During the pandemic there were over 400,000 new businesses formed, the most since 2007. This outpaced the number of businesses which closed during the pandemic.
We have seen a number of businesses which were formed over the past year by well-meaning and cost-conscious entrepreneurs. These new ventures – both corporations and limited liability companies – frequently overlook some critical elements of a new business. In fact, the first question to ask is whether you should organize as a small corporation or a limited liability company. There are tax consequences and managment questions that should be considered in making the choice.