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What is the best way to organize my small business?

Our Professional Answer

When you organize a small business, there’s a lot of things you need to think about in the beginning that can give you a good structure for success and longevity later on. You should consult with your attorney about whether to open a business entity. You should consider whether you have partners or other people that you might want to give interest to in the future, and you should talk to your attorney and an accountant or tax professional about the tax structures of the businesses depending on what you want to do with it in the future. It is not as simple as open a bank account, get an [unintelligible 00:00:38], and move on. That can cause you a lot of taxable issues in the future and a lot of governance issues.