Legal Updates & Commentary for Tax & Estate Planning
“But it’s my business. I own it.”
How many times have you heard this response from the owners of a business entity after you’ve advised them that they should not treat the entity as their personal bank account?
Too often, I’d wager.
What’s more, the response is not limited to…
The owners of a closely held business are generally free to select the form of business entity through which they will operate their business. In most cases, hopefully, the decision to operate as a sole proprietorship,[i] a partnership, an S corporation, or a C corporation will have been preceded by discussions…
