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One common purpose for forming a corporation is that it’s a separate legal entity, formed under state law, which protects owners from creditor claims. It can be viewed as a basic form of asset protection. Incorporating a business automatically makes a “C” or “regular” corporation. A Corporation is considered a separate taxpayer, with taxation occurring at the corporate level, independently of the owners.

Higher Taxes: A sole-proprietor pays the same taxes as a wage earner. This means you will not be able to take advantage of the new tax code that rewards small business owners with lower taxes. You should pay every dime of taxes you owe, but if you can pay less by forming and operating your business as an LLC, why wouldn’t you? Properly forming and running your business as an LLC will almost certainly save you money in the long run.

Estate taxes trap the unwary. Yet, many avoid the discomfort of estate planning because it relates to death and dying. One’s choice amounts to getting ahead of the issue, or leaving things to the cruelty of chance and forcing survivors to face difficult decisions during an even more difficult time.

Applying for an LLC will not always be a good fit. Incorporating a Colorado Corporation provides a board, meeting requirements, officer positions, split share classes and other characteristics desirable to prospective investors. While there are benefits to forming a corporation,t is important to note that corporations can only be taxed as a C-Corp or an S-Corp, whereas a limited liability company can be taxed as a disregarded entity, partnership, C-Corp or S-Corp. This flexibility means you should not form a Colorado corporation just for the tax election. There should be other considerations, otherwise a Colorado LLC will meet those same tax election considerations while generally being easier to operate.

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Unlimited Liability: A proprietorship has unlimited liability and the owner is responsible for all debt. You as the owner are liable for all the debts of the business and if someone sues the business for something the business did, they are actually suing you as an individual. If they sue you and win, you can be forced to sell personal belongings, your home, your car, and everything else in your name to pay off debts. This is known as unlimited liability and is a major downside to being a sole-proprietorship.

Legacy Of Excellence Each attorney takes great pride in continuing the firm’s legacy of excellence. By consistently providing sophisticated, aggressive, and innovative legal solutions to every client in each practice area, Johnstone Adams attorneys personally ensure that their firm’s long, storied past is only the beginning.

Daniel J. Frohlich Dan’s legal practice focuses on civil litigation, real estate law, business law and probate law. He has more than 10 years of experience as an attorney serving clients throughout Western Washington. attorney profile

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Employment is a big part of any business, and Mary Hodges understands that many business owners may not know the legal details of the hiring or termination process. She works with business owners with a variety of needs: from working with independent contractors, to developing and implementing employment policies, non-disclosure agreements, and more. Ms. Hodges can also help with business formation, contracts, and operations.

A corporate and commercial transactions counsel, Philip Heller has represented leading digital media, entertainment, and technology companies, including Warner Bros, Hulu, and American Express. He is particularly knowledgeable about SaaS, software licensing, partnerships, and private equity funds. Mr. Heller specializes in negotiations and drafting complex agreements and privacy policies.

Alexander J. Wisbey Alexander Wisbey comes to the firm with 5 years of experience as a litigator and trial attorney. He has first chaired several jury trials and has extensive experience handling arbitrations, mediations, depositions, and settlements.

Many small businesses will start out as sole-proprietorships because they are easy to start and require no filings with the state. A sole-proprietorship is any business you under your name, or only a Trade Name/DBA, rather than by forming a company. It is almost certain that you will pay MORE in taxes with a sole-proprietorship and your personal assets will receive no protection in case of an accident or bad debt. Even those pursuing what seem to be simple “hobbies” should considering forming an LLC so that their personal assets will be protected if something goes wrong.

You don’t have to use your LLC’s official legal name when you do business. You can use an assumed name, called a “DBA” (short for “doing business as”), trade name, or fictitious business name if you prefer. In that case, you must register an Assumed Name Certificate (Form 503).

The foundation of most estate plans is a revocable trust or irrevocable trust. The trust is designed to minimize taxes while providing asset protection and privacy. A trust can ensure your business responsibly passes onto the next generation, e.g. via a specially drafted family trust. A properly drafted trust ensures your chosen beneficiaries will receive what you decide, and your business won’t be deprived of cash during difficult times.

Yes, but the person must have a U.S. Taxpayer Identification Number if the business is engaged in a U.S. trade or business. If the person is working in the U.S. for the LLC, they will need the proper visa or be a permanent resident (have a “green card”) to do so legally.

Daniel Lebovic LegalMatch Legal Writer Original Author Prior to joining LegalMatch, Daniel worked as a legal editor for a large HR Compliance firm, focusing on employer compliance in numerous areas of the law including workplace safety law, health care law, wage and hour law, and cybersecurity. Prior to that, Daniel served as a litigator for several small law firms, handling a diverse caseload that included cases in Real Estate Law (property ownership rights, residential landlord/tenant disputes, foreclosures), Employment Law (minimum wage and overtime claims, discrimination, workers’ compensation, labor-management relations), Construction Law, and Commercial Law (consumer protection law and contracts). Daniel holds a J.D. from the Emory University School of Law and a B.S. in Biological Sciences from Cornell University. He is admitted to practice law in the State of New York and before the State Bar of Georgia. Daniel is also admitted to practice before the United States Courts of Appeals for both the 2nd and 11th Circuits. You can learn more about Daniel by checking out his Linkedin profile and his personal page.

This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of the author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law.

The U.S. spent more than $4.1 trillion in healthcare expenditures in 2020. With this much money dedicated to healthcare, it leaves room for a lot of disputes between patients, employees, and insurance…

Our law firm is flexible, making it a priority to conform to your schedule. We schedule meetings over the phone during regular business hours or in the evening, and offer our clients the chance to meet in-person at our Frederick County offices or at one of our satellite locations in Howard and Montgomery County.

Will I require an EIN? If you want the full benefit of your LLC, then yes you must have an Employer Identification Number or EIN assigned by the IRS. An LLC must maintain its own bank account and an EIN is required to open the account. You will also need one to file taxes, hire employees, and you may be able to avoid paying sales tax if you can provide one to vendors. In short, if you want to get all the benefits of having an LLC, you will need to get an EIN. We can do it for you, or you may get one yourself from the IRS website. What is the Corporate Veil? The corporate veil is the legal concept that a company is its own person, separate and distinct from its owners. A company may enter into contracts and will be liable for its own debts. This separation between the company and its owners also protects the owner’s personal assets from company creditors. Only an owner’s initial contribution into the company and any assets held by the company can be lost to creditors. A corporate creditor cannot pierce the corporate veil and seize personal assets of an owner except when the owner personally guarantees the company’s debts or the owner uses the company to commit fraud. What documents will I receive? When you apply for an LLC with us, you will receive everything you need to begin doing business. This includes your articles of organization, operating agreement, organizational minutes, resolution to open a bank account, and more. We complete these documents for you with all of the correct information, rather than some providers who supply templates that you must fill out yourself. What are the Annual Requirements? Colorado’s Secretary of State only requires you to file a periodic (annual) report and maintain a registered agent in Colorado . The annual report is not difficult to file but any information you put in your annual report will become available online for anyone to see. If privacy is important to you, we can file your annual report for you with our information so that your name, address, and other personal information stays out of public records. Should I form a Corporation? Only sometimes will forming a corporation be a better choice than forming an LLC. A corporation’s ability to issue preferred shares, which may have enhanced voting or economic rights, is one advantage. Another potential advantage is a corporation’s ability to get investments from venture capital and angel investors, who favor corporations as a way to invest. However, rarely will small businesses find the increased cost and complexity of corporation worthwhile. Many mistakenly choose a corporation solely for the sub-chapter S IRS taxation election. In fact, limited liability companies may also be taxed as an S-corp in addition to a partnership, disregarded entity, or c-corporation. Should I remain a Sole-proprietorship? Many small businesses will start out as sole-proprietorships because they are easy to start and require no filings with the state. A sole-proprietorship is any business you under your name, or only a Trade Name/DBA, rather than by forming a company. It is almost certain that you will pay MORE in taxes with a sole-proprietorship and your personal assets will receive no protection in case of an accident or bad debt. Even those pursuing what seem to be simple “hobbies” should considering forming an LLC so that their personal assets will be protected if something goes wrong.

I found every member of the KeytLaw team very customer friendly & easy to work with. Not many attorneys are familiar with the type of LLC I was setting up for my IRA. KeytLaw was truly expert — not to mention helpful, responsive, & timely.

Traditional companies must hold regular member, shareholder and director meetings, elect directors, and provide proposals for significant undertakings. A strict management hierarchy is also not required for closely held companies. Family businesses do not generally hold annual meetings, however, given a family often makes decisions around a dinner table etc. Removing these formalities simplifies a companies operational overhead. In short, Wyoming Close LLCs and Corporations allows small companies to bypass onerous formalities. You may use us, or find a lawyer via the Wyoming Bar Attorney Search to find suitable counsel in Wyoming.

Wyoming Asset Protection Trust Alaska was the first state to allow anti-creditor trusts. Numerous states have since followed, including Nevada, South Dakota and Wyoming. Each allow self-settled trusts and have shortened windows for challenging transfers. They are often brought up in discussions with high net worth clients. Domestic Asset Protection Trusts are seen as being more palatable than their offshore counterparts. Such trusts take many forms and names. Each trust is tailored to your family’s specifications. Examples of trusts we specialize in are Dynasty Trusts, Self-Settled Trusts, Generation Skipping Trusts, Grantor and Non-Grantor Trusts, Qualified Spendthrift Trusts and other Irrevocable Trusts more generally. They may hold stock, cash, property or any other type of asset(s). The maximum duration is 1,000 years. We are happy to counsel you on additional asset protection strategies as well, but also encourage you to only choose a member of the Wyoming State Bar if you decide a domestic asset protection trust is for you.

Whether you are starting a new business or have been operating as a sole proprietor, you should consider forming an LLC to limit your personal liability. In addition, LLCs provide flexibility for ownership, management, and taxation of the business.

It is simply a part of life for many entrepreneurs. With the proper guidance, these disputes can be managed, resolved and used to improve upon a business.

I am so happy I chose KEYTLaw to form my LLC! They know their stuff and are super helpful anytime I have an LLC question (not to mention they don’t charge to answer those questions over the phone). It was a good feeling knowing everything was formed correctly since they are attorneys and LLC experts. I love their family friendly office b/c it’s nice speaking to the same people every time you call (Richard and his son Ricky). They are very efficient; took only one quick call to Ricky to get my LLC formation going. They are very organized too. My package came with an LLC portfolio (beautiful red binder) with all of my LLC documents behind tabs including the custom attorney drafted Articles of Organization and a custom Operating Agreement. As a new LLC owner, one of the many other things I truly appreciate about KEYTLaw are the post formation email alerts they send me consisting of informational messages and reminders for LLCs. They have referrals handy for other professionals too i.e. bookkeepers, CPAs, and financial planners. I would highly recommend them to anyone for your LLC and business needs!

