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Organizing a Professional Practice: An After-Tax Choice-of-Entity Calculus

A crucial decision made in any business venture is the choice of entity, a complex calculus that weighs and balances competing interests and objectives against the "standard models" that are available under the various business organization statutes. The standard model ultimately selected is then customized to the venture by private agreement. Or at least that is what should happen. In most organizations, the client, the accountant, or the attorney makes a quick decision, informed by the advisor's prior practice and an up-to-date appreciation of recent changes in the law (both organization and tax). There are many discussions that compare, on a characteristic-by-characteristic basis, the various means of organizing a business structure. Here, we attempt to quantify the impact of those various factors.