Choosing an entity for a new business is an important decision. How you set up your business from the beginning has serious implications for the business and its owners. We’re experienced handling business formations for a wide variety of small and large companies. We assist start-up businesses on their initial formation and existing companies with reorganizations and expansions. We work with our clients to determine the best choice of entity to suit their business and personal objectives.
Choices in Business Formation
The type of business entity you select for your business venture will affect your personal and business taxes as well as your exposure to liability. We will assess your business and recommend the optimal business entity for you. Options include:
- Sole proprietorships—An easy choice, sole proprietorships offer owners total managerial control. However, owners assume personal liability for business finances and other claims.
- Partnerships—An entity in which two or more partners share in a business’ profits and losses. This entity has some tax benefits, but partners share personal liability for business finances and other liabilities.
- Corporations—A corporation is an entity separate from its founders. It can be taxed and held independently liable. Assuming certain steps are taken, founders are not personally liable for the corporation’s actions.
- Limited liability companies (LLCs)—A type of hybrid partnership, LLCs offer tax benefits to the business and shield owners from personal liability.
Once your choice of business entity has been made, we will assist you with the process of forming your business and establishing the rights of the owners. We are experienced attorneys and are dedicated to thoroughly protecting your rights and interests throughout the business formation process.
If you need assistance with the formation of a business, contact us to schedule a free consultation to discuss your needs. We work with entrepreneurs and investors throughout Michigan.