Gregory A. Ousley
Attorney at Law, PLLC
200 E. Mt. Vernon Street
Somerset, KY 42501
(606) 678-0137 fax
Choosing a structure for your business is one of the first steps in starting a new business. This decision has several legal and tax-related implications, so choosing the right structure is an important first step. We are prepared to help you choose the structure that best suits your current needs and your future goals.
Available structures include:
Are you the only employee? Sole proprietorship are the most basic business structures. In a sole proprietorship structure, you would be responsible for all liabilities and assets as the sole owner.
LIMITED LIABILITY COMPANY
Partnerships provide certain operational flexibilities. Corporations maximize tax efficiencies. Limited Liability Companies (LLCs) are set up to offer both of these benefits.
Cooperative structures are established to provide services for the benefit of all members and owners.
This structure is best for well-established, complex organizations with multiple employees.
When more than one party wants to combine for the benefit of mutual interest, a partnership may be formed, defining the responsibilities and exchange for each partner.
Finally, an S Corporation structure is what’s called a “pass-through” structure, giving the tax benefits of a simple partnership to a corporation with 100 shareholders or less.
Gregory A. Ousley, Attorney
Carrie D. Wiese, Associate Attorney
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