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IT’S ESSENTIAL TO ENSURE THAT YOUR BUSINESS ENTITY IS THE RIGHT ONE FOR YOUR SUCESS.
Business Entities in Georgia
Which Business Entity Do You Need In Georgia?
Georgia is a great place to start a business with its business-friendly environment, strong workforce, and access to capital, it is no surprise that many entrepreneurs choose to set up their businesses in Georgia. Before you can get started, you must first choose the type of business entity that is right for you.
Choosing the right business entity in Georgia is an essential step.
Types of Business Entities In Georgia
A Business Entity affects the type of taxes you pay, your level of liability, and other legal considerations. As you start your new business, you will have to choose a business entity. Here are 5 different business types in Georgia to choose from:
A sole proprietorship is the simplest and most common form of business entity in Georgia. It is a one-person business that is not registered with the state. This means that the owner is personally liable for all debts and obligations of the business.
A partnership is a business entity in which two or more people share ownership and management responsibilities. There are two types of partnerships in Georgia: general partnerships and limited partnerships. In a general partnership, all partners have equal rights and responsibilities, while in a limited partnership, there are one or more general partners who manage the business and one or more limited partners who only contribute capital.
An LLC is a popular business entity in Georgia because it combines the liability protection of a corporation with the tax benefits of a partnership. Owners of an LLC are called members and are not personally liable for the debts and obligations of the business. LLCs can have one or more members and can be taxed as either a partnership or a corporation.
A corporation is a separate legal entity that is owned by shareholders. It is managed by a board of directors, who are elected by the shareholders. In Georgia, there are two types of corporations: C corporations and S corporations. C corporations are taxed at the corporate level, while S corporations are taxed like partnerships.
A nonprofit corporation is a business entity that is organized for a charitable, educational, or other non-commercial purpose. It is exempt from federal and state income taxes and can receive tax-deductible donations from individuals and corporations.
“Choosing the right business entity in Georgia is an important decision that can have long-term consequences for your business.”
– Tim Hurban
Choose the right business entity in georgia
Choose the right business entity to save tax and get other important benefits. From corporations, limited liability companies (LLCs), and limited partnerships are common types of business entities in Georgia.
Need more information about what business entity that's right for you? call us today!
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.
