Starting up a business is easy. Getting it right is hard.
Starting it up is easy, fixing the wrong choice of entity or getting money out tax free, if you get it wrong, is not. Those mistakes can cost a lot of money.
Choice of Entity
There are myriad issues to consider. The type of entity (corporation, Sub S, LLC, partnership, sole proprietorship), the taxation, how to put money in, how to take money out, who should be the officers, what insurance to get? How will the taxation will work? Should you have employment contracts? Are independent contractors OK? What are the traps for the unwary? Can the creditors ever get to my personal assets? What insurance do we need? What state should I incorporate in: Connecticut, New York? Are you going to be operating in Norwalk CT or South Salem NY?
John has participated in many business start-ups and has a lot of experience on what works and what doesn’t. Spend a little extra time, spend a couple of bucks and make sure you get it right. Pay now or pay more later.
Connecticut and New York have unique laws which require special planning.