The most common mistake, particularly with LLC’s taxed as an S-corporation, is the failure of the business entity formation documents to qualify for the selected tax classification. This is common in situations where low-price online services are used. Under IRS scrutiny, this could lead to tens of thousands of dollars in unnecessary income taxes and penalties assessed against you. We combine our knowledge of tax laws with over fifteen years of business formation experience when we draft your formation documents to avoid such costly mistakes.
Yes, you can find an online service to provide you with articles of organization and help you get your LLC filed with the corporation commission for bare minimal costs. But you get what you pay for. If you skimp on the attention you give to forming your business, your will pay far more in the future when you find out that the bare minimum did not provide you with actual asset protection when needed, or when the IRS hits you with taxes, penalties and interest because the "do it yourself" plan lacked proper documentation or smart legal advice.
We understand the tax and non-tax implications between a corporation, limited liability company, S corporation and partnership. Our value lies in the details of how the business documents are drafted, how they integrate with tax planning opportunities, and how they are maintained over the life of your business.