When we work with future practice owners, one of the most daunting aspects of the process for our clients seems to be the formation of the corporate entity. Whether because of the number of considerations that must be made in the process, or because of the foreign nature of the corporate discussions – clients always seem to feel a lot better once the entity formation is behind them.
Here is a good primer from Fortune Small Business on many of the different business structures available, diving into just the right amount of detail for a future practice owner who wants to learn some of the basics.
What exactly is an LLP? What’s the difference between an LLC and a corporation? What about S-corps and C-corps? Sorting through the legal jargon and tax codes defining these business structures can be daunting for entrepreneurs – but picking the right structure for your company brings vital tax benefits and legal flexibility.