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Tax Considerations in Choosing and Forming a Business Structure or Entity

Factors affecting the “choice of entity” can (should) include:

  1. Owner liability;
  2. Owner control and participation in management;
  3. Reporting and taxation of income;
  4. Changes in ownership – withdrawal, retirement and the like;
  5. Allocations of profits and losses;
  6. Rights among owners with respect to dispute resolution; and
  7. Licensing (e.g., LLCs in California).
  8. Under California law, providers of “professional services” generally cannot (legally) form an LLC.

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