WHICH BUSINESS STRUCTURE IS RIGHT FOR YOU?
Just like a house, a skyscraper, or anything built to last, your business needs a sturdy structure, built to uniquely accommodate whatever goes on under its roof. That begs the question: What’s the best structure (or “restructure”) for your business? While only you know for certain the structure that will suit it best, below are a few things that might be helpful to consider while in the entity formation process. HOW EASY ARE THE DIFFERENT STRUCTURES TO SET UP? Sole proprietorships and partnerships, while they don’t offer the best liability protection, are incredibly easy to set up. All you have to do to set up a sole proprietorship is register the business with the county clerk. Other business structures, like limited liability corporations (LLC), C corporations and S corporations have to be registered with the local secretary of state and adhere to a set of record-keeping conditions to maintain its limited liability protections, which can be time consuming. HOW WILL DIFFERENT STRUCTURES AFFECT MY TAXES? Different business structures have different tax benefits and drawbacks. For example, if you structure as a C corp, then you’ll have to deal with double taxation — taxation on your A FEW FACTORS TO CONSIDER
business’s revenue, and your personal income — as a result. However, if you structure as an S corp or an LLC, then the tax burden will rest only on your personal income. However, both S corp and LLC owners are also subject to the self- employment tax for their salary and their total take-home profits, respectively. HOW EASY IS IT TO TRANSFER OWNERSHIP WITH DIFFERENT STRUCTURES? If it’s important to you that you’re able to transfer ownership of your business with ease, then there are some business structures that help you do that. S corps and C corps make ownership transfer particularly easy. Since ownership is based on shares held in the business, all you have to do is transfer ownership of your shares to the new owner. However, if you want to transfer ownership of a sole proprietorship or partnership, you have to sell the entire business. At REIBLAW, we specialize in entity formation and can answer any questions you have. Call us today at (940) 591-0600, or follow the link at ReibLaw.com/nlfree to schedule a consultation with us!
SLOW COOKER CHICKEN CASSEROLE
We want your feedback! In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 972.677.3002 .
Inspired by SimplyRecipes.com
INGREDIENTS
large chunks • 2 garlic cloves, sliced • 14 oz chicken stock • 1 sprig rosemary • Finely grated zest and juice of 1/2 lemon • 1/4 cup fresh parsley, finely chopped
• 8 chicken thighs or drumsticks, lightly salted • 1 tbsp olive oil • 1 tbsp all-purpose flour • 1 onion, finely sliced • 2 celery sticks, thickly sliced • 2 carrots, thickly sliced • 1 leek, thickly sliced • 1 lb potatoes, peeled and cut in
DIRECTIONS
4. Transfer vegetables to the
1. In a large frying pan, heat oil and fry salted chicken on high until brown. 2. Transfer chicken to the slow cooker. Add flour and stir. 3. In the frying pan on high heat,
slow cooker and add the stock, rosemary, and lemon zest. 5. Cook on high for 2.5–3 hours or until chicken is tender. 6. Check seasoning and add lemon juice to taste. Top with parsley before serving.
fry the onion, celery, carrots, leeks, and potatoes until lightly browned. Add garlic and fry for 30 seconds.
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