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Business

Business Organization 

Overview

Whether you are seeking to start a brand new business or simply to reorganize and restructure an existing one, the law firm or attorney you choose to advise you and the work that they provide can significantly impact the future success of your endeavor. 

We recognize the critical importance of putting in the time, hard work, and preparation on the front-end in order to achieve the true measure of success—the achievement of our clients’ goals—later on. For this reason, we take the time to really listen to our clients, to help them identify their real needs and goals, and to explain the advantages and disadvantages of business structures


What Type of ORganization 

  • Sole Proprietorship: This is the most common business structure in America. One person owns and operates the business and is personally liable for its debts. This organization offers little protection for the business owner and their assets. 
  • Limited Partnership (LP): Two or more people are required for this partnership. There must be at least one general partner, who is responsible for the debts of the partnership, and at least one limited partner. The limited partners are not personally liable for the partnership debts unless they are involved in management of the partnership.
  • Limited Liability Company (LLC): An unincorporated business managed by members or managers. There is no personal liability for the company’s debts, and the LLC enjoys the tax benefits of a partnership rather than being taxed as a corporation. An LLC is also a great way to protect your assets. 
  • General Partnership (GP): A business which is run by two or more people for a profit. Partners are personally liable for debts.
  • Registered Limited Liability Partnership: A partnership registered with the state where the partners are responsible, with exceptions, for debts of the partnership.
  • Corporation: Complex in nature, the corporation is a business entity with its own legal status apart from its owner or owners.

How to get started

Once you have selected the business structure that you think works best for your business, then it is important to note that each business structure has different filing requirements. The filing requirements for each entity vary, and there are may also be other special rules regarding your business.  Contact me to discuss your specific business needs.