Entity Choice Consultation

Choosing the wrong entity can cost you thousands of dollars.

You don’t have to make this decision alone.

There are many websites that will let you set up your own LLC or Corporation in the click of a button. This is a great innovation in the market, but the big downside is that these websites don’t ensure you understand the ramifications of what you’ve done. I beg you, please do not choose your own entity. Just because everyone is forming an LLC, it doesn’t mean it’s the right entity for you.

Choosing an entity is a very personal decision. It’s based on many factors in your life outside of the business you are setting up.

Entity choice is a blending of tax, legal, and paperwork ramifications. Please consult a professional before forming an entity. If you decide later to go online and establish your entity on your own, that’s fine. But before you commit to an entity, make sure it is the proper choice.

I regularly consult with new businesses that either form the wrong entity or form one when it’s completely unnecessary. In California forming an entity will cost you a minimum of $800 a year in just California filing fees regardless of your businesses earnings. This cost is before considering paying anyone for tax advice, bookkeeping, insurance, legal fees, and ultimately dissolution fees. Not to mention the changes in tax payment deadlines that result.

How do I know? As a CPA, I’ve been preparing business tax returns for nearly 20 years. I’ve been teaching taxation of the business entity as well as various other entity related taxation courses for almost half of my career. I am a taxation expert from an entity level. I understand how an S Corp differs from an LLC difference from a soul proprietorship differs from a corporation and why that entity is right for you.

As part of an entity consult at The Business Tax Group, I will discuss with you all of the entity options available to you and the tax ramifications each offers. I will also discuss your entire tax picture as well as your personal business and tax goals. I offer a complete and thoughtful tax analysis.

Topics to include:

  • Which entity is best for you
  • The costs associated with the different entities
  • Bookkeeping and reporting requirements for the different entities
  • Out of state entity formation issues
  • Why medical expenses impact your interview choice
  • How different owners and their relationship to each other will impact your entity choice
  • Referrals to reliable and thoughtful attorneys in San Diego to help you understand the legal ramifications of your entity

Contact The Business Tax Group for your entity consultation today.

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