Starting your own business – things to consider

To follow up on a previous post regarding corporate documents, bear in mind that the business structure you choose will have tax consequences. We work with CPAs as part of the planning process and recommend that you speak with your CPA prior to meeting with us.  For example, corporations are taxed at the corporate rate and shareholders are taxed on any distributions as part of their personal income.  LLC owners are taxed at the individual rate and also pay self-employment taxes.

Corporations and LLCs provide you with protection from liability for business debts whereas sole proprietorships or general partnerships do not.  The type of business structure also affects your ability to raise business capital.

These are just some of the things to consider.  If you’ve decided to form a business, give our business lawyer, Chris Teng, a call to discuss further.  He has helped hundreds of clients with their business documents.  Let him help you!  Chris can be reached at 925.459.8440 or email him at info@gtplawyers.com.

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Posted in: Business Law