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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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Entrepreneurs should understand all business formation options

| Jan 16, 2015 | Entrepreneurs

For many entrepreneurs, forming a business may be the fulfillment of a life-long dream. It is important to keep in mind that selecting the best business structure for your company may help further the success of that dream. There are a variety of business forms to choose from and selecting the best one depends on the needs and goals of the entrepreneur and the business.

The significance of business form selection largely relates to tax and liability considerations, among other important considerations. Properly setting up a business in the beginning may help avoid potential problems down the road or efficiently resolve them when they sometimes inevitably arise.

There are a variety of business forms to choose from, including a limited liability partnership (LLP), limited liability company (LLCs), c-corporation or s-corporation, among a few others. There are advantages to each type of business form that may help further the goals and strategy of the start-up company. Some types of business forms may help small business owners and entrepreneurs limit the amount of taxes they are required to pay. In addition, a business form such as an LLC combines the limited liability benefits of a corporation with desirable taxation.

In addition, different business forms may be better for companies with a smaller or larger number of stockholders and some companies, of course, will not have stockholders at all and those entrepreneurs will seek to select the best business form to meet their goals. Limited liability companies, for instance, enjoy significant flexibility in a number of management and structural respects which may suit certain start-up companies well. Whatever the entrepreneur’s needs, goals and strategy for the business, selecting the best business structure should not be taken lightly. For more information about forming your business, you can find additional information here.

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