Choosing The Right Type Of Business Entity
When you’re starting a business, the importance of selecting the right type of business entity cannot be overstated. In my more than 30 years of experience as an attorney, I have seen what works and what doesn’t work for businesses throughout South Central Kentucky.
I can help you select and create a business structure that meets your company’s needs now, shields you and your business from unnecessary liability, and lays the foundation for future growth.
Types Of Business Entities
When choosing a business entity, you may have multiple options, but making a strategic choice is crucial if you want to avoid unnecessary costs and maximize profits and flexibility.
I can help you decide whether any of the following business structures are right for you:
- Limited liability companies (LLCs)
- Corporations, including S corporations
- Sole proprietorships
- Family businesses
Important Things To Consider When Forming A Business
- Legal liability. To what extent does the business owner need to be shielded from liability?
- Tax implications. Based on the individual circumstances and objectives of the business owner, how can taxation be minimized?
- Cost of formation and ongoing costs. Which business entity would be best for minimizing these costs while also achieving the business owner’s goals for operations and growth?
- Flexibility. It’s important to maximize flexibility for the growth of the business, and appropriate entity selection is crucial for this.
- Future needs. What will the business look like in three, five or 10 years? It’s important to speak with a business formation attorney to get a clear picture of the type of business you may need in years to come.
Contact Walton Law P.L.L.C.
For a friendly consultation, please call my office in Bowling Green at 270-936-8123, or fill out my contact form to reach me by email. I advise and represent individuals and businesses throughout South Central Kentucky.