A business writer refers in a recent article to the “crucial decision” that business owners must timely make regarding the form that their enterprise will assume.
Indeed, that is a vitally important consideration, since it will affect virtually every key aspect of business viability and operations both immediately and over the long term.
At the proven Southern California business law firm of Larson & Gaston, we couldn’t agree more that the term “crucial” is an optimal word choice when it comes to making decisions focused upon entity formation. Determinations on that score that will have huge implications for issues relating to tax, liability, profits and earnings, employer/worker relations, accounting methods, operations across borders, ownership roles, dissolution processes and many additional matters.
In the aforementioned article, author Roger Russell (a tax expert and senior editor with the publication Accounting Today) states that business principals across the country might logically view the present — as in right now — as being an ideal time to closely focus on entity considerations. And he says that such a focus today is timely regardless of whether they are at the inception stage of their business creation or are already well established and thinking of a potential restructuring.
And here’s why that is true, he contends: Material business tax reform is seemingly looming large in the near future and following the recent change in presidential administrations.
“[A] blockbuster of a tax reform [is] in the offing” now, says Russell, and that arguably makes the present “a good time to check into the possibilities and issues associated with each entity type.”
That can spell both challenge and exhilaration for business principals not averse to making bracing changes and adjustments within their companies that they believe will foster growth and drive profit.
A proven commercial law firm with a demonstrated record of client assistance in entity formation and planning can play an important role in helping entrepreneurs and established managers pursue those important objectives.