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With tax reform likely, is a business entity change needed?

We have written before about how important it can be to have an experienced attorney's help when trying to get a business up and running. In one previous post, we highlighted how that help is not only important at the outset, but can be beneficial as the business grows.

Market circumstances in Nevada do change and with each shift comes the possibility that plans must change to meet current legal requirements. No one can anticipate every eventuality, but there are times when you can see a change on the horizon. The question then becomes do you wait to see what happens or do you try to develop contingency plans.

Taxes are among those issues that can be in flux every year for every business. There can be state regulation changes. With the onset of a new administration, supported by a same-party majority in Congress, wise business leaders will be looking to see what federal tax reforms could be in the offing. Among the questions it might be worth asking is it time to change the business structure.

There is an entire range of factors that indicate what kind of business entity is likely to deliver the greatest benefit. Taxes are just one of them. Experts note that discussions in Washington seem to be pointing toward cutting the corporate tax rate and ending double taxes on C corporations as part of long-desired reforms. This leads some observers to say that current S corporations might want to realign to take advantage. Some suggest shifting to C corporation status from a limited liability company is worth exploring, as well.

Being ahead of the curve is a good thing. Being too far in front of it could be detrimental. Working with skilled counsel delivers confidence about making the right change at the right time. 

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