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FREQUENTLY ASKED QUESTIONS ABOUT KENTUCKY BUSINESS PLANNING AND PROBLEMSDoes My Business Need to Be Incorporated?Business entities (corps,llcs, etc.) enable you to limit the risks and share the rewards of doing business. The need for an organization or entity depends upon many factors. Often, at least at first, a small business can be conducted as a sole proprietorship or general partnership until it becomes clear that some other entity is appropriate. "C" Corp, "S" Corp, LLC, LLP, So Many Possibilities, How Do I choose?There are many possibilities, it is true and the best policy is usually to keep it simple, but the choice of entity depends upon many factors. The essence of the practice of law is to fit the facts and the law together. Your specific plans and goals, the details of your operation and the nature of you assets determine the best entity. The kinds of liability, contract and tax issues you face must be discussed specifically to determine the best entity for your business. Many times a business plan should include asset protection planning and the appropriate use of insurance. What's the Best Plan for Minimizing Taxes?Businesses are allowed deductions for ordinary, necessary business expenses. The best plan is to keep good records, document everything and take every available business deduction. And when you get into tax debt, seek a settlement agreement as soon as possible. Do I Need an Attorney?"One ounce of prevention is worth a pound of cure." Do you want to pay an attorney to avoid problems or get you out of them? How Can We Save Money on Legal Fees?Private practice attorneys are generally very flexible and always looking for a sensible investment. Trading for services, trading for products, taking on an investor, giving a note for payment are some of the many ways you can reduce up front costs and still get competent advice. Don't be afraid to make a proposal. My Business is in Trouble, How do I Get Help?Sometimes all you have to do is ask. "You don't get what you don't ask for." |