Here are the things we are concerned about when you are starting a company (or taking on a partner):
- Liability Protection – are your personal assets protected from business debt and legal claims?
- Taxes – the type of entity you choose has different tax liability. Please speak with your CPA on this one- it’s a big deal.
- Management and Control – this can be the most overlooked and important area. How much control do you want to have over the business? Who can make decisions and to what extent? Let’s talk this over before you create a company or add a partner.
- Growth – if you plan on growing significantly then think long-term for a minute. You may want a structure that allows for fundraising and easier transfer of ownership.
- Cost and Complexity– some people want things to be simple and not administratively burdensome. We understand. This may impact the type of entity you choose.
- Credibility – certain business structures are more credible in the world’s eyes. This may be important depending what you are doing.