Business Formation
If you are thinking about starting a business then you must determine the business entity that is most advantageous to you. Choosing and forming a business entity is important for tax advantageous, as well as liability exposure.
For example, a sole proprietorship allows profits of the business to pass through the business to the owner’s tax return. However, the owner is personally liable for debts of the business. On the other hand, a corporation generally protects an owner or shareholder from personal liability while the profits may be taxed as earnings and as dividends resulting in double taxation.
Contact the Berelc Law Office for a free initial consultation if you are considering starting a business.
