The first decision you make as a business owner is a crucial one – the type of entity you should use. Whether it is a C corporation, S corporation, LLC (limited liability company), general partnership, LLP (limited liability partnership) or a non-profit corporation, the type of entity can have a significant impact on the tax, liability and financing consequences of your business. With your tax advisor, we can guide you through the maze to select the type of entity that best meets your goals.
The next important decision is to decide what happens to your business if you lose a key person (or as is commonly the case, if YOU are that key person). Nothing can ruin a good business like the failure to plan. Business succession planning is essential to make sure that if the business loses a key person, the company can continue to pay its employees and keep its operations ongoing so that the value of the business is preserved. We’ll help you to put a plan in place to maintain the business and set up the parameters for the management and sale and of the business.
Finally, it is crucial that you maintain your entity. Part of why you created an entity was for asset protection purposes…so if your business is ever sued, you and your family aren’t at risk for losing everything you own. The only way to ensure that your business life is separate from your personal life from a risk perspective is to properly maintain your business entity. We have an easy, painless program to help you keep your entity in compliance with the law, while protecting the integrity of the entity.
DenHerder & Associates offers a full array of business formation services. Contact us today to discuss how we can assist you with your business!