Tax Considerations in Choice of Entity, and Working with LLCs, Part 1
| July 31, 2007 |  View for printing |
A variety of business entities can be availed of to conduct a business. Choosing the best generally entails a two-tier analysis. First, the type of state law format or entity must be selected, from among a proprietorship or division, partnership, limited liability company, corporation, or trust. Both income and non-income tax considerations play a role in that choice. Second, assuming a particular state law format or entity, then its income tax classification must be determined. Obviously, that determination is based solely or almost entirely on income tax considerations.
by George R. Goodman of Foley & Lardner LLP
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