Entity Planning and Formation
If you are planning a business, or currently operate a business, Insight Law can help you determine the most advantageous business structure from a tax and personal liability perspective. The benefits available with each entity vary based on many factors which are unique to the taxpayer. Contrary to popular belief, an LLC is not the magic bullet for every situation, and many taxpayers derive greater tax benefit from the C or S-Corp structure. The most tax advantageous entity type cannot be determined without first looking at your individual tax situation. Be wary of “one size fits all” entity advice that doesn’t even consider your unique situation
Furthermore, from a liability perspective, nobody should start a business without seeking an attorney. Too often, taxpayers start a business because there was a profit potential, and unknowingly operate a very dangerous business from a liability perspective as a sole proprietorship. Do not create or download a generic agreement that provides very little protection from your business partners, or is drafted with very little consideration of the particulars of your business. Take the extra time and make sure that if the day ever comes, you are protected from the unexpected.