Zier Law Offices LLC assists many types of business organizations from start-ups to substantial corporations. Legal guidance for setting up your business involves a number of steps, all of which are important and should not be overlooked. Rick Zier wants you to have all the information you need to select the best form of business structure for your endeavor.
- Easy to create
- No limit on partner number or type
- Flexible allocation of profit, loss and distribution
- No double taxation on profits
- Favorable tax treatment when liquidated
- Requires separate tax return
- Difficult to dissolve or change ownership
- Unlimited liability for all partners
- Individual partners share of income is subject to self employment tax
The above paragraphs contain general information regarding advantages and disadvantages of different business structures. They are intended only to give you a broad idea of the categorical differences between and among those structures. Always speak with a well-qualified business attorney and your accountant before making specific decisions about your personal affairs.