If you have decided to open up your own business and be your own boss, you are surely busy juggling many different tasks on your to-do list, such as conducting market research, finding commercial space, and interviewing prospective employees.
Before you open your business, you will also have to choose the best corporate structure for your company. The corporate structure that you choose can impact many things, from your taxes to your personal liability if anything goes wrong. Speaking to an experienced Fort Worth, TX business formation attorney about the right business structure for your venture is a great first step to ensuring your company’s success.
The business structure that you choose can impact many aspects of the way your business is run and your company’s responsibilities and liabilities, from the amount of taxes you pay, to your ability to raise money to grow your business, to your personal liability in the event the company faces disputes.
Taking into account the effect a business structure can have on you and your business, there are a few considerations that will help you decide which corporate structure is right for you, although an experienced business law attorney will really be able to give you the most targeted legal advice as you weight the pros and cons on the right choice for your business goals.
For starters, consider your long-term goals for your company. Do you anticipate your company growing quickly and hiring many employees? If so, a corporation might be the best option for you. However, if your intention is to run a small family business, perhaps a partnership or LLC might be best.
Another key factor in this decision should be your risk tolerance. Businesses are likely to face lawsuits at some point in their lifespan, and some business structures such as LLCs offer more protection from personal liability for your business’ losses.
How you want the IRS to tax your business will also factor into this decision. Some businesses are taxed at the corporate level, while others are taxed through the owners’ profits. You should consider the taxation implications of the business structure you select.
When you start your business, one of the key decisions you will make is choosing the best business structure for your needs, and an experienced Fort Worth, TX business law attorney can help you do just that. At Gonzalez Law, PLLC we represent small businesses embarking on a new business venture. Call the office at (817) 349-7330 for a complimentary consultation.
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