Top Mistakes Business Owners Make:
# 1: What Type of Entity Is Best for My Business?
# 1: What Type of Entity Is Best for My Business?
Many people start new businesses without seeking professional advice on the best type of business entity for their particular situation. An experienced business attorney and a good tax CPA can help business owners maximize their return on investment, minimize taxes, and limit their personal liability.
For example, entrepreneurs may create a corporation or limited liability company (LLC) and later find out that they’ve stumbled into costly tax consequences that could have been avoided.
Other business owners do not set up a corporation or LLC at all. In this case, any customer or third party can directly sue the business owners. The owners risk all their personal and business assets and possible bankruptcy. Solid legal planning and advice can help protect what they’re building.
There are also a long list of steps required to create an LLC or corporation beyond filing paperwork with the North Carolina Secretary of State. An experienced business attorney can guide business owners through these requirements and important decisions.
We do not propose a cookie-cutter approach. Each business is different and each situation is unique. Whether you are in the planning stages, or if you have been in operation for several years but have not had the benefit of working with an experienced business attorney, we would be glad to talk with you about these issues.
For example, entrepreneurs may create a corporation or limited liability company (LLC) and later find out that they’ve stumbled into costly tax consequences that could have been avoided.
Other business owners do not set up a corporation or LLC at all. In this case, any customer or third party can directly sue the business owners. The owners risk all their personal and business assets and possible bankruptcy. Solid legal planning and advice can help protect what they’re building.
There are also a long list of steps required to create an LLC or corporation beyond filing paperwork with the North Carolina Secretary of State. An experienced business attorney can guide business owners through these requirements and important decisions.
We do not propose a cookie-cutter approach. Each business is different and each situation is unique. Whether you are in the planning stages, or if you have been in operation for several years but have not had the benefit of working with an experienced business attorney, we would be glad to talk with you about these issues.
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