Choice of Entity and Formation at Corliss Law Group Estate Planning Law Corporation
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<strong>Choice</strong> <strong>of</strong> <strong>Entity</strong> <strong>and</strong> <strong>Form<strong>at</strong>ion</strong> <strong>at</strong> <strong>Corliss</strong> <strong>Law</strong> <strong>Group</strong><br />
Est<strong>at</strong>e <strong>Planning</strong> <strong>Law</strong> Corpor<strong>at</strong>ion<br />
Does the <strong>Choice</strong> <strong>of</strong> Business <strong>Entity</strong> Really M<strong>at</strong>ter?<br />
Absolutely! One <strong>of</strong> the very first decisions th<strong>at</strong> someone getting ready to start a<br />
business has to make is wh<strong>at</strong> form <strong>of</strong> business entity to oper<strong>at</strong>e in. This is a<br />
complex <strong>and</strong> very important decision <strong>and</strong> should not be taken lightly. This<br />
decision will have a considerable impact on a number <strong>of</strong> very important business<br />
<strong>and</strong> tax consequences, including protection <strong>of</strong> the owners against outside<br />
liabilities, shielding <strong>of</strong> personal assets from business risk, the ability <strong>of</strong> the<br />
business to raise capital <strong>and</strong> obtain financing from commercial lenders,<br />
transferability <strong>of</strong> interests, the ability to qualify for certain favorable tax benefits,<br />
the building <strong>of</strong> value <strong>and</strong> exit str<strong>at</strong>egies, <strong>and</strong> the ability to integr<strong>at</strong>e with your<br />
est<strong>at</strong>e plan, to name but a few.<br />
The initial business planning involves quite a bit more than entity choice <strong>and</strong><br />
form<strong>at</strong>ion. At the start <strong>of</strong> any new business there are a host <strong>of</strong> decisions th<strong>at</strong><br />
need to be made concerning business processes, record keeping, reporting,<br />
compliance procedures, economic <strong>and</strong> capital structure, labor structure,<br />
procedures <strong>and</strong> compens<strong>at</strong>ion, insurance coverage, etc. Many <strong>of</strong> these m<strong>at</strong>tes<br />
have a legal component or present varying degrees <strong>of</strong> risk exposure, all <strong>of</strong> which<br />
we assist the business owner is addressing so th<strong>at</strong> the business has a solid<br />
found<strong>at</strong>ion <strong>and</strong> initial structure. Additionally, proper business planning allows you<br />
to prepare for your future in three distinct ways: ensuring th<strong>at</strong> your business<br />
provides you with the maximum return, protecting the welfare <strong>of</strong> your family, <strong>and</strong><br />
protecting your business entity <strong>and</strong> oper<strong>at</strong>ions.
Your business plan should allow for the probability <strong>of</strong> everything going extremely<br />
well, <strong>and</strong> for the possibility <strong>of</strong> major oper<strong>at</strong>ing problems or adverse life events.<br />
Many risks can be avoided or minimized, however the real benefit <strong>of</strong> business<br />
planning is <strong>of</strong>ten not avoiding a risk, but anticip<strong>at</strong>ing <strong>and</strong> being prepared for the<br />
risk if it arises – contingency planning so to speak.<br />
PRE-ENGAGEMENT<br />
Whether you are contempl<strong>at</strong>ing a new business, established in a single-loc<strong>at</strong>ion<br />
family business or trying to manage dispar<strong>at</strong>e business loc<strong>at</strong>ions or entities, we<br />
can help you design the business plan th<strong>at</strong> encompasses stability, foresight,<br />
financial str<strong>at</strong>egies, compliance, <strong>and</strong> peace <strong>of</strong> mind.<br />
After review with you <strong>and</strong>/or your Financial, Legal, or Accounting advisor, <strong>and</strong> it is<br />
determined th<strong>at</strong> your business may benefit from our services, you or your advisor<br />
will be contacted <strong>Corliss</strong>, A <strong>Law</strong> Corpor<strong>at</strong>ion. It is our belief th<strong>at</strong> you should<br />
involve your other advisors in your planning <strong>and</strong> keep them apprised <strong>of</strong> steps you<br />
are taking. In this way advisors are fully informed <strong>and</strong> have a chance to <strong>of</strong>fer their<br />
particular expertise to the process. This is Collabor<strong>at</strong>ive Business <strong>Planning</strong>.<br />
For more inform<strong>at</strong>ion you can visit our site
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