Entity selection is more of an art than a science. The entity you started with may not be the entity you end with and likely shouldn’t be. Each entity has specific tax implications – some for better and some for worse depending on your business’s unique situation.

The Tax Cuts and Jobs Act (TCJA) has created even more buzz around the art of entity selection due to the treatment of certain entities over others. What sounds good on the surface may not actually be the best option for your business. Now is the time to revisit your entity selection with your CPA to ensure you’re optimizing the latest tax structures.

Your entity selection should be a conversation between you, your attorney and your CPA. Together, you can determine which entity is right for you from a legal and tax standpoint.