Business Planning Areas of Practice
- Business Planning
- Business Formation
- Business Exit Planning
- Business Acquisition
- Certified Public Accounting Services
- Special Problems with IRS and State Tax Commission / Audit Assistance
- Creditor Protection
There are several steps to business formation, some are necessary for the IRS and the State in which you operate. When beginning to plan your business, you must consider the type of business, the owners and their martial status (including the role of owner spouses), the officers, as well as other considerations.
Are You Starting a Business?
We can help you determine what form should it be. Tax consequences and creditor protection are the two primary issues to consider. During our consultation, we will discuss the different types of entities including Corporations (Sub C and Sub S), Limited Liability Company, and Family Limited Liability Partnerships. We’ll help you determine who are to be the owners and who are to be officers.
There are three entity forms: a sole proprietorship, a corporation, and a partnership. Yes, you can have a sole owner partnership. In addition, in community property states (such as Idaho) special consideration should be made for non-participating spouses.
Creditor protection means that your personal assets are not available to the creditors of the business. In order to obtain a higher level of creditor protection, there are many things to consider — one includes executing the proper documents when you begin your business, and then executing the proper documents annually to keep your creditor protection in place.