Which business structure should I choose?
Deciding what business structure to set up can be confusing so making a small investment into a professional advisor can save your business thousands of dollars in the long run. There are several options to choose from when selecting a structure for your business and during your first consultation with our firm, we can help you decide the best option based on your current and future business needs. The most common structure is an LLC but there are tax consequences that must be considered when making your selection. You can also select a C-Corp business structure or make an S-Corp tax election but you can rest assured we will help you make the best selection. For a plain-English comparison of the three, read our guide to LLC vs. S-Corp vs. sole proprietor.
How do reporting requirements differ by structure?
Each business structure has different tax reporting requirements so we will help you navigate the selection process from beginning to end in order to avoid any penalties and fees associated with incorrectly reporting your business’ financial information.
Structure is a tax decision, not only a liability one
Most people choose a structure for liability protection and find out about the tax consequences a year later. The two questions worth answering first are how the profit will be taxed and how much paperwork each option adds, because an election that saves tax on paper can cost more than it saves once the extra filings are priced in. We would rather talk you out of a structure you do not need than set one up and bill for the returns.
Not sure which fits? call us at (713) 988-3513 now or request a business structure consultation.