This is the first post in a series on starting a business in the San Bernardino, California area or in Rancho Cucamonga. I have decided to write on this topic because our state is home to many entrepreneurs and not choosing the right business structure early on can have serious consequences down the road. I cannot stress enough that it is important for you to get things off on the right foot. Retaining a business law attorney to assist you can be of great benefit.
I will address a number of topics over my coming posts. Subjects I will be discussing include:
- Choosing the right type of entity for your new business
- The tax benefits for small business owners utilizing an “S Corp”
- Whether you require an attorney to organize your new business structure
These are important topics for several reasons. First, failing to choose the right business structure can lead to paying additional taxes, potential personal liability for business transactions, reduced transferability, as well as making it more difficult to expand in the future. Second, many small business owners could utilize the benefits of an S-Corp, but do not. These people may very well be paying excess self-employment taxes to the federal government. Finally, while an attorney may not be required to get things off the ground, retaining counsel can help you ensure that you do not have problems in the future.
It is easy to feel overwhelmed by the “business side” of owning your own company. It is important to remember, however, that you have given up your old profession to become a business person. If, for example, you are a chef who has opened his or her own restaurant in which you cook then you are now a business owner and not a chef. This is true even though you cook in the restaurant. Failing to recognize that you are an entrepreneur can lead to your neglecting the business side of things and running into problems down the road.
I have extensive experience in helping small and medium sized businesses get off the ground. In addition to my law degree, I hold a Master’s in leadership and management and a Bachelor’s in Business Administration with an emphasis on Entrepreneurship. I take pride in the level of service our firms provides to clients. Results vary based on facts, circumstances, and legal issues involved. All cases must be properly reviewed prior to determining applicable law and likely conclusion. Call today to speak with a San Bernardino business law lawyer. I also service Rancho Cucamonga, Fontana, Ontario, Victorville, Rialto, Hesperia, Chino, Upland, Apple Valley, Redlands, Highland, Colton, Yucaipa, Montclair, elsewhere in the Inland Empire, as well as Los Angeles.
CIRCULAR 230 DISCLAIMER: Any tax advice contained in this communication, unless expressly stated otherwise, was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties that may be imposed on the taxpayer under the Internal Revenue Code or applicable state or local tax law or (ii) promoting, marketing or recommending to another party any tax-related matter(s) addressed herein.