A group of impassioned Arizona entrepreneurs often commands sharp collective knowledge when it comes to fully understanding the material details of the products or services they seek to supply, their intended market audience and other core business considerations.
They also know the importance of all applicable laws and rules, which, as we note on the business formation page of our commercial law website at the Phoenix metro-area law firm of Cook & Price, PLC, include “tax laws, insurance coverage and employment law.”
Knowing the cumulative complexities involved in those things, start-up principals logically turn their focus to the proper entity selection for their enterprise, knowing that various business forms entail distinct advantages and, in some instances, disadvantages for the type of business that is contemplated.
Fledgling business teams often pose this question internally at a very early stage of a company’s development: Should we opt for a limited liability company or choose a corporation for our business model?
It’s a good — indeed, a critically important — query.
As noted in an online overview that discusses both those business forms, timely and close consultation with a proven business and commercial law attorney can be vital to help enterprise founders fully understand and evaluate the relative pros and cons of all formation possibilities.
A corporate form can yield many pluses for a new business. We note on our site “the importance of incorporating for liability protection, potential tax benefits and branding,” to cite just a few.
And many entrepreneurs can be equally excited by what the above-cited primer calls the “flexibility and simplicity” of a limited liability company. An LLC can also bring some advantages when it comes to avoidance of double taxation on property that rises in value.
Selecting the proper business form at the inception of an enterprise is obviously an exciting and critically important task. Having a knowledgeable legal team on board to flesh out the process and assist with all key details can help ensure long-term company viability and success.
Call Cook & Price, PLC today at 480-407-4440 or email us through this website.