Need to provide some information to an attorney or tax professional so they can help? The Business Entity Planning Worksheet is a great start. →TL;DR: The new tax law cuts the corporate tax rate to 21% and gives pass-through entities a 20% deduction. The reforms won't impact entity choice in a big way, but converting to a C-corp might make sense if your business income or industry make you ineligible for the 20% deduction. There's no one best business entity choice for all small businesses, but there is a best option for your small business right now. Use the tips above to figure out what that is. Your choice of business entity is a very important one. It can affect how people perceive your business and has a big impact on your legal exposure and finances.