What is a Business Entity?
A business entity is an organization created by one or more persons under which they plan to trade or do business. Business entities are created or formed at the state level. General types of business entities include corporations, partnerships, limited liability companies and limited liability partnerships; however, there are more options available that vary by state. Contact us for a consultation if you have questions about forming your business.
Why do I need a Business Entity?
If you are conducting business, creation of an appropriate entity can shield you from personal liability in the event you are sued in the course of doing business. This means that if formed and operated properly, should your business is sued, damages are limited to what is the property of the business- protecting your personal property.
Forming a business also provides access to open business bank accounts, report income to the IRS and receive deductions for your business, proving your business worth. This helps to creates a bonafide reputation in the business world business for your brand showing your financial stability. This opens up opportunities for business loans, grants and investor funds.
How do I get started?
Getting started can vary by state and its important to do your research. Researching takes time and a minimum understanding of terms and processes. For your benefit, we have compiled a checklist to help you.
We understand that starting a business can be overwhelming and confusing, so we offer consulting services to assist entrepreneurs who prefer a more guided approach through the process. Contact us today!
I’ve already started doing business, but I haven’t formed a business entity.
We highly encourage you to form the proper business entity as soon as possible. When you have the business of doing business taken care of, you can serve your customers with confidence and peace of mind.
I know my business can be more efficient, but I don’t know where to begin.
Running a business is hard work and if you have reached this point, you have already succeeded in many ways. Understanding when you need help is key and getting over obstacles. We specialize in identifying problems and implementing solutions. Contact us today to learn how we can help your business.