Your choice of business entity adds or subtracts tax benefits.
As tax laws and your personal situation changes, your original choice of business entity may no longer generate the best tax deductions.
You might need liability protection in excess of what insurance can cover. If so, your proprietorship is not appropriate, and you need to look at the S corporation, the C corporation, and the single-member limited liability company (LLC).
Selecting your best business entity is not easy. You have both tax benefits and liability exposure to consider. This article, the first of a series on choice of business entity, helps you make a more informed choice when it comes to your business entity.
Avoid the Big Mistake
Assuming you have the liability protection issue covered, make sure your choice of business entity gives you the most tax deductions and best tax benefits.
You have one way to know for sure that the business entity you selected is the best. You need to see it in writing. You also need to review ... Log in to view full article.