Trying to Incorporate Your New Georgia Business?
Don’t Know Which Entity Type is Best For Your Business?
Choosing the wrong entity type for your business can cost you thousands at tax time. A bad choice though not forever etched in stone is not a easy fix.
Though you might have initially set up your new business as an C Corporation or an LLC, all is not lost as both entity types may file a Small Business Election/IRS Form 2553 to convert the entity over to an S Corporation for tax purposes.
Incorporating Your Business: Choosing a Business Entity Type
Make sure You Understand the Tax Effects of Entity Selection
Among the different ways of incorporating your business — C corporations, S corporations, and Limited Liability Companies — there are practical reasons for choosing a given method, such as the number of shareholders or liability considerations. For many small businesses that are going to consider incorporating in Georgia, the tax advantage of the Georgia S corporation should not be overlooked. http://www.hiscpa.com/article6.html
There are many reasons a taxpayer may look to incorporate their business ranging from legitimacy, liability limitation and tax mitigation. Understanding these many nuances is your best first step in ensuring that you chose an entity type is best achieving success given your business model and operations. Entity selection is determinant on many issues ranging from citizenship, number of shareholders, ease of operation, tax obligations and year-end filings and even who your shareholders will be. Though many of these issues will conflict, working with a professional who is well versed in these issues will help you make the best election available for your new Georgia Business.
Numbers 27:15-17 Moses said to the LORD, “May the LORD, the God who gives breath to all living things, appoint someone over this community to go out and come in before them, one who will lead them out and bring them in, so the LORD’s people will not be like sheep without a shepherd.”
When selecting a CPA for your business be sure to hire the very best CPA you can find. An award winning one would be a good start for that will show a pattern of peak performance and excellence.
Always before hiring a CPA, check their references. Know, don’t guess, what their clients have to say.
Also looking to hire a CPA who is well versed in many Business Management areas will do much to ensure that all areas of your company are being well-managed and not just your taxes.
Have a CPA who can also serve as a part-time/virtual CFO/controller is your best option to ensure the profitability and survivability of your company.
Atlanta Part-Time Virtual CFO
Visit us online at www.HisCPA.com A Christian Atlanta CPA Firm
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