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Entity Selection for Attorneys
One of the most significant early decisions attorneys make when deciding to hang out a shingle is what type of entity would be best for their practice. Choosing the right entity is a must. The right legal structure can save taxes, minimize legal exposure and avert costly business hassles. But is the right choice for yesterday still the right one for today? Federal, state and local laws are constantly changing. The Internal Revenue Code is especially in flux. Two recent pieces of Federal legislation, the American Taxpayer Relief Act of 2012 (ATRA), Public Law 112-240, and the Affordable Care Act of 2010 (ACA), each contains countless tax provisions which drastically change the backdrop against which entity choice decisions are made. Some recent United States Tax Court rulings have also changed the entity choice calculus.
This article addresses the topic of entity choice for law practices in light of recent federal tax law changes. First, it summarizes recent federal tax law changes that should be considered by attorneys choosing an entity. Next, it highlights distinctive features of entities, popular with law firms, impacted by the changes. Analysis of the advantages and disadvantages of the various entities follows.
Before proceeding, a few points about the scope of this article bear mentioning. While this article covers quite a few tax law provisions, it does not address all of the factors that should be considered when selecting an entity. By limiting the scope, it was the author's intention to provide a more in-depth analysis of the impact of a sweeping set of new tax laws on a very important business decision.
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