Collect information needed to form your business: Business Entity Planning Worksheet
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.
Have questions about your Business Entity Planning Worksheet?
Whether you're preparing your Business Entity Planning Worksheet, reviewing one someone sent you, or just want to understand it better, here's how to get help.
- Understand what it says or review it. Use our AI legal assistant to ask questions about your Business Entity Planning Worksheet, understand what it says, and spot anything that may need a closer look.
- Ask an attorney a question. Connect with an attorney for legal information, with a written answer within one business day or a live consultation.
- Get advice on what to do. For privileged, confidential advice about your specific circumstances and next steps, book a Legal Advice Session with an attorney.
Take the next step: Register your business now
Many business owners choose to register their business after creating their Business Entity Planning Worksheet. If that’s your next step, Rocket Lawyer can help you get started. You can begin your business registration in minutes, starting at $0* with a Rocket Lawyer membership (excluding state fees).
*The first business registration free offer excludes government and third-party fees and requires a current Rocket Lawyer membership. The offer applies to the first LLC, corporation, or nonprofit registration per customer. Additional registrations are $99.99 each. Terms and conditions apply.
Sample Business Entity Planning Worksheet
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BUSINESS ENTITY PLANNING WORKSHEET
Prepared on
| Business Name: |
| Trade Name (if any): |
| Address: |
| , |
| Phone: | Ext.: |
BUSINESS ACTIVITIES: This business
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 .
| - 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 |
