A solid legal foundation is key for any successful business. That begins with establishing the proper business formation. How you structure your business determines personal liability, tax treatment, financial success, and even rightful ownership. Some of the most common business structure types are sole proprietorship, partnership, corporation, and limited liability company (or LLC).
While many are an expert in their particular industry, the average layperson is not well-versed in the nuances of business structures and which entity is most suitable for their business. Unfortunately, a wrong choice could possibly lead to an unfortunate surprise down the road, such as a lawsuit or bankruptcy in extreme cases.
At Phillips and Phillips, we will discuss your business goals and help you select the appropriate structure to support your growth. We work with all types and sizes of businesses, whether you’re just starting out or if your business is experiencing rapid growth.