Small businesses make up 99.6 percent of all Ohio businesses. In fact, 32 – 46 percent of small business employment in Ohio comes from Hamilton County alone. While creating your own business can be incredibly rewarding, it can also be overwhelming. Often times, knowing how and where to start can be the biggest challenge.
One of the most important decisions for a new business owner is determining the legal structure of their new company. This is something that should not be taken lightly and should be done with sound counsel from experts.
There are several very important factors to consider setting up a new business: Liability, taxation, location and record keeping. From there, determine which of the various entities best fits the ultimate vision of the company: see Rudler PSC e-Tip Entity Choice For Your New Business for details
With the recent Tax Cut and Jobs act of 2017 (TCJA), it may actually be a great time for veteran business owners to reevaluate their entity structure and its impact on taxes as well.
No matter the age of a company, owners should always take into consideration the full picture of the business, not just the numbers. Working with a lawyer and Certified Public Accountant (CPA) from the very beginning can help reduce liability and set a business up for long-term success.