What you don’t know can cost and hurt you.  While everyone will be taxed under the same set of rules, knowing how to use the rules to your advantage makes a lot of difference to your bottom line. There are lots of legal ways to minimize taxes and maximize what stays in your bank account. The tax entity you are in is one aspect to review. Tax-advantaged benefits are contingent on the entity you are in.  Each entity has advantages and disadvantages. Then how you contribute assets to a business and pull them and distributions out can have a serious tax consequence. Each entity has some different rules. It is always best to discuss and review these issues beforehand so you know you are walking on firm ground. Other frequent concerns include multi-state nexus sales tax issues.  Overlooking these issues over several years could seriously impair a business financially. Let us help guide you through this maze.