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How to Organize Your Business with Respect to the Estate Tax Situation, Case Study Examples
Not all that long ago, choosing a business entity used to be a relatively painless process. If you wanted limited liability you incorporated; and if limited liability was not important, you operated as a sole proprietorship or a general partnership. In a relatively short period of time, state and federal tax law changes along with the advent of new types of business entities have made the choice of entity a much more difficult and, in many respects, a much more important, decision for would-be business owners. Today the menu of business entities from which to choose is quite lengthy: a sole proprietorship, a general partnership, a limited partnership, a C or S corporation or a limited liability company; furthermore, certain entities offer various “extras” in certain situations, such as registering as a limited liability partnership or choosing to operate as a professional corporation or limited liability company. The choice will vary from state to state based upon the liability and tax considerations peculiar to each state. While the vast majority of businesses are operated in one of three forms, i.e. a corporation, a limited partnership or a limited liability company, most of the time, there is no absolute right or wrong answer. The circumstances of the business owners, their goals and desires and their long term plans all play a role in deciding which type of entity is the best for the business owner or business owners.
How to Organize Your Business with Respect to the Estate Tax Situation, Case Study Examples
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How to Organize Your Business with Respect to the Estate Tax Situation
Not all that long ago, choosing a business entity used to be a relatively painless process. If you wanted limited liability you incorporated; and if limited liability was not important, you operated as a sole proprietorship or a general partnership. In a relatively short period of time, state and federal tax law changes along with the advent of new types of business entities have made the choice of entity a much more difficult and, in many respects, a much more important, decision for would-be business owners. Today the menu of business entities from which to choose is quite lengthy: a sole proprietorship, a general partnership, a limited partnership, a C or S corporation or a limited liability company; furthermore, certain entities offer various “extras” in certain situations, such as registering as a limited liability partnership or choosing to operate as a professional corporation or limited liability company. The choice will vary from state to state based upon the liability and tax considerations peculiar to each state. While the vast majority of businesses are operated in one of three forms, i.e. a corporation, a limited partnership or a limited liability company, most of the time, there is no absolute right or wrong answer. The circumstances of the business owners, their goals and desires and their long term plans all play a role in deciding which type of entity is the best for the business owner or business owners.