Deciding to become a business owner is deciding to take a leap of faith. Getting sound advice about your business structure is just good business sense. At Locklin Accounting & Tax Services Inc. we can help you select the right structure for your business. One of the most critical decisions you will make at the beginning stage of your business is determining the organizational structure that best suits your business. The decision will impact the way you report income, the taxes you pay and your personal liability.
There are four basic business structure types to choose from: Sole Proprietorship, Partnership: General and Limited, Corporation: S Corporation and C Corporation, Limited Liability Company (LLC). To make an informed decision, you must consider income tax law and tax rates, as well as issues such as transferability, control and potential legal liability. These matters likely will be complicated, and errors can be costly. That’s why it’s important to do research and seek out the advice of an experienced Public Accountant who can help you understand how business structure impacts your organization’s bottom line.