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The best way to select the entity most suited to your use is to compare it to other available entities. In addition to LPs and LLCs, the traditional means of doing business or holding assets have been Sole Proprietorships, General Partnerships, C Corporations and S Corporations.
As a frame of reference for making your selection, it is important to clarify your strategy during the planning process. To that end, the following checklist should be considered:
- The nature of the business to be operated.
- The nature of the asset to be held.
- Protection of family assets and investments.
- Management control.
- The number of owners involved.
- Estate planning and gifting of assets.
- Succession of children and other family members to management.
- Avoiding family disputes.
- Who may legally obligate the business.
- Flexibility of decisions making.
- The need for start-up funding.
- Effect upon an owner’s death or departure.
- Segregation of assets and investments.
- Privacy of ownership.
Corporate Direct’s Checklist for Selecting Entity Type
We take these issues and many more into account when we guide a client through the incorporation process. For a one-on-one consultation, please fill out the form on this page and we will begin setting up your entity and drafting an asset protection structure that will best serve your needs.
You can also download the PDF featured on this page to begin the process. Click the image above or click here to download the pdf. We use this document for the formation of business entities. If you have any questions, please contact Corporate Direct online or by calling 1-800-600-1760.