Making the entity choice of a C-Corp/S-Corp or Partnership is one of the most important decisions you can make early on. Spending the time, money and effort by choosing a CPA wisely who can effectively help you consider your situation while setting up your company properly can prevent you from making costly mistakes in the future.
We run into too many new business owners who are hardworking “do it yourselfers” with great intentions, but fumble understanding the intricacies of an entity selection.
The selection of a tax entity typically includes a sole proprietor, C-corporation, S-corporation or a partnership. Each entity is unique and possesses pros and cons. We specialize in assessing your business in alignment with the best-fitting entity based on tax and legal elements and the objectives of your business.
Existing businesses should also review and evaluate their choice of entity to ensure the correct selection and hedge against proposed new tax laws that could go into effect at any given time from the current administration. The immediate cost of changing an entity classification could outweigh future tax benefits, but a thorough analysis is needed.