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Business Formation Consulting
Get holistic guidance on how to setup your business for success. GFG’s business formation consulting services provide financial expertise with legal compliance that will help you evaluate various business structures (such as sole proprietorship, LLC, corporation, or partnership) while considering:
- Tax implications
- Liability protection
- Operational flexibility
Contact us today to see how we can help.
Business Formation Consulting FAQs
Can you give me an example of a special S-corporation compliance issue?
Yes. S-corporation owners must pay themselves a reasonable salary before they take any distributions of equity if they materially participate in the corporation and if they meet ownership percentage requirements.
But what is reasonable? The answer is subjective, and we help you identify how much salary is appropriate. Paying too low of a salary can cause the government to reclassify shareholder draws as wages incurring additional payroll taxes, penalties, and interest. However, if you pay too high a salary then you may lose tax efficiency.
At some point, a very high salary may be necessary to maximize retirement planning. Identifying how this works in a client’s unique situation is where we add value.
Is there a business structure that you specialize in?
Yes. We work with all business entity types but we specialize in S-corporations. We help clients with the special administration requirements of, special employer/owner benefits of, and special tax benefits of S-corporations.
If I start with one entity type, can I change it later?
Usually yes. However, the process to change may be simple to very complex. Some formation types make it easier to change. We will help you determine if it is best to change and when to change.