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 operate and dissolve
- You will not have to file a separate tax return
- No double taxation on profits
- You are able to claim losses on your personal income taxes (subject to passive loss rules)
- Home office deductions
- No formal creation process
- Decision-making is informal and owner based
- Minimal reporting
- No liability protection
- Death or disability of owner terminates business
- Profits are taxed as income and, as a result, will be subject to self-employment tax as well as income 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.