Starting a New Business? Don’t Overlook These Things.

For some people, few things are more rewarding than owning and operating their own business. Entrepreneurs must ensure, however, that their business has a proper legal foundation before it takes off. One of the first major decisions a business owner must make is what type of legal entity they want their business to be. The selection of business entity, be it a corporation, S-Corp, LLC, partnership, or nonprofit organization, can have important impacts on both the business owner’s personal liability for mistakes of the business or its employees, and income, sales, and payroll taxes. For some, a corporation offers the growth potential that they desire for their business idea, while others prefer an LLC or partnership for its flexibility and limits on liability for the owners. A business owner needs legal counsel before the business starts operating to ensure that personal interests (and assets) are protected. Beginning with the proper … Continued