Our attorneys will assist you in choosing the correct formation of your business entity, to effectively protect your personal assets, create tax planning, and manage your business. Limited Liability Corporations, sole-proprietorship, Corporations and Limited Partnerships all offer different benefits. We can also assist you with reading business reports.
Sole-Proprietorship is a one-owner business. A sole proprietorship is advantageous because it may be established by anyone, with no requirements for filing organizational documents, or annual reports with the states. Additionally, sole proprietorships are administratively easy. However, sole proprietorships may not be the right option for you because the owner is also personally responsible for all business losses.
Limited Partnerships are partnerships with general and limited partners. General partners run the business and are fully liable for the partnership debts. Limited partners give up their right to participate in the management of the partnership, but retain tax benefits and receive protection from liability for partnership obligations.
A Corporation insulates against personal liability for wrongs committed by its shareholders, directors, and officers if certain steps are performed and records adequately kept. A corporation is also advantageous because shares and interests in a corporation are easily transferable. There are several formalities that must be met in order to properly form a corporation. Our attorneys can make sure you understand the laws to correctly run your corporation.
A Non-Profit corporation is a corporation in which no part of the earnings or profits are distributable to its members, directors, or officers. Profits and earnings must be applied to further the corporation's purposes or to expand its facilities. Many nonprofit corporations may be tax-exempt. Additionally, the activities of nonprofit corporations are potentially more flexible than those of for-profit corporations.
Limited-liability Corporations (LLCs) are in between a corporation and a partnership. Like a partnership, the members of the LLC provide capital and manage the business. All the members are assumed to have a right to participate in the management of the LLC. An LLC is advantageous because it is typically taxed like a partnership.
Our firm can assist you with weighing the advantages and disadvantages of each type of business entity. Our attorneys will assist you in choosing the correct formation of your business entity, to effectively protect your personal assets, create tax planning, and manage your business. |
