There is legal adage that every first year law student has likely heard, if not recited numerous times: “the man who represents himself has a fool for a client.” While there are certainly instances of untrained intelligent people winning cases in the realm of business law, the saying might be truer than for business owners in Wisconsin.
Starting a business in a tough economy can be a daunting yet exciting task filled with difficult decisions and strategic planning to maximize your chances of success. Your business planning must necessarily begin even before your company does, when deciding which type of entity the business will be. Make the wrong choice while starting a business and you could end up being handcuffed on options when it comes time to make distributions to the owners. Prepare taxes inconsistent with the business type you have chosen and you could end up handcuffed in a much more literal sense. So, which considerations are important when starting a business and selecting your entity type.