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William Manchee

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Blogs by William Manchee

Defending the Small Business - Part 21 Form of Business
2/19/2009 5:43:30 PM
Small business owners often make the mistake of doing business as a sole proprietorship. This is usually a mistake...
One of the first decisions that will have to be made during the reorganization process is what type of entity will best suit your business. Most small businesses come to me as sole proprietorships. This rarely is the optimal form of a business as it is important to keep the individual and business separated for efficiency and protection of personal assets. Usually a limited liability company, corporation, or limited partnership is what is needed.

A corporation has traditionally been the vehicle of choice for small businesses. It is a distinct entity, which is itself a taxpayer. It provides centralized management, liability protection to its stockholders, and free transferability of interests. It is well understood and recognized as the “normal” way to do business in America.

A limited liability company is a more recent breed of business entity, but it is rapidly becoming the obvious choice for the SBO. It provides the same centralized management, free transferability of interest, and liability protection, but has the option of being taxed itself or being taxed like a partnership. Normally, the SBO will elect to be taxed like a partnership so the profit and loss of the business will pass through to the owner directly. This eliminates any possibility of having profits taxed as a dividend and allows the SBO to use business losses to offset other personal income.

Occasionally a limited partnership will be the vehicle of choice if there are investors who want to put money in the business, but do not want operational responsibility. Limited partnerships can often provide tax advantages and other advantages that a corporation or limited liability company cannot. Therefore it is important to look closely at the business with your accountant and attorney and determine which type of organization is best.

Once the choice has been made a conversion must take place. This can be a fairly complicated process that must be done very carefully to avoid adverse tax consequences. If a conversion is not possible, sometimes the best approach is to shut down the old business and start over in a new business vehicle. Either way, it is important to get this done quickly, as the business vehicle in which you operate is the foundation upon which you will build your newly restructured business, and you want it to be strong and durable.

Next - Accounting and Bookkeeping


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More Blogs by William Manchee
• Why Many Intelligent and Talented People Fail in Business - Monday, May 07, 2012
• Getting the Mail Can Be Risky Business - Friday, May 04, 2012
• Consumers Suffer Grievous Injury When Creditors Improperly Report Their Credit after Bankruptcy - Thursday, May 03, 2012
• The Effect of Print on Demand to the Small Press Author - Monday, July 04, 2011
• Nine-Eleven's Impact on the Small Press Author - Sunday, July 03, 2011
• Has Your Mortgage Company Ripped You Off? - Saturday, August 07, 2010
• Wrongful Foreclosure - Tuesday, February 16, 2010
• Don't Throw Away The Evidence - Friday, January 15, 2010
• Brandy - Saturday, October 17, 2009
• Why I Write in Different Genres - Wednesday, August 12, 2009
• Cash for Clunkers Bad Idea for Many Consumers - Monday, August 03, 2009
• Beware of Debt Negotiators - Tuesday, May 05, 2009
• Top Ten Reviewers - Tuesday, April 28, 2009
• Debt Collector Put Out of Business In Texas - Sunday, April 26, 2009
• Defending the Small Business - Part 23 - Changing Your Ways - Tuesday, April 07, 2009
• What Every Bankruptcy Filer Should Know - Part 3 - Will Filing Bankruptcy Ruin Your Credit? - Thursday, March 19, 2009
• Defending the Small Business - Part 22 - Bookkeeping and Accounting - Wednesday, March 11, 2009
• Chill, It's No Big Deal - Sunday, March 01, 2009
• What All Bankruptcy Filers Should Know - Part 2 - Wednesday, February 25, 2009
•  Defending the Small Business - Part 21 Form of Business - Thursday, February 19, 2009  
• What Every Bankruptcy Filer Should Know - Saturday, January 31, 2009
• Defending the Small Business - Part 20, Getting an Attorney - Sunday, January 25, 2009
• Defending the Small Business - Part 19 - Employees, Double Trouble - Sunday, January 11, 2009
• Defending the Small Business Under Siege - Part 18, Loan Consolidations & Workouts - Sunday, January 04, 2009
• Defending the Small Business: Part 17 - Bankruptcy: Friend or Foe? - Monday, December 29, 2008
• Tarizon: The Liberator Launch Update - Friday, December 26, 2008
• Defending the Small Business - Part 16 - When the Constable Knocks - Friday, December 05, 2008
• Defending the Small Business - Part 15 - State & Local Taxes - Saturday, November 22, 2008
• Defending the Small Business - Part 14 - Dealing With IRS Collections - Wednesday, November 12, 2008
• Defending the Small Business - Part 13 - Uncle Sam, The Sleeping Giant - Thursday, November 06, 2008
• Defending the Small Business - Part 12 It's Not As Bad As It Looks - Monday, November 03, 2008
• Defending the Small Business - Part 11. Misfortune - Tuesday, October 28, 2008
• Defending the Small Business: Part 10. Competition - Thursday, October 23, 2008
• Defending the Small Business. Part 9. Theft & Embezzlement - Monday, October 20, 2008
• Defending the Small Business - Part 8. Greedy Lenders - Sunday, October 19, 2008
• 7 - Defending The Small Business: The Credit Conspiracy - Saturday, October 18, 2008
• 6 - Defending the Small Business - Giving it away. - Thursday, October 16, 2008
• 5. Defending the Small Business: Starting on A Shoe String - Wednesday, October 15, 2008
• 4. Defending the Small Business: Suffocation - Tuesday, October 14, 2008
• 3 - Defending the Small Business: Looting - Monday, October 13, 2008
• Understanding the Current Economic Meltdown - Saturday, October 11, 2008
• 2 - Defending the Small Business - Doomed From Day One - Saturday, October 11, 2008
• 1 - Defending the Small Business: Introduction - Friday, October 10, 2008
• The Stan Turner Mysteries - Sunday, March 25, 2007


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