It’s a brand new year… Does your business structure support your business goals?
It’s a brand new year… Does your business structure support your business goals?

Solid legal structures based on setting up the right business entity and working with customized contracts are essential for business success. But is your business structure outdated based on where you’re at today?

The legal structure you originally set up has worked for your business to this point, but each year brings numerous changes to tax laws, employment laws, and other areas that may impact your business and its liability implications. As we continue to grow and evolve in our business, it’s always a good idea to check in with your business attorney, accountant and tax advisor regarding where your business is at and where it’s going.

There are a number of reasons you may want to consider forming a new entity in this New Year. 

Are you taking on new operations or services that would require having a different organizational structure or keeping these separate from your core business?  Maybe you need separate entities set up for business you’re doing in other states or regions? Perhaps you’re looking at selling or taking on new partners which could require an investment structure. If you’re going to acquire any real estate for your business, this would also be a good time to set up a different legal entity to keep assets separate where it makes sense both legally and financially.

Business owners looking to grow and expand their businesses often do so by acquiring new assets, buying real estate, venturing into a new industry, or by acquiring an existing business. In many of these situations, it makes sense for business owners to establish a new entity to operate the new business or to hold the new assets. Learn more about entity formation.

Whether you’re in the process of considering which type of entity to form or if your business has been established for years, having a strong relationship with a business attorney and tax advisor will help determine what is the best taxation structure for the entity.  Even after a business structure is established, remember that the circumstances that make one type of business organization favorable are always subject to changes in the laws. It makes sense to reassess the form of business from time to time and having the right team in place makes this process easier. Learn more about business structure basics.

Chase Law Group can help guide you through the process to determine the best course of action to meet your business goals. Feel free to contact us and we can help set you up for success.