By Garrett Sutton, Esq
Choosing the correct entity is one of the most important decisions you can make. This one decision will dictate how you prepare your taxes, how you keep your books, how much of your business’s income you keep and how much you don’t. It will dictate your profits and losses, the financial security (and safety) of your family, maybe even your health and happiness.
Do not take the decision of which corporate entity to choose lightly. There is no part of your business that will not be affected by it. Let’s review some of your choices:
- Sole Proprietorship
- General Partners
- C Corporation
- S Corporation
- Limited Liability Company
- Limited Liability Partnership
Do you know which one is best for you? Over the next four weeks I will blog about a few of your choices, both good and bad, so check back weekly to learn more. And for more information on choosing entities, please read my book Run Your Own Corporation.