We offer legal services for business formations and can help you select the right type of structure for your business and help with everything from the formations to being retained as general counsel for questions as those arise.
We can help advise and draft the following Business Formations:
- Sole Proprietorship. This is the simplest and most prevalent form of starting a business. You are not obligated to file state documents, as you are the sole owner, allowing you to promptly commence operations. However, we highly recommend registering a “DBA” with the county and seeking legal counsel for guidance. This type of structure is applicable when there is usually one business owner managing and handling all day to day operations of the business.
- General Partnership. This is a partnership with one or more other people, where all partners share both the profits and losses of the business venture. Partnerships should create a written partnership agreement. General partnerships are unincorporated business.
- Limited Liability Partnership (LLP). This is similar to a general partnership, but each partner’s profits and liabilities are limited to the percentage of investment that a partner has made into the business. It allows for the presence of both general partners and limited partners. A limited partner’s liability cannot exceed the amount invested by that partner in a company.
- C-Corporation. This formation separates your business and personal assets and liabilities. It safeguards your personal assets in case the business encounters debt or other liabilities. Establishing a C-Corporation involves filing necessary documents with the state, adhering to state record-keeping requirements, and ensuring regular updates of your records with the state
- S-Corporation. This is similar to a C-corporation, but it operates under distinct tax regulations and has different rules governing shareholders. An S-Corp allows you to avoid double taxation. This means earnings and losses are passed through the owners. An S Corporation pays no federal taxes.
- Limited Liability Company (LLC). This requires filing documents with the state and personal assets are protected from business liabilities. An LLC can be managed by managers or its members. The management structure must be stated in the certificate of formation.