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Which business formation is right for you?
Which Business Formation Is Right For You?
Starting a new business operation is an adventure filled with choices, starting from the very first moment when you have to decide which business structure will best suit your current needs and expectations. One of the most important business decisions you ever will make is your choice of business formation options. Don’t be surprised when this choice comes up later on, as your business grows, and you discover it’s time to expand into another type of business structure to meet those new needs.
Harris Cook, Llp, Business Formation Attorney
At Harris Cook, LLP, our Business Formation Attorney will help you decide which of several options to consider will accomplish your initial goals for a start-up or subsequent goals for an existing company. We work with entrepreneurs, new business owners and established company owners to help them determine which type of business formation is the one that offers the greatest benefits and opportunities for successful operations. There are specific benefits to each type of business structure.
We work closely with clients and their accounting professionals, sometimes adjusting their business structures over time, to continue keeping their businesses on track for maximum benefits. Remember that what works best in the beginning is likely to change in the future, when your business operations grow and expand. Certain business structures are better for global expansion or when two companies merge into a new entity. Our Harris Cook Business Formation Attorney has extensive knowledge about business structures and can help you make informed decisions about your business operations.
Business Structure Benefits
In Texas, you are allowed to create a variety of business structures. Each choice has different benefits and opportunities; it is best to work with your attorney and financial planner from day one. Some desirable benefits include taxation reduction and protection from personal liability. These are important matters to discuss and review periodically with your Harris Cook Business Law Attorney.
Most companies operate successfully under one of the following types of Business Formation structures:
• Sole Proprietorship – Popular choice for entrepreneurs, start-ups, smallest companies
• Partnership – General, Limited and more – multiple owners
• Corporation – Larger operations, has stockholders, board of directors, separate entity from owners, offers liability protection
• Limited Liability Company – Offers owners protection from personal liability
• Non-Profit Organization – Surplus income is used for a mission and not distributed to shareholders
Texas Business Law Attorney
The Texas Business Law Attorney at Harris Cook, LLP, works with business owners throughout their business experience. Over time, different needs arise that affect the business structure. Changes often are brought about due to new laws or tax regulations. If a principal within the company leaves the company, retires or passes away, that is another time to consider altering your business structure. Sometimes changes are made to take advantage of certain taxation benefits or to increase the value of the company when it is up for sale.