Do you have the Right Business Entity?

Am I using the right business entity?

I previously and briefly covered in a previous question some of the differences between different entity types. And that question came from someone looking to start a new venture. But what about the business owner who has been operating a business for years, do you have the right type of entity for your business? Here are a few more questions that you should probably be asking yourself so you understand what I am trying to get at - Is my business the same as it was when I started? Am I making the same amount of money? Is my life still the same?

The fact for many businesses is that many aspects of their business change over time, customers, employees and even your own family. Here is another question to think about – What will you be doing with your business when you retire? Will a family member succeed you? Will you sell it or shut it down? It is becoming more and more rare that the business entity you started with will still be the best fit over the course of a lifetime