Our Entity Formation practice will assist you with the tough decision of choosing whether or not to incorporate. Although corporations generally enjoy certain protections associated with the corporate form, we encourage our clients to consider the downsides of incorporating. When considering what type of entity to form, our lawyers will explain corporate maintenance and other limitations of the various entity forms.
Our lawyers are well versed in various entity types including general partnerships, limited liability partnerships, limited partnerships, limited liability companies, corporations, and can provide guidance with regard to more informal corporate forms, including sole proprietorships and unincorporated entities.
A general partnership is a partnership in which all partners participate fully in running the business and share equally in profits and losses. While forming a general partnership is easy (there are no filing fees or filing formalities), partners of a general partnership are typically jointly and severally liable for all debts and obligations of the general partnership.
A limited liability partnership is a general partnership wherein the individual liability of its partners are limited. In order to limit the liability of its general partners, a general or limited partnership may choose to register as a limited liability partnership.
Limited partnerships are partnerships comprised of one or more persons who control the business as general partner(s), and one or more persons (limited partners) who contribute capital and share profits but who do not manage the business and are liable only for their amount of their contribution to the limited partnership.
A limited liability company is a statutorily created entity comprised of members with limited liability. Limited liability companies can be managed by either their members or managers.
A corporation is an entity that has the authority to act as a single person distinct from the shareholders that make up the corporation. Some of the advantages to operating a corporation include its limited liability for shareholders, centralization of management and status as a separate legal entity.
How do you go about deciding which entity to choose to form your business? This decision will be based upon, in large part, the type of business you are creating and the extent to which the entity will protect its principals from personal liability.
The following business entities are some of the most common business entities used and formed are:
Daniel is a business, criminal, and social security benefits lawyer dedicated to assisting his client's achieve their goals, mitigating risks and consequences, and defending their rights. His diverse practice is a result of broad experiences as a lawyer and before obtaining his law degree.
A good DUI defense lawyer will help you understand the DUI process and the means by which to defend a DUI. The effects of being arrested for DUI in California are harsh and broad, they affect the accused financially, professionally, emotionally, and socially. More often than not, being arrested for DUI is the first encounter and likely last encounter people have with law enforcement. The legal fees alone are the first part of an expensive and long process.Learn More
Our MyCounsel program offers small business, startups, and other organizations with flexible, but comprehensive legal services. Often, small businesses, startups, and other organizations do not have the ability to employ an attorney on retainer or the need to commit to a full-time in-house lawyer.Learn More
RightSourcing is the process by which we assist your company or firm manage its legal work. Outsourcing your work can be to domestic service providers or offshore vendors. When deciding what source to utilize to complete a project or take over a routine task by your company or firm, you must first do a cost benefit analysis and consider the potential pros and cons.Learn More