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ONE WASHINGTON STREET
EAST STROUDSBURG, PA 18301

Business Consultants Poconos

Business Entity Consulting

BUSINESS ENTITY CONSULTING

Our business consultants in the Poconos can help owners determine the most advantageous business structure for their company. Each and every business owner must begin by making the important decision on how to domicile their company and choose the most optimal tax entity. Although these decisions may seem cut and dry, it is always useful to have an experienced tax professional on your side. From the time of entity formation to several years into operation, there are numerous moving parts in the decision matrix for any entity selection scenario. We have helped clients with one or two employees grow into entities with several hundred employees. With the close consult of independent tax attorneys, we can help your company make sure it stays on track. As part of our business consulting services, we rely on our many network contacts to best facilitate any tough business decisions.

What Are The Different Types Of Business Entities?

There are many different types of business structures recognized by the Internal Revenue Service. These business entities have different tax considerations that must be taken into account when choosing the right entity for you. Below are the most common types of business entities.

Types Of Business Entities

Sole Proprietorships

Considered the simplest entity structure, a sole proprietorship refers to a person who owns a business and is personally responsible and liable for all its debts.

General Partnerships

A general partnership is an agreement between two or more partners to share the assets, profits, and liabilities of a business venture. All partners have unlimited personal liability in a general partnership.

Limited Partnerships

A limited partnership refers to an arrangement between two business partners in which one partner assumes full liability and the other partner’s liability is limited up to the amount they have invested.

S Corporations

S corporations are smaller, closely-held corporations. These corporations are legal entities and their shareholders are protected from liability. Shareholders of an S corporation must report company revenue as personal income to avoid corporate income tax, as per IRS requirements.

C Corporations

C corporations are either large or small corporations that are taxed separately from their shareholders. C corporations are considered legal entities and their shareholders are protected from liability.

Limited Liability Companies (LLCs)

Limited liability companies are considered hybrid entities. LLCs are a mix between a corporation and a partnership. If the LLC has one owner, it is taxed like a sole proprietorship. If there are multiple owners, the LLC is taxed like a partnership.

Not-For-Profit Organizations (NPOs)

Not-for-profits are considered legal entities that do not earn profits. Instead, all revenue raised by the company is used to maintain the organization and meet its objectives. NPOs that fulfill the IRS’ requirements are exempt from federal income taxes.

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Do Your Business Consultants Have Experience With Different Business Entities?

Yes. Weseloh Carney & Company LLC has helped countless businesses identify the ideal entity structure. Our Poconos business consultants understand the nuances and tax requirements for each type of business entity. We have advised sole proprietorships, partnerships, corporations, LLCs, and not-for-profits. Additionally, we have helped many businesses throughout Pennsylvania and the surrounding states.

What Are The Benefits Of Choosing The Right Entity For My Business?

Choosing the correct type of business entity is a critical decision that can have longstanding tax benefits and implications. Depending on the specifics of your company, as well as your business goals, you may benefit most from a specific type of entity. Choosing the wrong business entity structure can lead to you paying more taxes or failing to fulfill certain tax requirements.

Some of the most common benefits of choosing the correct business entity include:

  • Reduced Income Tax
  • Liability Protection
  • More Flexibility
  • Improved Opportunity For Employee Benefits
  • Ease Of Business Expansion
  • Ease Of Business Succession

What If I Want To Change My Business Entity?

If you are looking to change your current business entity structure, the Poconos business consultants at Weseloh Carney & Company LLC can help you understand your options. The process of changing a business entity varies from state to state. It is necessary to have a qualified professional by your side who knows the requirements and rules involved. Our team can meet with you to help determine the best path forward for your business.

How Do I Learn More About Your Business Entity Consulting Services?

Our business consultants at Weseloh Carney & Company LLC would be happy to speak with you in more detail regarding business entity consulting. Please give us a call at 570-424-1040 or request a free consultation online.

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