Starting a new business can be very stressful. In addition to getting a space ready, you may be dealing with creating a website, setting up bank accounts and hiring new employees in addition to many other things. One of the most important items on your to-do list should be determining what type of business entity you will set up. Consulting with an attorney is crucial to ensuring that you form the correct entity for your type of business. Based on your projected annual revenue and types of services offered, you may want to choose a different type of entity for the greatest tax savings. Hiring a knowledgeable business attorney can help you choose which entity is correct for you, such as a sole proprietorship, a corporation, a limited liability company (LLC), or a partnership.
There are also different types of corporations that you can set up, for example a c-corporation or an s-corporation, or if you are a medical professional you will likely need a professional medical corporation. We also consider the amount of time you will need to devote to each entity type in addition to any potential tax savings.
Our attorneys will obtain an employer identification number (EIN) from the IRS for you and properly file all of your entity documents with the appropriate California government agencies. In addition, we provide you with a large entity binder to keep all of your documents organized. Our firm provides these services on a reasonable flat fee basis so that there are no surprises when your bill arrives. Contact us today to schedule a free consult to determine which business entity type is best for you and your new business.