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Business Formations

There are many forms that business enterprises may take. Among them are corporations, limited liability companies (LLC’s), limited liability partnerships (LLP’s), limited partnerships, partnerships and sole proprietorships. Once a person or multiple people have decided to start a business, or when they are operating a business, but decide that it may need to take a different form, then a decision must be made as to what business type will be the best for their company. There are different factors to consider in deciding upon the type of business entity to select. Factors that may affect the decision include the type of business, number of owners, number of employees, anticipated revenues and tax related issues or concerns. Frequently, a person who is starting a new business needs a tax advisor, such as a tax attorney or CPA as a part of his or her planning team. If there are multiple owners, it is often advisable to consider having a Buy-Sell Agreement among the owners to deal with succession issues related to retirement, disability or death. Having a good business plan in place, including having competent legal counsel involved in the process, will enhance the likelihood of launching a successful business.