Everything You Need to Know About Business Formation and Tax Implications

Bill McDermott of The Profitability Coach is a member of XPX Atlanta

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When I started my company in April 2009, I didn’t know much about business formation or the tax implications. Thank goodness I had a good friend and CPA who sat me down and told me everything I needed to know. If you’re starting a business, a CPA you know and trust is one person that should be on your personal board of advisors.

I created an LLC (limited liability company) and elected to be taxed as an S corp. All that means is that my business income is only taxed once and passes through to my personal tax return. In my experience as a business owner and a banker, a large majority of closely held companies are taxed as an S corp.

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Updated: November 30th, 2021

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