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OTHER NAMES Business Structure and Entity Planning Worksheet Business Entity Planning

What is a Business Entity Planning Worksheet?

Making the right decision about your business entity sets you up for success. Use the Business Entity Planning Worksheet to compile all the necessary information, whether you're starting a new new business entity, or changing an existing one. Need to provide some information to an attorney or tax professional so they can help? The Business Entity Planning Worksheet is a great start. 
If you're seeking to establish a sole proprietorship, partnership (general), limited partnership, "C" corporation (regular), "S" corporation, or limited liability company, the Business Entity Planning Worksheet will help you list the most important details, particularly with relation to liability and income tax considerations. You can include information about the business property, where the business will operate, management structure and employees, and employee benefits. You can also determine what liabilities your business entity may have, and what will be done with the business' income.

When to use a Business Entity Planning Worksheet:

  • You are considering forming a new business, or changing the structure of an existing business.
  • You need to identify basic information needed to form a new business.
  • You want to prepare the information to be provided to a lawyer, accountant, or other tax expert for their assistance in determining the appropriate type of organization for a new business.
  • You want to review the characteristics of various forms of business structures.

Sample Business Entity Planning Worksheet

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Prepared on


Business Name:

Trade Name (if any):



Phone: Ext.:




The primary activities of the business can be described as follows: .


are owned by the business.will be purchased by the business from .are (or will be) leased from .
The following "balance sheet" identifies the assets, liabilities, and net equity of the business. This information was obtained from:The following "balance sheet" identifies the anticipated first year assets, liabilities, and net equity of the business:

  - a tax return

  - company financial statements






The following report provides a score for each type of entity, based on the information entered. This summary may provide some guidance in the selection of a business entity form. However, it is inappropriate to select a business structure based simply on the highest score. Each form of entity has advantages and disadvantages that may range from crucial to unimportant, depending on the preferences and circumstances of the owners that should be explored in more detail than what can be done in this program.


Entity Type Score


Sole Proprietorship  

General Partnership

Limited Partnership

C Corporation

S Corporation

Limited Liability Company

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