Turner Financial Services    Starting a new business?? In order to carry on a trade or business, a type of business entity must be chosen. For all practical purposes, the four major business entities are sole proprietorship, partnership, corporation, and limited liability company. The most efficient way of selecting a business entity revolves around trying to match the needs (present and future) of the business and its owners in legal, financial, and tax-related areas. In other words, this selection process becomes a form of a needs analysis study. In some cases, it is relatively easy; in fact the choice may be practically automatic. In other cases, it can be quite complex to coordinate the current and future needs of both the business and its owners. There are a number of variables that should be addressed in this process to help delineate it. Further, the advantages and disadvantages of each type of entity from a legal and tax perspective play important roles in the overall planning process. Selecting the best type of business entity is as much an art as a science. This should match the type of business, and the individual needs and wishes of the owners. In addition, it should anticipate the developmental aspects of a changing business so a look into the future is often necessary. To try to make this selection process as efficient and effective as possible, two actions are in order. First, make out your own "wish list" of what you want and need in a business organization. Second, consider getting professional advice from a legal and accounting perspective as early in the selection process as you can. It can be some of the most important advice your business will ever receive. Let us do it for you!