Finding the right business entity
Both new and established businesses have unique struggles that many non-business owners may not completely understand. If you’re opening a new business or have an existing business, you may be wondering about the best kind of business entity under which to operate. There are several different kinds of business entities that you should consider.
Many small businesses have taken to creating legal liability companies, or LLCs. These offer tremendous tax benefits over the sole proprietorships or partnerships used by small California businesses. Having the know-how to determine which entity is most appropriate for your business is the very reason why working with a professional and knowledgeable business attorney like Michael A. Van Horne is essential.
Using Tax Knowledge To Benefit Your Business
Without proper guidance and knowledge, you’re essentially deciding your future in the dark. Every choice you make about your company can have a great effect on your tax liability, such as choosing to create an LLC over another form of business entity. Your next decision could determine the direction of your business or investment; a failure to understand the federal, state and local tax codes could ruin your business - or even your personal life. Other decisions may not hurt your business, but you may be overlooking the benefits within the tax code to save money in the long run.
Tax laws are complex and frequently change. Even if a change is minor, a tax law change that you’re not prepared for can cost your business time and money that might otherwise be mitigated or avoided. Tax laws for businesses also intersect with your personal taxes, making it all the more important to have a trustworthy attorney to work through these laws with you. Michael Van Horne has decades of experience in dealing with how taxes affect businesses, and he can guide you to make the best decisions for your own commercial needs and goals.