitting all profits, liability and management duties. If you would like a general partnership without dividing responsibilities equally, you can state the distribution in the partnership agreement.
In limited partnerships, also known as partnerships with limited liability, the limited partners’ personal assets are not subject to debts or other expenses incurred by the business. However, the General Partner can be personally liable. Partners have limited decision-making input depending on their investment percentage.
Limited Liability Company
One of the main advantages of an LLC is that members’ personal assets are protected from debts and certain other expenses incurred by the business LLCs, offer limited liability for your personal assets and allow greater ease of administration than corporations. LLCs are also offers profit-sharing benefits and tax efficiencies.
C corporations and S corporations provide for a variety of benefits, including limited liability and corporate tax treatment. S corporations are often a good fit for smaller businesses because they avoid the double taxation of C corporations while allowing small businesses to own stock in the company and avoid any personal liablility.
PUT OVER 20 YEARS OF EXPERIENCE TO WORK FOR YOU
If you are interested in creating a business, it is important to seek legal assistance you can trust. With more than two decades of experience, I can effectively assist you and your business partners. Instead of passing cases off to non-attorney staff, I personally handle every client’s case from start to finish. Take advantage of my free initial consultation to learn more about which business entity is right for you or contact the firm today!