Edward H. Gowett | Practicing since 1985
Business Entity Selection and Tax Planning
Additional Information
One of the most important decisions you make when starting a new business is the choice of entity.
Selecting the right entity can provide you the best protection and tax benefits.
- General and Limited Partnership
- Corporation (includes S Corporation)
- Limited Liability Company (LLC) and Series Limited Liability Companies
The most common form of business entity most clients file is a Limited Liability Company. While
filing the Certificate of Formation with the Secretary of State is the first step, there are many more steps in the process that are often overlooked in the process.
- Preparing the Company Agreement with the rules governing the LLC
- Holding initial Organizational Meeting adopting the Company Agreement and other matters
- Obtaining Federal Tax ID from the IRS Registered Agent selection
- Considering sub-chapter S tax election
- Considering Franchise Tax and Sales Tax applicability
- Opening bank account
- Setting up initial accounting procedures and books and records
- Transferring assets into the LLC
- Conducting business in the name of the LLC and signatures
- Operating under an assumed name “DBA”
- Operations in other states
You should not go this alone, call our office to assist you in determining which legal structure will best suit your business and how to properly set up your entity.
Learn More
Edward H. Gowett has the professional know-how and experience you need when forming your business. Contact Edward H. Gowett today, to discuss your options.