Forming a business can be exciting but also stressful and time-consuming. You may be an expert in your field or industry, but business law and how to form a business may be completely foreign concepts. Rest assured, you’re not alone. Our Columbus business formation attorneys have helped countless individuals, entrepreneurs, and companies launch new businesses locally, regionally, nationally, and internationally. We have assisted in forming limited liability companies (LLCs), corporations, and non-profit corporations in Ohio and across the United States.
If you’re researching how to form a business, you probably have come across the sole proprietorship or seen the option for a doing business as or DBA filing. Clients new to business law often ask why they need an LLC or corporation if they are the sole owner of the company or if their business is not very complex. There are a number of benefits to forming a legal business entity, including minimization of liability and reducing your exposure to risk. In the eyes of the law, a limited liability company or a corporation is an actual person. An LLC or a corporation can sign contracts, own assets, including real estate, and sue and be sued in court. Most importantly, owners of an LLC or corporation are generally not personally liable for the debts of the company. Thus, except in limited circumstances, someone suing your LLC or corporation can only go after the assets of the business entity, rather than the personal assets of its owners.
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If a business owner does not form a legal entity the result could be disastrous for the individual. Being a sole proprietorship or only having a DBA name does not provide personal liability protection. Meaning, the individual running the business is personally responsible for debts of the business and can be sued for business issues. Personal assets such as your personal bank accounts, your house, and your car could be exposed to liability and could be used to satisfy debts or judgments against you.
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Working with a Columbus business formation lawyer at our firm means that we will take the time to get to know you and your business. We want to fully understand your goals for your business, what your business will offer, where you see your business going, and what challenges we can help you overcome. Once we understand your company, we can best advise you as to which legal entity will offer the most advantages and be the best fit.
Setting up a limited lability company can be as simple or complex depending on the needs of the client. Our lawyers can quickly put together the basic documents you need to form an LLC – the articles of organization, an EIN, and an operating agreement.
If you are forming a partnership and need a multiple member LLC, our Columbus business attorneys can also walk you through the major structuring concerns associated with having a more complex LLC. This includes assessing how to structure member, manager, and officer powers and authority, specifying how the members will make decisions, whether the LLC needs a board of managers, whether the LLC will make distributions to the members, and how the LLC will approve being sold, acquired, or dissolved.
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Forming a corporation can involve more steps and paperwork but can often be the preferred business entity for certain companies. With a corporation, our lawyers will walk your through key structuring concerns including issuing and valuing stock, defining shareholder actions and power, structuring the corporation’s board of directors, and drafting the necessary corporate records and documents such as the articles of incorporation, bylaws or code of regulations, and all necessary written actions by the directors and shareholders.
Choosing the right business entity and properly structuring your company can be challenging. Contact our Columbus, Ohio business formation lawyers today to see how we can help you.Being an entrepreneur can be as exciting as it is challenging. You have the right passion for business, but do you have the right legal setup? Protect your private assets by choosing an entity that best fits your present corporate reality and leaves room for future expansion.
At Collander Law Offices, Ltd., our goal is to help DuPage County business owners get the right start and make informed choices about business structure. Our skilled business formation lawyers will help you gain insight into the process of properly setting up a corporate entity in Illinois.
What Can A Business Formation Lawyer Do For You? Call 510 794 9290
The act of incorporation moves beyond sole proprietorship to provide protection for personal assets, have greater tax flexibility and position your business for growth. A sole proprietor is a person who functions as his or her own business. While this business model allows you to keep all profits after taxes, it also holds you responsible for all liabilities.
Some initially choose sole proprietorship because it is one of the easiest structures to get started, but that does not mean it is the best choice for everyone. When you incorporate by forming a Limited Liability Company (LLC) or a corporation such as an S corporation (S corp) or a C corporation (C corp), you gain several advantages over the sole proprietorship structure. When we meet, we will explain incorporation options and help you choose the best solution for your growing venture.
The LLC structure, as the name implies, limits business liability in regards to litigation actions or losses. This means that your personal assets are protected from harm, but you or your shareholders can potentially take a hit if the business faces challenging circumstances. For this reason, you may want to consider obtaining a business insurance policy for your LLC. We can help you set up your LLC so that you can enjoy the benefits of pass-through taxation and flexible business management options.
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In some cases, the best option for a business is to become a corporation. The following chart offers a comparison of the S corp and C corp structures.
This is a mere snapshot of both entity types. When you hire us, we will help build your understanding of each structure. This way, you can make an informed choice and meet all pertinent filing deadlines to get your corporation started and legally recognized by the state.
Illinois requires all LLCs and corporations to have a registered agent. Registered agents can accept legal documents as well as correspondence from the office of the Illinois Secretary of State on behalf of the business. We will be happy to serve as your registered agent.
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Contact a Plainfield Business Formation Attorney Today When you are ready to incorporate, please contact our business formation lawyers. You may call our Naperville office at 630-420-1333 to set up a free, initial consultation. We serve business owners in DuPage County, including the villages of Aurora, Plainfield, Bolingbrook, Romeoville, Wheaton, Warrenville, Downers Grove, Lisle, Woodridge, and Winfield.Business formation and entity structuring are important steps for an entrepreneur or collaborative investors. The form that you decide to use for a business can have a significant impact on your profits, liabilities and growth potential.
The business formation attorneys at Denver’s Scheid Cleveland, LLC work with individuals seeking to establish a business entity and provide them information regarding the legal consequences of various entity formations, including taxes, the ability to take distributions, and personal liability.
Our expertise in the various types of businesses will assist you in deciding what type of business works best for your start-up venture, and how you can make changes in your businesses’ owners as your business grows.
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Our knowledge of business formation and planning comes from years of working closely with businesses, enabling us to determine the right way to structure one’s business from the outset. We help our clients form their initial enterprises, putting in place structures that promote orderly governance from the very beginning. Our attorneys provide advice on contract, employment law, and other business law issues your company will come across.
From the outset of any business, having accurate and complete information upon which to base your decisions is paramount. The selection of the legal form your business will take is one of the first of your important business decisions. Weigh your options based upon the information our attorneys can provide.
Growing and expanding businesses deal with a variety of complexities in the law. Our attorneys assist businesses in resolving complicated business matters at the outset of formation, during business growth and recession periods, and upon the dissolution of the business entity.
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Contact the best business attorneys Denver, CO uses for more information about our practice. We can assist you with any of the following business matters:
Whether you are interested in forming a new business, seeking to make organizational change, branching into new territory with a joint venture partner, or dissolving a partnership or older business entity, our attorneys can provide you with the legal guidance and assistance you need to successfully accomplish your goals. Find out why we are among the top business formation attorneys Colorado has to offer.
Located in Denver, Colorado, Scheid Cleveland, LLC is a commercial law firm composed of experienced attorneys dedicated to providing you with their very best in the areas of commercial litigation and business representation.We will
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