You should consider hiring a business planning attorney when starting a new business as there are many decisions to make. A business can succeed or fail greatly due to whether or not the right business methods are put into place and if the incorporation chosen does not present favorable tax treatment for the business owner. You will need to choose the right corporate tax structure so as to prevent your business from receiving unfair tax penalization, while also choosing an accounting method that helps you secure business capital from third party sources. There are also many other considerations you must make when starting a business such as partnership agreements, contracts and liability insurance.
Your company could easily expose itself to personal loss if set up with the wrong corporate structure and insurance. Expensive legal hassles from including the wrong clauses in your contracts could also make you miss out on huge tax benefits. The differences between LLC, LLP and C and S corporations are many, which is a great reason to hire an attorney to help you understand them all.
Call Attorney Chris Vonderau today at (910) 202-3110 or contact us with an email.