I am often confronted with the question of why business owners should form an entity (that is an entity that is legally recognized as being separate and distinct from its owners such as limited liability companies (LLC), limited partnerships (LP) or corporations – as opposed to general partnerships or undocumented sole proprietorships – each legal entity is referred to as an “entity” for this post) for their business and whether it is worth the cost and hassle. In almost all cases it is clearly advisable to form an entity for a variety of reasons.… Read the rest
All postings are intended to be planning tools to familiarize readers with some of the high-level issues discussed therein. No posting is intended to be a comprehensive discussion and additional details should be discussed with your transaction planners including attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity.