Choice of Entity Selection
Launching a new enterprise is an exciting time. Whether it’s the first, or one of many, there is nothing like the excitement of the early stages of a company launch. There are several issues to consider including facility acquisition, process creation, production demands, employee management and new customer development. However, there is one important tax decision that needs to be made immediately– choice of entity selection. There are a number of IRS corporate structure options available to provide owners with the most efficient business and tax structure possible. They include limited liability companies (LLC), limited liability partnerships (LLP), S-Corp and C-Corp offers benefits and disadvantages that must careful be evaluated prior to making a decision.
Wilson Lewis has significant experience working with Georgia entrepreneurs helping to select the optimal entity structure. Our tax professionals understand the tax reporting requirements, legal issues and compensation strategies associated with each. We work closely with each client to understand their company including number of owners, level of needed protection and investment structure. These variables combined with personal financial information are necessary when identifying the correct entity type.
Selecting the right entity structure is essential to the health of the new business. To understand the differences between the options and tax impact of each, it’s essential to work with a provider who can guide you through the selection process. If you would like more information on choice of entity selection, Wilson Lewis wants to help. For additional information call us at 770-476-1004, or click here for email.