Choosing a business structure

If you are looking to launch a new business in Kentucky, one of the first things you should consider is the type of business structure you need to establish. At Gatlin Voelker PLLC, we have assisted numerous clients in pursuing their dreams of becoming business owners while helping them navigate the inevitable challenges and hardships that arise along the way.

Entrepreneur reports that there are several key considerations to take into account when choosing your business structure.  Among them is its tax implications. Ideally, you want to minimize your business’s tax burden to the fullest extent possible, and certain structure types, such as that of a corporation, may make this easier than others. Another important factor is how the business structure protects you in terms of your level of legal liability. Certain types of structures, such as partnerships and sole proprietorships, expose you to personal losses in ways that other structure types may not.

You may also want to take into account the cost of actually forming the company. Some formation types, such as that of a corporation, tend to cost more to operate than others, so this should be an important consideration when determining what type might ultimately best suit your needs.

Common business structures include that of a sole proprietorship, a partnership, a corporation and a limited liability company, and each offers you benefits and drawbacks. Sole proprietorships, for example, give you considerable control, but with that control comes considerable personal liability. Limited liability companies are increasingly in popularity because they will not expose you to personal liability, but they otherwise serve as something of a combination corporation and partnership. This is just a small sampling of the ways on which business structures operate and differ from one another, but supplemental information can be found on our web page. 

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
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