LLC, S Corporations, C Corporations, General Business Planning
The choice of which legal entity to use for a business is one of the most important decisions that a start-up venture will face. In Michigan, the most common options for operating a business are a limited liability company (LLC), an S corporation, or a C corporation.
Today with so many options available in terms of business formation, it is more important than ever to choose the correct business entity and more importantly make sure that the entity is formed correctly and that the owners understand their responsibilities to maintain the protections that are available to them. We often see clients with generic forms that do not relate to their personal situation and do not take advantage of the many benefits that a properly formed Michigan entity can offer.
It is important that we understand your personal situation, risks, and desires to evaluate the tax implications, liability issues, asset protection, and management structure that is optimal for your business success. We assist you in evaluating your situation and choosing the entity structure that best fits your goals. Once an entity choice has been made, each has its own requirements for planning, structure and relationships. An agreement will be created to define the relationship between the members, managers, partners, and shareholders.