Entity Selection

When beginning a business, the first decision you must make is what form of business entity to establish. This is an important decision that impacts the way you file income taxes as well as the way you account for business expenses and revenues.

Here are some links to information on the irs.gov site that explain the most common businesses to establish:

-Sole Proprietorships

-Partnerships

-Corporations

-S Corporations

-Limited Liability Company (LLC) 

Understanding your entity choices can be difficult. Arlyce Richardson, Ltd. is here to help you make the right choice by breaking down the advantages and disadvantages of each entity option as it pertains to your business. We can also help you put together a strategy to set up bookkeeping, accounting and payroll services in line with your business and entity choice.