Closely held businesses, startups and emerging companies are no less exempt from federal, state and local taxes as any enterprise. However, such businesses often face unique tax challenges, particularly when it comes to protecting founders’ and owners’ initial investments and personal assets, and positioning themselves for future expansion and new capital.
The tax team at Troutman Sanders has in-depth experience in the use of limited liability companies, S corporations and in other transactions structured under the complex web of the partnership tax provisions of the Internal Revenue Code. As a result, Troutman Sanders is well-positioned to guide clients through the maze of complex tax codes that affect closely held businesses and partnerships. We also understand the often-unintended economic consequences that arise as a result of — or are exacerbated by — the use of flawed forms used by advisors with insufficient background and experience in these nuanced transactions.
To ensure that our tax guidance works in concert with our clients’ broader business objectives, we work closely with experienced lawyers from throughout the firm’s core practice areas, including real estate, corporate and securities, financial restructuring and insolvency and intellectual property, to provide coordinated counsel.