Business Owner’s Guide: The Cycle from Start-up to Exit - Video Series
July 01, 2014
People starting a business for the first time often don't know where to begin. They have a great idea, product or service that they are looking to take to market, but often don't know to consider things like entity structure, tax implications, succession planning or exit strategy to name a few. As a firm, we know how important it is to create a strong platform on which to grow. It's similar to building a house: The foundation and framework need to be strong in order to sustain the larger structure. We often see that businesses can fail under the weight of themselves if not properly set up or financed. And as they grow, considerations to the future need to be addressed. Below is a series we've developed titled Business Owner's Guide: The Cycle from Start-up to Exit. The 5 segments of this series are:
- The importance of choosing an entity that's right for your growing business
- Tax implications when starting, running and exiting a business
- Financing your business
- What to do when transitioning your company
- Exit Strategies
The series touches upon several areas of consideration. The one thing to keep in mind is that all these things need to be considered long before they actually happen. Being well prepared for the current and future of your business will benefit the growth, succession or eventual sale of that business.
Choosing an Entity: Which One is Right for You?
Tim O'Rourke, Partner in our Private Business Services Group, discusses the different entity types that business owners can choose from. There are 5 corporate structures: sole proprietor, c-corps, s-corps general partnerships and LLCs. He stresses the importance of choosing an entity type that not only fits your short term cash flow and income tax planning goals, but is also properly structured for future financing needs as many venture capital firms require an entity to be organized in a certain manner. Being cognizant of these possibilities will always put you in a better position for future growth and expansion.
Things to Consider When Choosing an Entity
C-Corps & S-Corps
Business Owner's Guide: The Cycle from Start-up to Exit - Video Series