The first step in the Perkins Law Business Startup Process is a brainstorming session where we determine ideal business entity structure.
Because both legal and tax considerations are important in choosing the right business entity for a startup business, your accountant or tax advisor should be part of this discussion too.
Many factors might come into play:
- Stock Corporation
- Professional Corporation
- Benefit Corporation
- Nonstock Corporation
- Limited Liability Company
- Professional Limited Liability Company
- General Partnership
- Limited Partnership
- Limited Liability Limited Partnership
- Business Trust
For small startups, the best choice is usually a corporation or an LLC.
We’ll also determine whether it makes sense to be taxed as an “S” corporation, which can be an option for both corporations and LLCs.