Formation Entity in Michigan
Successful businesses are built from the ground up and their triumphs are the result of strategic planning. This begins before a business has been formed, as business owners must choose the most advantageous business entity. If you are seeking to establish a business entity, it is important for you to understand your options as well as the costs and benefits associated with each of them.
At Willis Law, our experienced Kalamazoo business formation attorneys have diverse backgrounds and a vast array of skills and specialties, covering the full range of business services. We can explain the pros and cons of various entities and help you develop and execute a sound formation strategy for achieving your objectives.
Understanding Your Business Entity Formation Options
For most individuals or groups starting a business in Michigan, there are four ways they can choose to organize their business entity:
- Sole proprietorship — A simple entity that does not provide liability protection to the owner
- Partnership — Can be a general partnership where all partners share in liability or a limited partnership where limited partners can avoid personal liability
- Limited liability company (LLC) — An increasingly popular option, LLCs provide personal liability protection associated with a corporation while offering more flexibility in taxation and operations
- Corporation — S-corps and C-corps are both attractive options for entity formation. There are significant differences in taxation between S-corps and C-corps that could be beneficial or harmful to your operation depending on your circumstances. Our attorneys can discuss with you and determine the right choice if you are interested in forming a corporation.
Starting a Business in Michigan? Contact Willis Law
Our Kalamazoo lawyers offer sound legal counsel and tremendous foresight in business entity formation. Contact us today to arrange a free initial consultation to learn more about your formation options.