The first major decision in the life of many business ventures is what kind of entity structure to use. In order to make these decisions, entrepreneurs weigh a whole host of different factors. From legal protection, to the burden of formal requirements, to the attractiveness to different investors and, of course, to the relevant tax considerations. Well, as laws change, so too do the weight of different factors.
In Minnesota, a new LLC law combined with permanent changes to some of the federal provisions governing the taxation of S-Corporations, means that 2017 is the year to review your business entity structure again. Contact a Lurie advisor to discuss your options.