We Help Businesses Start With The Right Formation
There are numerous decisions to be made when starting a business, but few are as important as the selection of a legal structure. The formation one chooses will impact the personal liability of the founders and have important tax consequences.
I help my Utah business clients with the key organization decisions that must be made early in the process. I will help you understand your options and achieve your long- and short-term goals.
Understanding Your Options
I can work with your tax professional to help you understand the tax implications that will affect your business. My objective is to help you understand your business formation options and help you determine which business entity will best meet your needs. The most common types of legal structures for businesses are:
- Partnership — As the name suggests, a partnership is typically a business with more than one owner.
- Limited liability partnership (LLP) — Partners are not liable for anything beyond their investment in the business, meaning they cannot be forced to pay a business debt with personal assets.
- Corporation — This also limits liability of individual investors and allows for pass-through of profits to avoid corporate taxes.
- Limited liability company (LLC) — Many entrepreneurs favor LLCs because it limits their personal liability and allows for flow-through taxation of profits so members are taxed at their personal level.
- Sole proprietorship — A simple and straightforward structure for individual entrepreneurs, sole proprietorships allow owners to avoid corporate tax rates, have few formal business requirements and allow for easy sale or transfer of ownership.
Call Now For A Strong Beginning
Proper business organization is key to launching your company with a strong foundation. At Strong & Hanni, P.C., I will help you explore your options and make choices geared toward your future success. Call 801-736-7222 or use the online contact form to schedule a consultation to discuss your business formation options.