Business Planning - Start-Ups & Entity Formation

When forming a business, a multitude of important legal and tax issues must be addressed. You must determine what business entity structure best suits your needs (sole proprietorship, general partnership, professional limited liability company, professional corporation, etc.). 

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A well-drafted, enforceable entity agreement promotes a clear understanding between the owners and sets forth a roadmap for resolving internal conflict. 

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Besides fully understanding the tax consequences associated with the structure of your business, you will need to obtain various federal, state, county and city permits, along with licenses and registrations. 

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When forming a business entity, determine which entity type provides you with the most advantageous structure for federal, state and local taxes. For an existing business it may be advantageous for tax purposes to change the business entity’s classification. 

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Head back to our business planning home for help on all your Tennessee business planning needs. 

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