Entity Formation - Establish Your Business with Confidence

Determining your company's structure, governance, and tax obligations requires entity formation, which is the legal process of registering a firm with the state. At Scolnick Law, we help business owners and entrepreneurs choose the best structure to preserve their assets and guarantee sustained success.

The two most popular business formation options are corporations (C or S corporations) and limited liability companies (LLCs), each of which has unique benefits and things to keep in mind. With fewer formalities and more tax alternatives, LLCs are well-liked for their ease of use and flexibility. While permitting earnings to flow to owners, who then report them on their taxes, an LLC shields members from personal accountability. Additionally, their managerial structure is simpler.

Contrarily, corporations offer a more formal structure with more legal protections and possible tax benefits, particularly for individuals wishing to issue shares or generate money. Although C corporations are subject to double taxation—once on corporate taxes and again on shareholder dividends—they also permit more reinvestment in the company than S corporations, which permit pass-through taxation akin to that of an LLC.

We at Scolnick Law will guide you through the intricacies of entity formation because we are aware of the subtleties of these structures. Choosing the right entity is a critical step in securing your business’s future, and with our expertise, you’ll make the best decision tailored to your goals.