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Business Entity Paper

            
            
            
            
             The key issues are the boys are running the business. They want to expand it which will take more money and keep in control. The aunts are elderly. They cannot accept any significant personal liability. The aunts want income to live on. The boys want control and now the aunts have an equal voice although they are not using it. The aunts may die and could leave their interest to an outsider. They want to sell the business later.
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             Sole Proprietorships, Limited Partnership or General Partnership.
             The business is currently a general partnership without a partnership agreement. Since there will be multiple owner we can eliminate sole proprietorship as an option. The liability issue for the aunts and control issues means we must eliminate a general partnership as it does not meet the aunts needs for no personal liability. It also does not provide for the boys to control the company as all partners have a voice in the business generally. We could form a limited partnership but the formation cost is generally very high in most states and it will not make raising additional capital later easier. There are much better choice so this is eliminated. .
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             Corp or LLC.
             Thus, the remaining choices are Corporation or an LLC. The cost of forming either an LLC or a corporation are about the same in most states. First you form a corporation then you become an "S" by applying to IRS. The cost of forming an "S" corp is generally higher since in addition to the formation costs you have the compliance process with IRS to become an "S" corp. In many states the annual fees and filings for both corporations and LLC are identical. However, with an "S" you will have additional IRS filings and restrictions. Both the LLC and corp will address the liability issue for the aunts. .
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             The tax implications are significant here. The plans call to grow the company and then sell it. To grow the company all profits must be reinvested in the company.


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