If you are starting a new business, the type of business form you choose will have legal and practical consequences. This decision will impact how your business operates, pays its taxes and divides its profits.
We draw upon over 30 years of experience to help you navigate the choices of entity selection. The process starts by examining your business model, your ownership and capitalization structure, your protection from debts and liabilities of business operations. We will also educate you on the filing and reporting requirements with the Bureau of Corporations and Charitable Organizations of the Pennsylvania Department of State.
Helping You Select The Right Business Entity
We really listen to our clients to understand their business goals and needs. If you are uncertain about various business forms, we will take the time to educate you on the distinctions between sole proprietorships, general or limited partnerships, Limited Liability Companies (LLC), traditional C corporations, Sub S elections under the tax code, and other structures.
Advising You On Your Exposure To Business Liabilities
It is essential to understand whether business operations will be separate from your individual obligations. For many, a common goal is to avoid personal legal exposure to debts, contract disputes with vendors or among other owners, and any other potential liabilities of your business. While a corporation is a legally distinct entity with its own tax identification number, the profits and liabilities of a sole proprietorship or general partnership generally pass through to the owners. Various limited liability entities may offer hybrid of benefits and protections.