Formation Types

Gold Law Firm does a lot of our work setting up businesses, both for-profit and non-profit. You may have come to this page looking for information about formations, which is what we in the law business call them. Some times our clients know exactly what they want, but more often there are questions about what the best formation is for their concept and ideas. While it’s always good to speak with a CPA during this process as well, many times the decision is made based on what type of risk is involved with the business and if there is an idea of seeking outside investment. Both play heavily into the decision of which type of formation is appropriate. We do get calls and emails from potential clients saying they need a S-Corp.  A S-Corp is not a formation type, but rather a tax designation. S-Corp status is done through a form filed with the IRS just after a LLC or Corporation is formed designating a choice to be treated by the IRS as a S-Corp for tax purposes. There are a number of benefits from being treated as a S-Corp as an LLC or Corporation, but it’s a case-by-case basis on whether it’s appropriate for you and your situation. At the end of the day, you still need to be a LLC or a Corporation first before you can file to become a S-Corp, so the formation process still needs to happen. And we’ll be here for you when you need that helping hand.