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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.

To discuss your goals and concerns, please call my office in Bowling Green at 270-936-8123 or complete my contact form. I advise and represent clients in business formation and contracts.

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
  • Partnerships
  • Sole proprietorships
  • Family businesses

Important Things To Consider When Forming A Business

  1. Legal liability. To what extent does the business owner need to be shielded from liability?
  2. Tax implications. Based on the individual circumstances and objectives of the business owner, how can taxation be minimized?
  3. 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?
  4. Flexibility. It’s important to maximize flexibility for the growth of the business, and appropriate entity selection is crucial for this.
  5. 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.