Selecting The Best Entity For Your Business

One of the most important aspects of a business startup, if not the most important element, is to select the right business entity from the beginning. Entrepreneurs often consider the following entities:
  • Sole proprietorship
  • C corporation
  • S corporation
  • Partnership
  • General partnership
  • Limited liability Partnership (LLP)
  • Limited liability Company (LLC)

Each type of entity has unique characteristics, with particular opportunities and requirements built in. A sole proprietorship is the simplest to initiate, but it leaves the owner personally liable financially and otherwise in case of a business failure, creditor problems or a lawsuit. A C-corporation protects shareholders from individual liability and is taxed at the corporate level. An S corporation protects shareholders from individual liability, but each is taxed individually. Partnerships establish joint ownership and control of businesses, with varying degrees of liability. A limited liability company combines many of the best aspects of the other entities.

Contact us for a consultation as you prepare to start up a business.

After reviewing the advantages and disadvantages of different business entities, most entrepreneurial clients of Alexander S. Buchanan, PLLC, choose to form limited liability companies (LLCs). Starting up and operating an LLC can seem more complex than starting up other business entities, but it offers individual members the greatest protection from financial ruin or liability in lawsuits directed at the company.

A lawyer’s timely analysis, advice and assistance can streamline your entity selection process.

Let our experience guide you in selecting the best entity for your business.

Share your business plans with me, business law attorney Alec Buchanan. I am available to help you select the business entity that aligns most closely with your overall objectives. Call 603-882-5129 or send an email message to schedule a meeting.

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