Starting a new business is difficult and expensive.   Many people chose a particular business structure based on limiting the owner’s liability.  Liability is a concern, but so are your expenses.  Choosing the proper structure at the very beginning can save you a great deal of money.  We can advise you on choosing a structure that balances the need to protect yourself from liability with the need to keep your expenses low. 

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With the rise of internet, many people choose to start a business by using online services after reading a variety of sources.  The problem with this approach is that many people do not understand the tax consequences of choosing a particular business structure.  For example, Tennessee has a Franchise and Excise Tax that many business owners will need to pay.  The state legislature has created certain exemptions to this tax, and it is important to understand how the tax is applied if you wish to claim an exemption.  If you qualify for an exemption, we will let you know how to ensure that you conduct your business in a way to keep that exemption. 

 

If you chose the wrong business structure when you formed your business, it might be possible to convert your business to a different structure to save money.  For more basic information about different business structures, click on the links below.  If you would like us to assist you in setting up or converting your business, please contact us. 

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