Business Entity Formation

The first important decision today’s entrepreneurs face is business entity formation. The choice has important legal and financial implications for the company. It determines how much the business pays in taxes and paperwork requirements. It can have an impact on a company’s ability to raise money. Additionally, selecting the correct business structure can limit the owner’s legal risk exposure if problems develop.

The process is not as simple as it might seem at first. There are more than a dozen types of business entities in this country, though there are six that are most commonly used:

  • Sole proprietorship
  • General partnership
  • Limited partnership
  • C Corporation
  • S Corporation
  • Limited liability company

It is a choice that requires serious thought and consideration. Though it is possible to change the business structure later, that process is difficult. The business and corporate law attorneys at Morton & Gettys will sit with you and discuss your goals and needs. We will examine the pros and cons of each possible choice and discuss them with you. We will counsel you and guide you to the best decision, for now and in the future.