ENTITY SELECTION

Whether you are just starting out or whether you are an established business, it is never too late to consider your choice of business entity, especially as it relates to income taxes and liability protection.

For income tax purposes, you and your sole proprietorship are treated as one taxpayer, while partnerships and S corporations are pass-through tax entities that pass items of income and deduction through to you, and C corporations are separate tax entities on which you pay a double tax--once at the corporate level and again when dividends are distributed.

Different entities provide you with different levels of liability protection and have different tax implications.  GMG CPA can help you navigate choosing the appropriate entity for your business. 


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