Request a Consultation
If you begin operating a business without incorporating you run the risk of exposing your business assets AND your personal assets for all debts and claims against the business. In addition, many of the expenses of starting and running the business may not be deductible if the business is a sole proprietorship but may be deductible if the business is an entity. This is also the case if two or more people run a business as a general partnership or a joint venture. In order to maximize the tax benefits and to protect your personal assets from the risks of the business, some form of ownership “entity” needs to be utilized.
The choices available in Texas and most states include:
For Physicians and other medical Professionals:
For CPAs, Attorneys
Our legal services inlcude counseling on the pros and cons of the various entities as well as the turn-key creation of those entities. Because there are income tax reasons that impact our clients decisions to form specific entities to run their businesses, as well as asset protection reasons, we like to work with our client’s CPA and other professionals as a “team” to provide our clients with all of the information required when beginning business formation and planning in order to determine which of the entity provides the client with the best tax advantages and the most efficient business model.
There are additional issues which arise in connection with two or more people associated in a business and the contingent possibility that one of the associated owners dies or becomes incapacitated.
All of these issues can impact the success of your business venture and the business entities ability to protect your assets.