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In this episode, Jim discusses the importance of selecting the correct type of business entity with attorney John Murdoch. Listen as John explains the various types of business entities and the importance of selecting the correct type of business entity. Choosing a business entity type can have very serious tax and liability consequences and the most important thing is that the business owner makes an informed decision, with the advice of an attorney. Every business is different and what may be good for one company may not be for another.

Choosing a business entity type is a decision a business owner should make with professional advice from an attorney and/or accountant. Business Entity Types include C-Corporation, S-Corporation, Limited Liability Corporation, General Partnerships, and Sole Proprietorships. Each type of business entity has advantages and disadvantages. Selecting an attorney familiar with selecting business entity types is crucial as this decision can have very serious tax and liability consequences.

Wilentz, Goldman & Spitzer, P.A. , One of New Jersey’s major law firms, with over 150 attorneys in five locations, has attorneys that specialize in all areas of businessand contract law, including start up companies. John Murdoch works out of the firms Eatontown Office and specializes in helping companies with Business Law Issues. Listen as Jim interviews John on Choosing a Corporate Entity for a Startup Company.

Business Bits with Jim Farrell