As a business owner, one of the most important decisions you will ever make is how to structure your business. Will you operate as some type of legal entity, like a corporation, limited liability company, or partnership? Or will you operate as a sole proprietorship?
Your primary goals when choosing how to structure you business are asset protection and tax mitigation. The business structure you choose should provide maximum protection of your assets in the event you are sued. Additionally, it should afford you minimal tax liability.
Although your CPA may provide you with some advice in this regard, it is best to consult with a professional financial planner before making a final decision about which business structure to use. Your financial planner is an integral part of your team and can create a plan for you that will help you achieve your financial goals more quickly. With the right financial plan, the average person can shorten the time it will take to achieve their financial goals by five to ten years.
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