If you have a small business or are considering the start of a new business idea, there are some considerations that should be explored before you get too far into this tax year. Running a business can be fun and exciting (and hopefully profitable), so understanding what type of business to form is crucial in setting up protections for your new venture. Setting up a business can be done as a sole proprietor, corporation, partnership, and more. There are however some key reasons to consider upgrading your business filing to an LLC or an S-Corporation. In the following post we will identify the top 5 reasons you should consider updating your filings to one of these statuses for your business.
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