Selecting the appropriate structure is an important decision when establishing your business. The type of business entity selected can impact taxes, your personal liability for business debts, management structure and ease of operation.
Whether selecting a corporation, limited liability company or a partnership, careful consideration of all the factors that impact your decision can save you considerable time and money in the future.
Many business owners pour their heart and soul into building and maintaining their business. Once it is time to transition out of the business, consideration is given to either selling the business or passing the business to the next generation of owners. This next generation of owners could be the business owner’s children, key employees or co-owners.
Your exit strategy will depend on your desire for your business transition. The appropriate strategy for you can save substantial money as well as making a smooth transition to the new owners.
Whether your business is just getting started or has been successful for many years, questions can arise regarding tax planning, raising capital, whether to maintain the existing business structure and retirement plans for yourself or employees.
The ability to make effective and efficient decisions allows you to focus on the continued growth and profitability of your business.