Starting a new business is an exciting time. However, it is also a time where you need to make very important decisions that could affect the future of your business, such as what legal formation is best for the business, how do I track the finances of the business and what taxes do I need to consider.
While most on-line business formation services promise cheap, fast, easy and simple formation, they do not offer personal legal and tax advice, which are so important to the decisions you will make in setting up your business.
That is where working with the attorneys at Brunsdon Law Firm is different from most on-line services. We not only offer cost effective business formation services, but also provide personal, experienced legal and tax advice that help you in deciding the best legal structure for your business.
Why is legal and tax advice important when starting a business?
There are many decisions to be made when starting a company. Should you form a corporation, a limited liability company or a partnership? What are the legal differences? What are the tax differences?
After you form the business, should your company elect S-corporation tax treatment? What is the deadline for making that decision and the tax effect of electing that tax treatment?
Your answers to these questions should be made only after consulting with an experienced legal and tax advisor.
Choosing the legal structure for your business
Choosing the right legal structure for your business is the most important first step in starting a company. Why trust that decision to an on-line service when you are better equipped to make that decision after personally consulting with an experienced legal and tax advisor who can answer your questions.
Not only does your choice of business structure affect your personal liability, the ability to raise capital, the kinds of owners permitted in the business and the paperwork required to maintain the business, but each type of business structure carries its own set of tax rules.
Tax Implications
When starting a business, the tax aspects that come with each type of business should be a major factor in your decision in choosing the proper legal structure for your business. These tax considerations include considering the tax rates, self-employment taxes, and taxes paid when you sell or exit the business.
When you engage Brunsdon Law Firm to help you take that first step into entrepreneurship, you will work directly with Terri Brunsdon, an experienced attorney and CPA with a Masters in Tax, who will answer your questions regarding the legal and tax aspects of forming a business. They will provide trusted advice to assist you in making one of the most important decisions affecting your business.
If you are considering starting a business, give us a call at 330.374.1166. You can also request a call from us by emailing info@brunsdonlaw.com. If emailing, do not send details on your matter because it may compromise your confidentiality.
Please call or email us today. We look forward to helping you start your new business.
