The challenge is that most people don’t know which structure to use either because they don’t know what the options are or no one told them how to weigh the pros and cons of all the possibilities.
Provo, UT (PRWEB) May 10, 2013
The business structure is one of the most important parts of starting business. Many people don’t understand this; they just start into business, and hope they make it. LegaLees has released a new article on understanding the importance of the business structure. The business structure determines how the company will be run and what the members or managers responsibilities are. It can also determine how the company will be taxed. It determines your asset protection and how much money they take home. Unfortunately many times the business structure gets no attention when a business is started.
Because of the importance of the business structure to its overall success, Attorney Lee Phillips has written this article and also created the LLC Wizard which has a business formation table. This table is designed to help folks determine which business structure they should use.
There are several business structure options. Each structure has different tax implications, management options, costs and registration requirements. Attorney Phillips affirmed, “The challenge is that most people don’t know which structure to use either because they don’t know what the options are or no one told them how to weigh the pros and cons of all the possibilities.”
Most people who start a business just start to sell and don’t bother to get a business structure in place. What they don’t realize though, is that if the business structure isn’t in place, they will never have the tax and money making advantages they could have had. Nor will they have the asset protection and their protection will not hold up in court.
Attorney Lee Phillips runs a law firm in Provo, Utah that litigates business issues. Out of 103 businesses they have sued, the owners have been found liable in all 103 cases. The business structure has the job to protect the owners from lawsuits. However, because they weren’t set up right and formalities met to maintain the LLC, it’s basically worthless.
Mr. Phillips serves as a counselor to the Supreme Court of the United States. He is the author of 11 books, including his latest book Protecting Your Financial Future. He has written hundreds of articles for professional people to assist them in finding various strategies to use the law to protect their property, save taxes and make more money. He has given addresses at thousands of business seminars. He enjoys helping people apply the law, not only to provide asset protection and estate planning, but to use it to structure businesses and save taxes, helping individuals achieve success.
LegaLees was founded in 1982 by Lee R. Phillips. It is a legal self-help publishing company. It produces products designed to help people understand the law. Based on his own personal experiences, Mr. Phillips realized that people needed to be able to understand how the law works so they can direct their own legal professionals. He also saw that people who want to do their own legal work need to be shown how, not just handed a fill-in-the blank form. LegaLees has designed many products to help individuals structure their personal and business affairs. All of the products help the clients protect assets and prevent legal disasters that can strike at any time.