Starting a new business is an exhilarating experience. It can also be stressful. There is a laundry list of decisions to be made early on, but one of the most important is selecting the right business structure. Yes, you can make changes to the structure of your business at a later date but getting it right at commencement is the optimum way to go.
With there being numerous business structures to choose from, starting with the simple sole proprietorship to complex hybrid structures, it is good to consult your CPA to get it right. So before choosing from the different business structures available, first understand some of the things to consider along the way.
- RUnderstanding tax consequences
- RWhen to file a formal business entity
- RUnderstanding limited liability status
- REstablishing a written partnership agreement
- RMinimizing self-employment taxes
These are just a few of the most common business structures differences you need to consider.
Contact Hooker CPA to Get Started
Do not risk making the wrong choice; contact Hooker CPA Firm, PLLC for guidance. We simplify the business incorporation process for new business owners and lead you towards the most appropriate structure for your business. We will help you weigh the benefits against the disadvantages of each entity type, so you can feel confident you have made the right choice for your new business.