When you think about a business entity choice, the name of a business may come to mind. However, a business entity is so much more than just the name of your business. The business entity choice can have implications in all aspects of your business operations including the amount of taxes you will pay, personal liability, transferring assets and more.
Some of the most common forms of business entity choices include the LP/LLP; Corp or S- Corp; LLC; Partnership; Sole Proprietorship among others. There are advantages and disadvantages to each type of entity and the best choice for your business will depend on your own unique business operations.
Here are a few points about business entity types:
Any type of business entity you choose must comply with state and federal law. You can assess your individual circumstances and decide which choice makes the most sense for you. You will have many factors to keep in mind including liability, taxation and recordkeeping issues. One type of entity is not better than another--it just depends on your needs.
The Posey Law Firm, PC can help with legal services for your business including small business general counsel, contracts, labor/employment law, human resources, business entity choice and more. Contact us today to schedule a consultation. We proudly serve the Austin, TX area, offering a full range of legal and government relations services to our clients.