CORPORATE
Selecting the appropriate corporate identity is paramount among the many decisions faced by any individual or unincorporated business seeking to become a more formalized legal entity in the State of New Jersey. The options for a formal, legal, corporate identity have increased over the years. Historically, partnerships and corporations, of various forms, were the norm. With the implementation of the Limited Liability Company (LLC) and the Limited Liability Partnership (LLP), options regarding corporate formation have become much more available. Selecting the appropriate corporate formation should be done with care, diligence, and with a complete understanding of, not only the legal importance of the selected entity, but the tax consequences and benefits of such selection. Careful legal planning, along with input and guidance from financial and tax advisers are key to the successful formation of any legal entity.