Business Entity Selection

Choosing a business entity is one of the most important decisions a new business makes.

The team at BSB helps you weigh the pros and cons of each entity type and work with you to determine the right choice for your business.


Let's explore them together

You Have Options

Some of the most common business entity choices include Sole Proprietor, Partnership, Limited Liability Company (LLC), and Corporation. We look at several factors, including your need for liability protection, whether you want to avoid Social Security and Medicare on net earnings, and your comfort level in making estimated tax payments.

We also discuss different types of LLCs, S-Corporations, and other factors that may determine the best entity for your business. We look forward to answering- and asking-questions to help you make a confident, educated choice.

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Latest Tax Changes from Virginia Department of Taxation’s September Special Session

| TAX | No Comments
The Virginia Department of Taxation recently released their updated 2023 Legislative Summary, which details the state and local tax legislation enacted during the 2023 Special Session held on September 6,…

Virginia Switches to Rolling Conformity Beginning With Tax Year 2023

| TAX | No Comments
On April 12, following a special one-day reconvene session of the Virginia General Assembly, Gov. Glenn Youngkin signed S.B. 1405 to change Virginia’s method of conformity with the Internal Revenue…

Six Important Financial and Compliance Considerations for For-Profit Federal Grant Recipients

The federal government recently passed the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA), setting the stage for historic investments in infrastructure and clean energy. As…

The Great Resignation, Talent Shortages, Inflation, Recession … Maybe Bonuses Can Help

| NONPROFIT | No Comments
It will come as no surprise that bonuses (includes all forms of variable pay for purposes of this discussion) are far more prevalent in the for-profit than the nonprofit sector. …