It’s All Ball Bearings

There are very significant differences between the various types business entities that are available for formation. But few of my clients have any meaningful ability to differentiate between a corporation, a limited liability company, or a partnership. Fewer still can explain the nuance of a professional corporation, or a limited partnership. So which one should you choose when you are starting a new business venture? That depends.  But what is clear is you should make an educated decision, based upon existing and future goals and expectations. The decision should be made with reference to potential legal and tax implications, so it is a good idea to discuss the matter with your accountant as well as your attorney.