There are many types of business entities available and many factors that must be considered when determining the best entity for a given situation. Before deciding, it is important to know the various types of business entities available and the differences between them. The different types of available entities include:
- Limited Liability Companies (LLCs)
- S Corporations
- Sole Proprietorships
- General Partnerships
- Limited Liability Partnerships (LLPs)
- Limited Partnerships (LPs)
- Limited Liability Limited Partnerships (LLLPs)
- Limited Partnership Associations (LPAs)
The differences between these entities range from minimal to significant and may include tax consequences, number of owners, management structure, types of ownership interests, transferability of ownership interests, operating documents, and documents required to be filed with the Colorado Secretary of State and/or the Internal Revenue Service. Our firm can assist you in understanding the advantages and disadvantages of each entity. In addition, our firm both prepares and files the documents necessary to form the entity of your choice.
HOW WE CAN HELP
Dennis M. Lanphier, Esq., CPA, LL.M., is an experienced business attorney and certified public accountant that has successfully represented both domestic and international clients in the business formation process. He can provide you with valuable guidance for choosing the entity structure that best meets the current and future needs of your business.
Learn more about some of the most common entity types in Colorado: