Burns Law Firm works with entrepreneurial business people in a broad range of industries to help them determine the most appropriate business structure for their business goals.
In considering the best business structure, you must consider the potential risks of the business, the company’s capitalization needs, the tax benefits and the tax ramifications of the various types of business entities. The lawyers at Burns Law Firm help clients review the options:
Sole Proprietorship: The most personally risky form of ownership in terms of personal liability for business debt, in this form of business the owner reports income and expenses on his or her personal tax return.
Partnership: There are general partnerships and limited partnerships which differ based on the amount of risk assumed by the various partners. It’s highly advisable to draft a formal, written partnership agreement to spell out the important details of the business arrangement between the parties so that disputes at a later date, or the desire for one partner to leave, will not mean the end of the company.
Corporations, including S Corporations and C Corporations, LLCs (Limited Liability Companies) and LLPs (Limited Liability Partnerships): By forming any of these entities owners can limit their personal liability for the debts and risks of the business.
When it comes to business law, startup companies and newly-developed businesses face legal obstacles that are very different from the troubles that established businesses encounter. To ensure that your business continues to grow and enjoys lasting success, it is important to work with a business attorney who is experienced with startup business law and development.