Support in Choosing the Right Business Entity for Your Businesses
The legal entity you select for your business can have a tremendous financial impact, both now and far into the future. It can affect the organizational and reporting requirements you must adhere to, as well as the taxes you pay, your personal liability for business losses and in litigation, leaders’ roles in the decision-making process, and your responsibilities should you choose to end your business. In short, it affects everything. That is why it is critical to seek personalized guidance from an experienced and highly-knowledgeable CPA firm. At PNF Certified Public Accountants, this is the support we provide. Our team uses extensive experience and in-depth financial and business knowledge to help you with the right entity selection or entity restructuring.
Forms & Types of Business Entities
We partner with businesses in New York, New Jersey and in the surrounding metro areas. Our clients come to us from a wide range of industries and at many diverse stages in business development. We assist in entity selection at the inception of a business, as well as in later restructuring (as changing an entity designation during a restructure can sometimes be beneficial).
Tailoring the services we provide to meet our clients’ unique needs, we help clients whose businesses are organized in many different ways. Let us help you understand and select the type of business structure that best meets your needs. That structure may include:
|| Limited liability companies (LLCs): These are independent legal structures that are considered to be separate from their owners. They are taxed depending on the nature of the business. If there is one owner, the LLC is taxed like a sole proprietorship. If there are multiple owners, it is taxed more like a partnership.
|| C corporations: These are more complex business structures that are taxed on corporate profits and shareholder dividends. They are advantageous in that they have a great deal of growth potential and also offer protections from personal liability.
|| S corporations: While C corporations are taxed on corporate profits and shareholder dividends, S corporations avoid this double taxation. But they face limits to growth potential and ownership restrictions.
|| Partnerships: In partnerships, owners share the profits and losses of their companies equally unless they have agreed otherwise.
|| Sole proprietorships: These business entities are the simplest way businesses are owned—by an individual. They do not offer protection from liability, however, and may not be advantageous from a tax standpoint.
Get Insight Regarding Choice of a Business Entity
We bring the power of the tax code to businesses in all industries. In addition to our 60-plus aggregate years of accounting and tax experience, our team consists of business owners, bank managers and warehouse managers, as well as current payroll specialists, enrolled agents and real estate agents.