Of all the choices you make when opening a business, undoubtedly the most significant one relating to taxes is the style of legal Corporate Structure, you select for your business.
This decision undoubtedly will have an effect on how much you can pay in taxes. This will affect the amount of paperwork your company is required to do, the personal liability you can deal with, and your ability to raise money. The form best suited for your business depends on the sort of company you run, how many owners it will have, and its financial circumstances. No single choice fits every business: Business owner’s must determine and choose the structure that best meets their needs.
The most common forms of business are partnership, sole proprietorship, C corporation and S corporation. A more recent development to these forms of business is the limited liability company (LLC) and the limited liability partnership (LLP). Each of these specific business forms come with different tax penalties and advantages, you will want to make your selection wisely and choose the structure that most closely matches your business’s needs. We at Wealthnest can apply our years of experience to navigate these decisions with you. Our expertise and understanding of tax law allows us to provide valuable suggestions and information that could potentially affect your business and its model for years to come!