"I only wish that I had met you when I first started my dental practice. I received a 2012 tax refund check for the first time in more than 10 years from the IRS and Franchise Tax Board. "
- Dr. Lindsay G. | TestimonialLimited Liability Company
A limited liability company (“LLC”) is an entity created under state statute that combines the corporate characteristic of limited liability for all of its equity holders, or “members”, with partnership tax classification and flexibility in its operations. This type of entity is used for estate and gift planning vehicles; real estate development and holding; asset protection; joint venture vehicles, family businesses and as an all-purpose business form. Flexibility is one of the most significant advantages of an LLC, however an LLC may not be used for rendering certain services and another form of structuring may be necessary. Call our office to obtain assistance from a qualified Sacramento attorney for an appropriate choice of entity to consider the relative advantages and disadvantages of an LLC for any given situation.
Incorporating your business
For increased protection and tax benefits, you may want to consider establishing your company as a corporation. A corporation is owned and controlled by its members and the members are known as shareholders. The ownership, control and profits are determined by the portion of shares they hold with the company. Business owners should consider owning a C corporation or S corporation to minimize exposure to creditors and most often will need to implement several business agreements to enhance value from “inside” the corporation. Incorporating can complicate your tax return filings and there are a number of matters concerning federal, state and local laws that affect the legal status of a new corporation. One of the many benefits of working with our Sacramento firm Duncan Law | Duncan Tax is access to your Attorneys and CPA’s so that you can ensure compliance and discuss tax-savings strategies within your corporation.
