Corporation or LLC, Business formation in this Episode One podcast:
STARTING YOUR BUSINESS: CORPORATION OR LLC
In this podcast I discuss business formation. Also what structure should your business be (corporation, LLC, partnership, sole proprietor). Listen to find out what documents are needed (Articles of Incorporation / Organization, Bylaws or Operating Agreement); and how to work closely with partners and investors.
“I want to start an LLC” is something I often hear, and my response is always the same: “why?” Starting a business, whether corporation, limited liability company, partnership or sole proprietorship, takes more consideration than just a quick internet search. I’ve been doing this 25 years. I’ve seen the gamut of what works and what doesn’t. Therefore, when I consult with clients on forming their business, we’ll discuss the type of business, the industry, the founders’ personal tax situation, and the tax pros and cons of the various business forms. We’ll discuss the plans you have for growing your business, and ultimately exiting your business. Next, we’ll talk about liability protection, both for the owner, and the business assets.
HOW DO YOU CHOOSE THE PROPER BUSINESS FORM?
Choosing the right business form, for the smaller business, is a simple process. And it shouldn’t cost all that much. Bylaws and Operating Agreements for smaller businesses are relatively standardized these days. Talk to your accountant about the tax implications of either form. Call me figure out about liability protection and investor/owner management issues Talk to your insurance broker about the ability of the business to get relevant insurance coverage. That’s it, for the small business.
Thanks to Matt Mittan and BizRadio AM 1350 in Asheville for letting me present this series.
Contact me if you have any questions on any business transaction. In western North Carolina, Asheville, Waynesville, Hendersonville at (312) 671-6453.
Email me at: palermo@palermolaw.com.
Be sure to check out my other blog posts HERE. Be sure to listen to my podcasts with Matt Mittan at BizRadio.US