A question arises in formation of new businesses, mergers & acquisitions, and even for existing companies: “What is the best type of company for my business?”
The bewildering array of options includes: limited liability company, s-corporation, c-corporation, partnership, proprietorship, limited liability partnership, limited partnership, joint venture, trust, business trust, and a host of others.
The Answer: “A good company is like a good suit of clothes”. It should meet the needs of the person who lives with it, day in and day out.
To help decide which “suit” is best for you, consider the following:
- The S-Corporation is simple and reliable if you have a small group of “equal” owner/operators.
- LLCs are more flexible, if you have a small group of investors, owners and operators, each with different roles and expectations about the company.
- If you’re concerned about keeping maintenance fees down and your business investment consists of real estate, consider a trust, which is usually less expensive to keep running than an LLC or S-Corp.
- Concerned about personal liability? An LLC or Corporation may afford more protection than a trust.
Bottom Line? Tell us your goals, expectations, concerns & worries. We’ll work together to suggest a vehicle that will best suit your needs.