How Do I Set Up My New Small Business?
Each of these various forms of business ownership has their own tax and liability ramifications. Our attorneys will help you sort through the maze of regulations, legislation, tax laws, employment issues, and other legal issues to determine which style of ownership best suits your business needs. We have attorneys who are licensed in both Ohio and Kentucky and can represent the small business operation in both jurisdictions.
Here Are Four Common Types of Small Business Ownership:
S-Corporation. An S-Corporation, or “S-corp,” must file a business tax return. A S-corp has advantages when it comes to avoiding self-employment taxes. As the owner of an S-corp, you can also be considered an employee, and you can pay yourself “a reasonable salary.”
Limited Liability Company (LLC). An LLC only needs to file a business tax return if there is more than one owner. An owner of an LLC also gets the benefits of “pass-through taxes.” The gain or loss shows up on the individual’s tax return.
General Partnership. Working with one or more partners gives you the benefit of shared perspectives. With another person’s input and your own, the two (or more) of you may make shrewder business decisions.
Sole Proprietorship. A huge benefit, of course, is that you have nobody to answer to in a sole proprietorship. You make all the decisions yourself, and you can move quickly, without needing to collaborate on strategy or operational moves.
Experienced Small Business Lawyers
Our law firm is able to work with your accounting representatives in resolving taxation and employment issues at both the federal and the state level.
We want to be able to provide quick answers and ready solutions to your business needs so that you can concentrate on the matters important to you in growing your business and in serving your customers and your clients.
We will assist in setting up the appropriate business entity, preparing and filing all required state and federal forms to help establish your new business entity and to help your current business entity remain in good standing at both levels.
If you are in need of a small business attorney in the Cincinnati area, please contact Donnellon, Donnellon and Miller today.