'LEGITIMIZE YOUR VISION'

• Ready to take the leap and be your own boss?
• Perhaps you've spotted gaps in the market that your business can fill.
• Maybe your side hustle is now bringing in reliable revenue.
• Are you seeking strategies to lower your tax burden?
• Do you aspire to make a significant, lasting difference in your community and globally?

If you answered yes to ANY of those questions, you must mitigate risk. Forming an LLC or Corporation is an INVESTMENT that creates a legal barrier to protect personal assets from business lawsuits.

Corporations offer the highest personal asset protection and tax advantages but have higher maintenance costs and more regulations.

LLCs are favored for flexibility. This U.S. business structure shields owners from personal responsibility for certain debts or liabilities. They combine the decision-making flexibility of a partnership or sole proprietorship with the protections and potential tax benefits of a corporation.

Do not confuse these entities with insurance; they are not the same. Insurance provides pay-outs for specific events, while these entities establish an extra legal barrier between personal and company assets.

Nonprofits are typically formed to benefit the public (charitable, educational, etc.), unlike clubs or cooperatives which primarily benefit members. Charitable organizations can pursue Sec. 501(c)(3) status for federal tax exemption.

Business Structures: Key Features

Limited Liability Company (LLC)

• Limits personal liability for business debts.
• Easier to manage.
• Offers tax flexibility.

Corporation

• Attractive to potential investors.
• Allows the sale of stocks and bonds.
• Ideal when officers' actions should be approved and overseen by a board (best for businesses with many employees seeking a hands-off approach).

Nonprofit

• Eligible for tax-exempt status.
• Donors can receive tax deductions for contributions.
• Greater access to grants.
• Qualifies for various discounts.
• Enhances organizational credibility.

Ready to establish legitimacy for your vision and protect your personal wealth?

Begin this essential first step by simply clicking the LIGHT ICON above to fill out our short form, and let Thompson's Business Consulting assisting with you make the critical decision about the best entity structure.