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By choosing to use a good entity for your business, as a traditional C corporation, an S corporation, an LLC or an LP, you’ve made a choice that will help to protect your personal assets and those of other shareholders, members or partners in your company. You’ve also chosen an excellent entity for tax savings. If you were starting business as a sole proprietorship or general partnership there’s very little you’d need to do to prepare for paying your business taxes. Everything you made in your business would be income and everything you made would be taxed, at a fairly high tax rate.

In a sole proprietorship or general partnership all of your income is subject to payroll taxes (or self-employment taxes) of 15.3% on the first $110,010 (at this writing) and 2.9% on anything above. Know that with the good entities there are ways to minimize these payments.

As well, while you’re working with your team of professionals to put together your good entity, there are several decisions you need to make with regard to financial record keeping and preparing for the tax periods that are yet to come.