Choosing The Right Business Entity
The selection of a business’s organizational structure will have long-term repercussions for its ongoing development, management and operations. Choosing a business entity should depend on the founders’ overall strategies. For best results, consult with an experienced business law attorney to discuss the unique goals and configuration of your fledgling enterprise.
What Is The Right Business Structure For You?
Clark Firm PLLC in Dallas is available to help you determine which of the following options, among others, will best position your business for uncomplicated success:
- Sole proprietorship: A simple structure that may be sufficient
- Partnership: Appropriate for joint ventures
- Limited partnership: For a general partner plus a partner with more limited authority
- Limited liability company or LLC The most flexible structure for business owners and companies. There are also Series LLCs for businesses in multiple ventures
- S corporation: An organizational structure by which owners only will be taxed at just one level – the corporation level
- C corporation: A traditional corporation, taxed at two levels – the corporation and the shareholders
- Family limited partnership: A popular way for parents who have built businesses to get children organizationally involved over time
A review of the overall parameters and objectives of a business venture will shed light on the most advantageous organizational structure. This is an essential stepping stone toward launching a business in Texas or elsewhere. Business or corporate managers, members or both can participate in the entity selection processes.
Planning. Execution. Management.
Once an entity selection is clear, the next step is to organize the general operations and management of the business. Registration with the state, selection of board members, scheduling annual meetings, creating and keeping minutes of those meetings, creating policy manuals, leasing commercial real estate property if needed, and designing an operational plan will all figure into the equation.
Business law attorney Steven E. Clark of Clark Firm PLLC has a great deal of experience helping entrepreneurs through the entity selection process. Schedule a consultation by calling 469-513-1711 or sending an email inquiry through this website.