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Lots of talk re business taxes: What does it mean for your entity?

Smart entrepreneurs and proven managers of already viable businesses try to maximize opportunity and profit in all dimensions, knowing that there are many connected pieces linked with growth.

Smooth relations with vendors comes to mind. So too does unstinting effort aimed at securing customer loyalty, the negotiation of sound and protective legal agreements, the securing of favorable terms on commercially leased property, the building of a solid reputation with lenders and a host of other things.

For many businesses, it is logically the case that careful consideration also falls upon tax-related matters. We prominently note that on a relevant page of our website at the established commercial law firm of Berdon, Young & Margolis, PC, in New Haven. We stress therein that, "Different entities approach taxation [and related record keeping and legal liability] in very different ways."

Many business articles note these days the expectation of company owners and managers across the country that significant industry changes are likely forthcoming under the Trump presidential administration. One of them recently discussed the much-hyped possibility of a dramatically lowered corporate tax rate (from 35% down to 15%).

That will unquestionably benefit some commercial entities, but the above-cited business piece candidly notes that it will not equally benefit all business actors.

Specifically, several select business forms will not reap the same benefits as do the country's largest corporations in the wake of a material tax slashing.

We note those entity types on our website. They include S corporations, limited liability companies, partnerships and sole proprietorships. Those business types already enjoy a comparatively lowered "pass-through" taxation rate pursuant to which gains and losses pass through a business and are taxed at a personal income rate.

The bottom line stressed in the aforementioned article is that every business in Connecticut and across the country is unique and has highly personalized challenges and opportunities that must be considered in a broad context.

A seasoned legal team can closely assist company principals with issues relating to formation, taxation, growth and related matters. A studied and integrated business approach practiced by veteran lawyers can help promote the best interests of any commercial client.

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