Bill Ernst moderated a discussion of business entity selection issues with a CEO Roundtable from the City of Cincinnati Regional Chamber of Commerce. Bill presented an overview of the various entities commonly available to business owners, explaining some of the pro’s and con’s each entity offers. Attorney Thomas Cunni also participated in the presentation, offering legal insights into the selection process he has gained through many years of working with entrepreneurs.
After a three hour give-and-take with members of the Roundtable, both presenters felt they had succeeded in getting the roundtable members to agree that no one entity is right for everyone. Each entity has its own advantages and disadvantages. Before beginning to look at the entities an owner must be able to articulate the goals they are trying to accomplish with their business. Also, they must be aware that any unusual circumstances in their business or personal life may change the options an advisor can offer. Too often owners become enamored with a particular entity type that seems to be in fashion at the time, only to learn that as their business changes the entity they choose was not the best alternative.
With all the available entities (i.e. Corporations, Partnerships, LLCs, Trusts) available, the wise choice may be to not choose one entity over another, but to use multiple entities instead. Combining a C-corporation and an LLC, or an S-Corporation with single member LLCs might allow the owner to have his cake and eat it too.
For more information on Business Entity Selection, please email info@ernstandrabe.com. We will be happy to send you our summary of the major advantages and disadvantages the various entities offer.
Resources ~ E&R News
| Resources |
| - Newsletter |
| - Information Center |
| - Financial Tools |
| - E&R News |
| - Blog |
| - Books/Articles |
| - Recommended Links |
| - Contact Us |
| - Directions |
| - Map |
| - Upcoming Events |
 |
 |
 |
 |
 |