Business Entity Consultations – Starting your Own Business?

You’ve decided it’s time to start your own business, but don’t know how to go about it. Each business formation has its own pros and cons. Whether a sole proprietorship, partnership, S-Corporation, non-profit, or one of several other types, at MaxTax, we understand that business formation can be complex and confusing. Let us help guide you in making the correct decisions and assisting with the process.

The IRS has strict definitions on what type of entity they consider a business to be based on whether there are one or more members in an LLC, unless the business elects otherwise when forming. If you would like a consultation to go through what elections are going to be best for your business, our Team will gladly set up a time to go through this with you.

A business entity consultation can help you

1. Choosing the Right Business Structure

A business entity consultation can help you choose the right structure for your business based on factors such as the size of your business and the amount of liability protection you need.

2. Saving Money on Taxes

A qualified tax professional can advise you on which tax benefits are available to you based on the type of business structure you choose.  For example, if you opt to form an LLC, you may be able to deduct certain expenses related to your LLC on your personal taxes but you may have to pay self-employment taxes. There are pros and cons to every entity type that you need to check as well.

3. Protecting Your Personal Assets

If your business is sued or incurs debt, your personal assets such as your home or savings account could be at risk unless you have formed a separate entity such as an LLC or corporation. Forming a separate legal entity can help shield your personal assets from liability arising out of your business activities.

To help you get started we can assist with entity filing, Bylaws, Operating Agreements, minutes templates, banking resolutions, and a Digital Corporate Kit. Entity filing includes the afore-mentioned templates plus obtaining an EIN and S-Corporation election, if required.

Contact us today to get started.