Business Entity Planning Worksheet Style 99

If you're seeking to establish a sole proprietorship, partnership (general), limited partnership, "C" corporation (regular), "S" corporation, or limited liability company, the Business Entity Planning Worksheet will help you list the most important details, particularly with relation to liability and income tax considerations. You can include information about the business property, where the business will operate, management structure and employees, and employee benefits. →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.

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