Business structure questions? With the legal formation and management, you are going to want an attorney with experience in business and commercial law to help you. Our lawyers offer awareness of the law that governs the common organization forms, including the four main structures for business organizations: Sole Proprietorship, Partnership, Limited Liability Company, and Corporation. Together we select and manage the appropriate business form, considering the liability and tax implications.
What is sole proprietorship?
The most simple start up choice for running a business by yourself. Best for a one-owner small business entity. Unincorporated, not registered with the state. One owner is personally responsible for the tax on all income, both income taxes and business debts, at applicable individual tax rates. Yes, you own all of the assets and have responsibility for business liabilities.
What is general partnership?
Two or more partners as co-owners of a business for profit. Each general partner acts as a managing partner, owns assets, and shares profit and loss. Each is personally liable for business-related obligations, debts, operations.
What is limited partnership?
Business structure with one or more general partners but different from a general partnership. Need funding? The limited partner contributes capital, shares in profits, and has liability only to the extent of their capital contribution.
What is a limited liability company (LLC)?
Looking to limit the liability of the members? Here, you have some combinations of partnership and corporation. LLCs must file articles with the state and requirements vary. an LLC is not a separate taxable entity. We will offer you more tax planning tips, for now know that LLC owners do report profits and losses on their individual tax returns.
How to start a corporation?
There are pros and cons to setting up separate legal and taxable entity. Corporate laws also vary state-to-state. Upon your new venture start up we can determine if your business will evolve, allowing personal protection from the corporation's liabilities.
For specific legal advice on your commercial and business formation, contact us now.
Reading, Berks county, PA and surrounding areas. Phone 610.670.9000
Business structure questions? With the legal formation and management, you are going to want an attorney with experience in business and commercial law to help you. Our lawyers offer awareness of the law that governs the common organization forms, including the four main structures for business organizations: Sole Proprietorship, Partnership, Limited Liability Company, and Corporation. Together we select and manage the appropriate business form, considering the liability and tax implications.
What is sole proprietorship?
The most simple start up choice for running a business by yourself. Best for a one-owner small business entity. Unincorporated, not registered with the state. One owner is personally responsible for the tax on all income, both income taxes and business debts, at applicable individual tax rates. Yes, you own all of the assets and have responsibility for business liabilities.
What is general partnership?
Two or more partners as co-owners of a business for profit. Each general partner acts as a managing partner, owns assets, and shares profit and loss. Each is personally liable for business-related obligations, debts, operations.
What is limited partnership?
Business structure with one or more general partners but different from a general partnership. Need funding? The limited partner contributes capital, shares in profits, and has liability only to the extent of their capital contribution.
What is a limited liability company (LLC)?
Looking to limit the liability of the members? Here, you have some combinations of partnership and corporation. LLCs must file articles with the state and requirements vary. an LLC is not a separate taxable entity. We will offer you more tax planning tips, for now know that LLC owners do report profits and losses on their individual tax returns.
How to start a corporation?
There are pros and cons to setting up separate legal and taxable entity. Corporate laws also vary state-to-state. Upon your new venture start up we can determine if your business will evolve, allowing personal protection from the corporation's liabilities.
For specific legal advice on your commercial and business formation, contact us now.
Reading, Berks county, PA and surrounding areas. Phone 610.670.9000