New Business Formation
Whether you are forming a business, launching a new business venture or buying a significant asset, it’s important to choose the right form of business entity that will best protect your business and its individuals from tax and other liabilities.
At Huntsman | Lofgran, our lawyers guide business owners through the formation of corporations; limited liability companies (LLCs) and other business entities.
Understanding Your Goals, Protecting Your Interests
The choice of a business entity begins with a discussion of your goals. People choose to incorporate their business for many reasons:
- Liability protection: If you operate a sole proprietorship, your personal assets are at risk if your business is sued. If you form a corporation or limited liability company, your personal assets are protected by your corporate shield.
- To protect an asset or existing business: By placing assets or business ventures in separate entities, you can protect one entity from the results of another.
- Tax advantages: In a C corporation, profits get taxed twice: once at corporate level then when those profits are distributed to shareholders. If you form an LLC or S corporation, you are only taxed at the individual level.
Our lawyers will explain the pros and cons of each type of business entity. Once you have chosen an entity that best fits your goals, we will draft the incorporation papers, partnership agreements, buy-sell agreements and documents you will need.
Once your business is up and running, our attorneys will advise you in the steps you need to take to preserve your corporate shield. We also provide general commercial law services such as collections and employment law services to help your business flourish and grow.