There are a lot of good reasons to consider running your business through a business entity, including tax benefits, liability protection, and governance (management structure). Krotter Law Group PC, LLO is committed to serving small business men and woman in Rural Nebraska and South Dakota. We understand the issues a business faces. The lawyers at Krotter Law Group are all descendants of small town America business owners
When helping a small business, we take a team work approach. The lawyers will work together with the owner, their accountant, insurance agent, and other professionals to maximize the benefits of forming an entity.
By way of review, below are the most common types of business organizations:
Sole Proprietorship (you are the only owner of the business)
Partnership (which can take the form of a regular partnership, a general partnership, limited partnership or limited liability partnership)
Corporation (the default form of a corporation is a C Corporation, also known as Subchapter C Corporation, while a smaller corporation typically files for the S Corporation tax election so they are not double taxed)
Limited Liability Company (commonly referred to as an "LLC", it is a hybrid formation that provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership)