Get the LLC Checklist
Get the Corporation Checklist
Get one for Limited Partnerships
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. We use these documents for the formation of business entities. If you have any questions, please contact Corporate Direct online or by calling 1-800-600-1760.