Corporate Business Solutions Helps Determine Best Business Entity

CHICAGO - June 7, 2016 - PRLog -- The experts at Corporate Business Solutions always insist that clients protect their personal assets.  If you are an entrepreneur, it is critical to separate your personal assets from those of your business. If you neglect creating a separate business entity, a simple business dispute  which results in an adverse legal judgment could disrupt your livelihood.

There are a number of business entities to consider.  The business consultants at Corporate Business Solutions LLC suggest seeking professional help to ensure you select the best one for your needs:

·         Sole Proprietorships - Sole proprietorships offer no limit on your personal liability.

·         General Partnerships - General partnerships are the least-popular choice for entrepreneurs. If your business partner loses a lawsuit, lawyers can technically come after you because of your partner's actions.

·         Limited Partnerships - Limited partnerships can help limit your liability. If you invest as a limited partner in a partnership, you cannot be sued for anything more than what you have invested in the business.

·         Corporations - Corporations provide excellent asset protection for their owners. With the exception of cases of egregious fraud - such as if you fail to pay payroll taxes to the IRS - your personal assets cannot be stripped from you in the event that your business loses a lawsuit. There are two kinds of corporations: S corporations and C corporations. They are taxed differently and have different restrictions on ownership, but both provide similar asset protection for their owners.

·         Limited Liability Companies - Limited liability companies also provide asset protection against business lawsuits for their owners, but with fewer restrictions on ownership than S corporations. They also allow their owners to choose whether to file federal taxes as a corporation or as a partnership.

About Corporate Business Solutions LLC

Corporate Business Solutions LLC is a trusted resource for business owners. We bring about positive change for small to medium-size businesses in the United States through our knowledge, experience, technology and an unrivaled commitment to providing customer service. We take pride knowing that no other firm has a more qualified staff to provide you with business analytics, consulting and strategic tax planning projects.  The experts at Corporate Business Solutions strive to maintain the highest level of technical expertise through a broad spectrum of internal and external training and interactive client assignments.  For more information, visit https://twitter.com/cbsadvisers.