Do You Worry About Whether Your Business Is Properly Structured, Is In “Compliance”, Or Simply Need Help Starting Your Business?
IS MY BUSINESS PROPERLY STRUCTURED?
Looking To Start OR Close Your Business But Don't Know Where to Begin?
Have I planned for the long term correctly?
Is my business protected?
Am I overpaying in Taxes?
What are the steps to be compliant?
What is the Entity Formation process?
We Help New Business Owners With Their Business Journey AND Stick Around To Answer The Questions That WILL Arise!
Why Should I Make My Business a Separate Entity?
Anyone can legally set up any type of business without an entity. However, the primary reason for setting up a separate entity is to separate the liability of the business from the liability of the individual owner(s). A business and/or individual can be liable for debts and also for lawsuits. The concept of liability protection is important because most people can't afford the higher liability incurred by a business.
If you do not keep the separate entity clearly separate from your personal account(s), you could be personally liable for any lawsuits or judgments against the business. This might mean personal bankruptcy or selling your personal assets to pay for lawsuits.
Pursuant to the IRS, “The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A limited liability company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.”