Choosing the correct entity type can have a significant impact on your business's success
When starting a business, you may choose from several business forms or organizations. A variety of organizational structures are available for transacting business in Pennsylvania and New Jersey. Business formation and entity structuring are important steps for individuals starting a business. The entity type that you decide to use for a business can have a significant impact on your profits, liabilities and growth potential.
One of the primary considerations in selecting a business organization is protection of the owners of the business from liability. Other considerations include tax treatment by the federal and state governments, management structure, future ownership, and capitalization. Pennsylvania and New Jersey laws determine how particular entities should be set up and conduct their business. These laws are very specific and set out the legal responsibility of each business form. Taxing authorities and regulatory agencies also have laws that pertain to business. The most common business structures are described below:
- General Partnership
- Limited Liability Partnership
- Limited Partnership
- Limited Liability Limited Partnership
- Limited Liability Company
- S Corporation
I am sure you are asking yourself whether you can just form the entity yourself. I see the same ads online that you do, offering quick and easy LLC and corporate formations. Those websites provide a one-size fits all solution, whereas I provide you with specific advice tailored to your unique situation. Specifically, when you hire me to establish a business entity, I provide you with information regarding the legal consequences of various types of entities, including taxes, the ability to take distributions, and personal liability. I also can provide access to a network of accountants, whom I work with, who can advise you on the tax consequences of your choice of entity based on your unique financial and tax situation. Most importantly, and unlike a site like LegalZoom, when you form your business entity through me you get access to a trusted small business lawyer – someone who will be your advisor and partner as your business grows and changes.
As a small business owner, you will inevitably need legal advice at some point in the future. Starting your business off with a trusted small business lawyer allows you to form a relationship, right from the start, with a small business lawyer that can help you avoid potentially costly and time consuming legal problems down the road. In addition, I also offer at no charge, a one year review of your business entity, that way you can be assured that you will receive the necessary legal advice in the future to allow your entity to change as your business grows and changes.
As with all of my services, I provide very affordable flat rates to form an entity.
Contact me today to discuss your business formation options and how I can assist you in the growth of your small business.
Get In Touch
If you are interested in working with us or learning more about us, give us a call at 215-914-6880 or send us an email.