Business Entity Selection:

By far the most important requirement of any business is to have a solid foundation to build upon. As a new or existing business owner a decision that cannot be taken lightly is that of choosing the appropriate legal and tax shell to protect your idea or process. At Gonzalez CPA, we start from your idea and build a vehicle that will transport and protect your assets and your business venture.

Sole Proprietorships:   This is the most basic of business entities which is beneficial to some and to others highly volatile. Call us and set up an appointment to review your options.

Partnerships:   This type of entity is created through a relationship between 2 or more partners that might contribute money, property, labor or skill. It may be a “partnership” or “individual partners in a partnership” which require different documentation and have areas that one must be aware of.

Limited Partnerships (LP’s):  These types of entities are frequently used to acquire, operate and hold real estate. However, in case of liability situations the general partners are liable and not the limited partners.

Limited Liability Partnerships (LLP’s):  This entity is similar to a General Partnership; however the key difference is where the risk is placed. Also, the general partner runs the Limited Liability Partnership.

Limited-Liability Corporations (LLC’s):  This entity is highly used due to its protective nature or limited liability to the owners incurred through debts and actions. However, certain industries by law may not use this corporate representation as is prevalent in Department of Real Estate business formation requirements.

S-Corporations:  This corporation or entity is common and generally used for tax purposes. Here shareholders must report their income or loss through their personal tax returns.

C-Corporations:  Similar to S-Corporation; however the income for the C-Corporation is taxed. Shares may have different rights for investors.