After years of toil and sweat, your small business is a thriving part of the local economy. But what will happen when you retire? What if you run into financial trouble, or become disabled, or pass away at a young age? Who will take over the business? How will the business take care of your
This is the second post of a three part series on the choice of business entity. I previously posted on the asset protection advantages of different entity types. This post will focus on the tax advantages and disadvantages of those entities. The final post will address some their intangible qualities. We can divide the tax
When someone is starting a new business (or reviewing the structure of their ongoing business), they often ask a lawyer for advice on what type of business entity they should form. The most common entity types are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs), and they each have their own advantages and disadvantages.