What Types Of Business Law Cases Does Your Firm Handle?
Our firm handles business law cases that involve business formation and the entities that are used to form a business, such as limited liability organizations, corporations, and sole proprietorships.
What Is Important For Someone To Consider When Choosing A Business Entity?
When choosing a business entity, it is important for someone to consider the benefit of having the flexibility of the entity without having to call major board meetings and account for other factors. A limited liability company (LLC) is the entity of choice throughout the United States, especially in Massachusetts. LLC entities are easy to work with, there are usually only a few members, and a separate tax return does not have to be filed. Corporations, on the other hand, involve shareholders with varying percentages of membership. While it is more expensive to file for an LLC, they are much easier to deal with.
What Do You Discuss With Clients Who Want To Form A Business At The Initial Consultation?
When a client wants to form a business, I will need to know what type of business they want to form, who the members of the business would be (family members, national members, international members, etc.), what they have named the business, and whether or not that name is actually available. I will also need the Social Security number of one of the members in order to receive a federal identification number. Acquiring a federal identification number is something that I can accomplish online within minutes while I begin organizing the LLC. An initial consultation with a client does not have to be carried out in person; it can be held via email or telephone.
What Are The Different Corporations That A Business Can Form?
A business can form a subchapter S corporation, which is closed to a limited liability corporation. The problem with that is there cannot be too many parameters regarding the corporation in terms of what it can or cannot do. S corporations are fairly easy to work with, and the process of filing for one is the same process used for regular corporations. Regular corporations must have set board director meetings, which must be utilized.
What Are The Different Types Of Business Partnerships That Are Possible?
One type of business partnership is a limited liability partnership, wherein both partners are personally liable; in an LLC, the company itself is liable, but not the members.
What Are Some Pitfalls That Can Be Avoided By Using An Attorney When Forming A Business?
One pitfall is making a mistake on any of the forms that must be filed when forming a business. The forms are very specific, and one mistake could end up causing the entity to be rejected or not receive total protection from liability. An attorney will be familiar with the forms, will know how to file them, and will know how to protect people from individual liability.
For more information on Business Law Cases In Massachusetts, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (339) 499-9099 today.