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Business Entity Selection

Determining the proper legal entity for the particular business operations contemplated by the client requires an analysis of the particular type of business, the parties to the business, and the financial short and long term goals. Tax considerations must also be evaluated to come up with the proper business entity for the client's particular business needs.

Choosing the proper type of entity to conduct your business is a crucial decision that can have longstanding tax and business implications, positive or negative. We can assist you in evaluating the pros and cons of using a regular C corporation, an "S" corporation, a sole proprietor, limited liability company, family limited partnership or some other form to operate your business. The form and type of compensation as well as whether to implement some form of retirement plan and other fringe benefits should be explored as part of this process.

Depending on these considerations, the appropriate legal entity may be any one of the following:

For a general discussion of some of these entities see Choice of Business Entity For Your Business.

For a general checklist of some of the business, financial, legal liability and other non-tax issues that must be considered to ensure the proper entity is chosen, please review Choice of Business Entity: Legal, Financial and Other Non-Tax Concerns.

Starting a new small business has its own special considerations as discussed at Starting A New Business.

For the special tax treatment of start-up costs for new ventures read the hypertext article Start Up Costs For New Ventures

Legal assistance can also be provided for the following needed services:

  • Initial documentation and registration with the state where the organization is to be formed
  • Assisting with the initial tax elections for the entity chosen
  • Various registrations with Philadelphia or any other city, county or states where required.

We offer guidance in determining the best legal entity to hold investment real estate in light of liability protection and tax considerations. For our article highlighting some of these issues please go to the hypertext legal guide entitled Pennsylvania LLCs and Real Estate which also discusses Philadelphia transfer tax implications.

Finally to adequately protect individual shareholders from corporate debt, please see our legal guide by going to the following hypertext article entitled Shareholder Protection From Corporate Debt: Piercing The Corporate Veil.

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