Formation of Business Entities
When starting a business, you need to decide on a structure that best meets your goals. Patrick, Beard, Schulman & Jacoway, P.C. helps you consider your options so you get your business off to a positive start. We can advise you on the tax and legal advantages of different types of business entities. To find out more, check out our formation of business entities page.
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We get entrepreneurs off to a strong start
As a contemplated, new or existing business, you have an important decision to make: Which entity is best for you? You’ve probably heard advice from friends, family members, and business partners, and even from sources on the internet who claim to be trusted advisers. However, when determining the most appropriate structure for your goals, it’s in your best interest to consult with a law firm that deals extensively with these matters. At Patrick, Beard, Schulman & Jacoway, P.C., we know business. Our attorneys take the time to help you sort through the pros and cons of LLCs, partnerships and corporations so you can decide what’s right for your business.
Things to consider when choosing a business entity
When deciding on an entity, you must consider many factors. Choosing the wrong type of entity can cost you each year and especially when you decide to sell the business. One type of entity may work for one business but be entirely wrong for another. Each entity has benefits, and the one that’s best for you depends on your business goals:
- Sole proprietorship: The most risky form of entity in personal liability for business debt; a business owner lists income and expenses on his or her own tax return.
- General or limited partnership: Each partner assumes a differing amount of risk.
- C or S corporation
- Professional corporation
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- Joint venture
- Nonprofit corporation
The attorneys at Patrick, Beard, Schulman & Jacoway, P.C. help you match your objectives to the right business entity.
We make things simple and easy to understand
Like all decisions you make for your business, choosing an entity plays a role in how successful your undertaking ultimately is. We help you review your options, outline the potential risks and consider the potential tax benefits and ramifications — all with your company’s needs in mind. Once you are able to digest the information given to you, you're better able to make an informed decision about the structure of your business.
Contact our Chattanooga, TN business lawyers
If you need assistance choosing a business entity and starting a company, contact Patrick, Beard, Schulman & Jacoway, P.C. We help you make a decision to benefit you, your partners and your employees and contribute to your business success. We can meet with you on evenings and weekends if needed. Our office is located just one block from the Hamilton County District Attorney’s office, the Hamilton County Criminal Clerk’s office and the Chattanooga City County Clerk’s office. Call 423-266-7327 or Toll Free 423-266-7327 contact us online to get started. We accept Visa and Mastercard.