Select The Right Entity For Your New Business
A key question that demands an answer before you move ahead with formation is this: What type of business entity will you create? Depending on the nature, scope and projected growth of your planned business, you may select one of the following entities:
- A sole proprietorship: You will remain the owner and sole operator of the business.
- A partnership: You and one or more partners will collaborate on the basis of a written agreement, sharing profits and liabilities.
- A limited liability company (LLC): In this business structure, you and other owners (shareholders and/or officers) will not be personally liable for the company’s debts or liabilities. This type of business will combine features of a corporation and a partnership or sole proprietorship.
- An S corporation: Your business corporation may elect to pass corporate income, losses, deductions and credits through to its shareholders while shielding them from liability.
- A nonprofit organization: Your planned activities may be suitable for a 501(c)(3) organization that may hire a director and other contributors.
To protect yourself while keeping the door open for the greatest successes achievable, consult with an attorney about this important decision of how to structure your new business.
Our business lawyers are ready to craft a thoughtful strategy rooted in maximum avoidance of liability and smart financial planning.
We Will Guide You Through Entity Formation
Choose, form and set in motion the entity that makes the most sense for your business needs. At Doyle Quane, we will listen carefully and provide counsel based on our extensive experience. Call our Danville office at 925-314-2320 or email us to schedule a consultation at your convenience.
