The first reason any business entity is created is for legal protection. You want to separate your personal assets from your business. Without a legal entity structure, your business and your personal assets are all in the same basket. If you were to be sued for your business activity, your personal assets such as your house, your car and your savings are at risk. Creating an entity will create the separation you need to mitigate this risk.
Similarly, as your needs increase, you will want to separate your business assets from each other for the same reason; you do not want an issue with one business to affect your whole investment portfolio.
We are sure you have heard how businesses get better tax advantages. Now is your opportunity to enjoy those expanded advantages. Our consultation will include advising you on the benefits of various entity structures and help you to determine the best fit for you to maximize your tax potential.
Each entity is customized with client specific articles of incorporation and tax designations. We can also dovetail your existing Estate Plan into the entity structure. If you do not have an Estate Plan, we will be able to explain how this will benefit your business as well as your personal situation.