An entity is a legal business structure individuals or groups form for specific purposes.
An entity has its own legal identity separate from its owners and members and can be created for various purposes — such as conducting business activities, managing assets, or for non-profit endeavors.
The type of entity chosen depends on the organization's activities and goals, and the legal and tax implications of each must be considered when deciding.
Typical types of entities include:
Creating an entity requires careful consideration and planning of various factors — such as the number of owners or members, the investment requirements, and the organization's expected growth.
With proper planning and guidance, an entity can be a powerful tool for achieving your business or organizational goals.
By establishing an entity, the owners can separate their personal assets from the company's assets, which can help protect personal assets from business debts or legal claims.
Additionally, having an entity can make it easier to secure funding or enter into contracts, and it can provide tax advantages depending on the type of entity chosen.
Collaborating with a business attorney to create an entity can offer legal protection and help clients establish a professional and legitimate presence.
Establish your entity today.
Contact The Law Office of Bernard T. Kennedy III to schedule your FREE entity consultation.
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