Entity Selection and Restructuring

Choosing the correct type of entity for your business is vital. Different entities have different reporting and tax requirements. Carla can assist you in evaluating the different entity types to help you determine the most advantageous form of business for your company:

• Sole Proprietorship: Tax consequences, liabilities, debts, and profits all belong to one person.
• Partnership: Income, losses, credits, and certain deductions are passed along to the partners.
• Corporation: A separate, legal entity (either a regular “C” corporation or a Subchapter “S” corporation) is formed, with owners or shareholders receiving profits or losses and dealing with the tax implications to their personal income.
• Limited Liability Company (LLC): A partnership that affords the partners some degree of protection yet still acts like a regular partnership.