Kaufman Law Group

Business Formation & Entity Selection

When starting or expanding a business, there are numerous important decisions to be made. One of the most important decisions is choice of business entity. At Kaufman Law Group, LLC, we are highly experienced in helping business owners select the most appropriate entity for their unique business situation, organizational needs and desired long-term business result. Our experience has taught us that proper planning at the inception of a business can prevent numerous stumbling blocks years down the road. Often, it’s best to start with the end in mind.

Understanding Entity Selection

For-profit businesses are often formed as an S Corporation, C Corporation or Limited Liability Company (LLC). These different entities vary in numerous ways including owner liability protection and tax consequences. Sole proprietorship and general and limited partnership agreements are also options for businesses.

In some cases, a more innovative approach to entity selection may be indicated. Our firm is familiar with the latest trends in entity selection including:

  • The Illinois “Series” Limited Liability Company
  • Limited Liability Company laws in Nevada and other states, which can be more favorable
  • Delaware Corporations

Strategic Planning for Business Formation

We have nearly 30 years worth of experience working with businesses of all sizes and helping clients understand the tax aspects of the various business formation choices. We approach business formation as a team effort in conjunction with the client and the client’s accountant. (If the client does not have a relationship with a CPA, we can refer him or her to a firm that we know and trust.) At Kaufman Law Group, LLC, we see entity selection as a part of the overall strategic plan for your business and take into consideration tax concerns, asset protection, business transition issues, business succession and estate planning.

Next Steps for New Business Owners

Once the first decisions on business formation are made, many more follow in the day-to-day growth and operation of a business. At Kaufman Law Group, LLC, we also assist our clients in other aspects of business operation including advising on human resources and employment policies, obtaining capital and dealing with lenders and negotiation of leases and real property acquisition. Contact us today to learn how our firm can help you start your new business on the right foot.