There are numerous “types” of businesses you can choose when you are starting a new entity. Some of the choices are sole proprietorship, partnerships, limited partnerships, limited liability companies, joint ventures, sub- chapter S corporations, and regular (or C) corporations. The decision you make in this regard can well effect your entire business. The various entities have differing tax consequences, both State and Federal, appended to them. We can help you in determining which entity to utilize.
If you need help with the formation of a new business, please call us at (800) 267-5033 or email us at KRamp96985@aol.com.
Sale/Purchase of Ongoing Business
If you thought the tax ramifications of choosing the correct form of business entity are complex, the tax ramifications appended to the sale and/or purchase of business are truly overwhelming.
To proceed with a sale or purchase contract without having an attorney qualified in this area assisting you, is really the blind leading the blind. You can be saddled with tax obligations of the prior business if you are not extremely careful. Also, the allocation of the purchase/sale price will have adverse tax ramifications either to you or to the other party involved. These items must be negotiated.
During the life of your business entity, you will find that there are many choices which will have to be made on a day-to-day and yearly basis. For example:
What happens if your partner dies?
What happens if you become disabled?
What happens if your co-owner retires?
These are just some of the many areas that need to be addressed, and we have decades of experience in dealing with these questions.
If you are asking yourself any of these questions, or just need help with your existing business entity in any way, please call us at (800) 267-5033 or email us at KRamp96985@aol.com.