How Form 8865 Entity 2023-2024

Are you in the process of deciding which business structure is best for your company? Perhaps you're looking to decide which entity is right for you and can't quite decide, and have a few more questions. Well, one question we often get from startup businesses is, "Which entity should I choose? An LLC, an S corporation, a C corporation, a sole proprietorship, or a partnership?" If you asked a hundred different business structuring professionals which entity to form, you'll likely get some percentage of them recommending each of the different entities for you to choose from. If you talk to a tax professional or CPA, you'll get the perspective of how to set up and plan based on your tax situation. A bookkeeper may have a different viewpoint for ease of data entry. Talk to a lawyer and you'll probably get suggestions from the asset and liability protection side of things. Talk to a financing expert and you'll hear about the best opportunities for obtaining credit and capital. Talk to investors and they'll have a specific type of entity they will only invest in. Talk to a branding expert and they'll tell you which entity based on the image and marketability of your company. How do you know what's the right entity when getting all of these perspectives from different advisors? Well, there really isn't a wrong or a right answer. There's only what meets your needs the best collectively. So, ask yourself a few questions to get started in deciding which entity is right for you. First, do you want something easy to set up? Do you want something with little paperwork to maintain annually? Are you looking for asset and liability protection from lawsuits or judgments? Do you want to raise capital for the company or separate your business...