Are you starting a new company or medical practice in San Diego or Southern California? What is the best entity for your new company or practice and how will you know which options and elections to select?
So Many Corporate Entities to Choose From
How do you select the best entity for your new company or practice? There are so many corporate entities to choose from in California. Should you choose a Limited Liability Corporation or LLC? Would an S-Corporation or C-Corporation be better for your unique circumstances? Do you qualify for a California Professional Corporation or PC and, if so, would it be a good strategy to pair it with a Management Services Organization or MSO?
The business formation attorneys at the Watkins Firm have advised San Diego business owners and start-ups for more than four decades here in San Diego and Southern California. We can help you to select the specific entity that will provide the greatest opportunity for you to keep as much of the fruits of your labors as possible while providing important personal protections against creditors and corporate liabilities.
Why Do You Need a Business Entity, Anyway?
The first step is to understand why you need a business entity in the first place. This is not just an “image” that you project into the commercial world or some name under which you conduct your business. The LLC, S Corporation, C Corporation or California Professional Corporation or PC are legal entities that establish a separate legal identity from you, personally. This “corporate veil” protects you, your spouse, your home and assets and your personal checking, savings and investment accounts from the liabilities and creditors of your company. These protections apply to the other owners of your business entity as well.
Without a business entity, you would simply conduct business as yourself and when a lawsuit or dispute arises, they would come after everything you own and all the money you have.
What is the Best Entity for Your New Company or Practice in San Diego or Southern California
What is the best entity for your new company or practice in San Diego or Southern California? Each corporate entity provides advantages and disadvantages depending upon the nature of your business, the number of individuals involved, the geographical scope of the company, the income you expect to generate and the flexibility you need to manage your business and make independent choices.
The experienced business formation and corporate attorneys at the Watkins Firm will help you to understand which entity is best for your new San Diego business and handle all of the corporate documents, shareholders’ agreements, operating agreements and related contracts that protect the company and its owners while providing continuation and succession planning when unexpected events arise.
Learn more about forming your new company. We invite you to review our recent Podcast Episode 34 – Business Formation as well as the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
