Questions To Think About When Determining Your Business Entity


 

There are many decisions to be made before you even open your business and determine your type of business entity. Lawyer office in Pennsylvania. With so many business entities to choose from and so many tax decisions to make, it is important that you answer the following questions to help you determine what type of business you want to be:

What is the purpose of the business? To manufacture something, to provide professional services, own real estate?

The business purpose of the business will go a long way in determining what type of business to create.

How many owners will there be?

Who will be the owners? Are they US citizen, foreign individuals, current business entities?

Will you need to raise money from outsiders or will the business be self-funded? If outside investment is needed, depending on the amount, you may have to come up with solutions so you do not lose control of the entity.

Who will run the business from a day-to-day perspective?

How long do you want to be involved in the business? Are you planning on doing this for just a short time, create it and then sell it, or in it for the long haul?

Would you want to be in business with any of your co-owners’ families? If not, you will want to make sure there is a buy-sell agreement in place to formulate a buyout of a disabled or deceased owner’s ownership.

These are only a few questions to think about but they are important questions. Answering those questions prior to seeing a professional will help the attorney or your tax professional decide what business entity is best for your needs.

To learn more about determining what business entity is best for you, setup a consultation with our business law attorneys at Wood, Atter & Wolf, P.A. located in Jacksonville and Ponte Vedra Beach, Florida.

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