Forming your company – LLC, S Corp or C Corp?
There are a number of different corporate structures that may suit you and your business. One of the more popular business structures is the LLC, or Limited Liability Company, but there are many other options that may make more sense for your situation.
Although many businesses begin as sole proprietorships, at some point it becomes advantageous to form a corporation to help protect the business owner from the personal liability commonly associated with a sole proprietorship.
Some of the options include a professional partnership (one example is a group of physicians or dentists who form a professional practice), an LLC (Limited Liability Company), an S Corporation or a C Corporation.
Each corporate structure has its own pros and cons that must be examined before you decide which is right for you. For instance, do you wish to take an “owner’s draw” as a salary, or would you prefer to be paid with a W-2 and be a salaried employee? Do you even plan to have employees? An attorney versed in corporate formations can help guide you through these and other important decisions.
Call our attorneys today to start expanding your business!