Popular Business Law Articles
- Structuring Your Business: Corporation vs. LLC - Corporations have some tax and operational benefits, but LLCs are much simpler to create and run.
- Limited Liability Partnership Businesses - A limited liability partnership business (LLP) is a very common type of business structure. It consists of partners who run the business, only some of all therein have limited liability.
- Alternative Forms of Incorporation - Not every corporation is a C-Corporation or an S-Corporation.
- Choosing to Form an LLC Over a Corporation - LLCs allow a business to have the limited personal liability of a corporation as provided by state law, while being treated as a partnership for purposes of Federal tax laws.
- Choosing The Best Structure For Your Business - There are four basic types of business entities: sole-proprietorships, partnerships, corporations, and limited liability companies, each with its own advantages and disadvantages.
- Basic Steps to Forming a Corporation - If you're looking into forming a corporation, here are the steps involved.
- Forming an LLC: First Considerations - Before you form your LLC, you'll need to consider where to form it, who will manage it, and more.
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What is Business and Corporate Law?
Running your own business demands a lot of perseverance and determination. This often leaves little time to deal with the legal issues that constantly plague small businesses. Having a business law attorney on your side can make a huge difference in the day-to-day operations of your business, helping you deal with a wide range of issues related to taxes, finance, business formations, acquisitions, mergers, employment/labor laws, contract negotiations, and litigation.
Types of Business Structures
There are many different ways that you can structure your business. If you are just starting out and aren't sure what structure would be best for your circumstances, or have been in business for awhile and need to restructure your business, an experienced business law attorney can help. Major types of business structures in the United States include:
- Sole proprietorship: A sole proprietorship is a simple business structure that allows a person to conduct business as his or her self. Under this structure the owner and his or her company are viewed as one and the same. While this is an easy way to start doing business, it is important to be aware that a sole proprietorship does not protect the owner from any business liabilities.
- Partnership: A partnership is a simple business structure for businesses with more than one owner. There are two types of partnerships: general partnerships and limited partnerships. When considering this business structure, understand that owners maintain personal liability for the business. Owners with limited partnerships may face limited liability.
- Corporation: Forming a corporation establishes a business as a separate legal entity, providing owners with limited liability protection. There are two types of corporations: C-corporations and S-corporations. There are several key differences between these two types of corporations, including tax issues and shareholder restrictions.
- Limited Liability Company: Limited liability companies establish businesses as separate legal entities from their owners, but allows owners to report business gains and losses on their own personal tax returns. Owners are shielded from business liabilities under this structure; however, LLCs are not available in all states.
Contact a Business Law Lawyer
Build your business on a solid foundation with the help of an experienced business law lawyer. A lawyer can not only help you determine what business structure is the best way to organize your business, but a good business lawyer can provide you with the legal advice you need to protect your interests and grow or maintain your business.