You can trust that your business and personal interests are covered when you choose Johnstone Adams, LLC. Our lawyers are prepared to handle nearly any legal hurdle, including preparing estates and wills for your family and ensuring your business has filed the appropriate paperwork and understands and follows applicable regulations. Our attorneys cover nearly any area of law that may impact your life. If you run a small “mom and pop” store or a large company, you need a team of lawyers before legal troubles arise, regardless of the type of products and services you provide. One of our greatest skills is handling all of the necessary legal work for you so you can focus on what’s most important for your company or individual matters. Our lawyers at Johnstone Adams, LLC perform due diligence to protect you from future legal battles or fight on your behalf through litigation or at trial. CONTACT OUR LAWYERS AT JOHNSTONE ADAMS, LLC TODAY Schedule your consultation with one of our team members to learn how we can help you. We will discuss the ins and outs of your business’s unique needs and delve into any ongoing legal issues you face with employees, contractors, or in your personal life. Our law firm has stood the test of time in helping clients for more than 125 years. Our breadth of knowledge and history makes us a formidable force, and we strive to continue to grow our reputation through full-service legal help for companies and individual interests. If you need legal counsel or have questions about what Johnstone Adams, LLC can do for you, contact our office in Mobile, Alabama, by calling  682-7682 or filling out our online contact form. We serve clients through the State of Alabama and the Gulf Coast region.

Corporate profits may then be distributed to owners as dividends. Many small businesses do not opt for C Corporations because of this tax feature. This feature, along with limited privacy compared to a Wyoming LLC, make C-Corps significantly less popular. Nonetheless, we will cover them here in the interest of being thorough.

Johnstone Adams, LLC is one of a select few law firms in the United States that have provided exceptional legal representation to individuals and businesses for more than 125 years. This rare and distinguished accomplishment sets our Mobile, Alabama office apart as we have successfully helped countless clients since 1897. We have grown from a local firm serving South Alabama into a dynamic regional powerhouse equipped to fulfill most legal needs of our diverse client base.

If the LLC does not have general liability insurance, and has insufficient assets to pay damages, the LLC may be forced to close. LLCs run by professionals, called professional limited liability companies (PLLCs), should consider purchasing both general liability insurance as well as professional liability insurance. Examples of professional liability insurance include attorney and doctor malpractice insurance.

As an associate at Dickson Frohlich, George is active in the firm’s civil litigation and transactional departments. His practice is mainly centered around business law, real estate law, construction law, employment law, and probate law.

Colorado Trusts Our law firm only focuses on business formation, trust formation, and estate planning. We don’t practice any other type of law in Colorado. Our home page focuses on forming LLCs and Corporations, but your business affairs are only half complete if you don’t have an accompanying estate plan. The foundation of most estate plans is a revocable trust or irrevocable trust. The trust is designed to minimize taxes while providing asset protection and privacy. A trust can ensure your business responsibly passes onto the next generation, e.g. via a specially drafted family trust. A properly drafted trust ensures your chosen beneficiaries will receive what you decide, and your business won’t be deprived of cash during difficult times. For more information, please visit our page on Colorado Trusts, there we cover a variety of trusts such as asset protection trusts and special needs trusts.

An excellent way to determine the experience of a document preparer is by the number of Arizona LLCs the document preparer has formed. Maybe you have seen production numbers, but I have never seen a website selling LLCs that discloses how many Arizona LLCs it has formed. I wonder why? I suspect that if a document preparer does not tell you on its website or in its advertising how many Arizona LLCs it has formed, it is because the document preparer has not formed very many. I am very proud of the fact that I have formed 8,300+ Arizona LLCs since 2001.

Brasado W.We are from CA and need to form an LLC in AZ urgently for a commercial real estate purchase. We came across Mr. Keyt’s firm online highly recommended. We were able to schedule the appointment online within 1 week. Within 1 day, they were able to have the LLC incorporated. Within 2 weeks, they mailed a full package to our location. They are professional and capable. We plan to use their firm for other business in the future. Thank you.

For a Texas corporation, you must file a certification of formation with the Texas Secretary of State. Corporation benefits include limited personal liability, the continued existence despite death of owners, and tax advantages. 

Maryland Litigation, Landlord/Tenant & Business Lawyers Every Legal Dispute, Business and Client is Unique. Every client, legal case and business is unique. At Lusk Law, LLC we cater our legal services for the specific needs and goals of each client. We know our clients personally and work to help our clients achieve their specific goals. With our business and landlord clients, we know they have their own set of short-term goals, long-term objectives and operational requirements, and we always keep these goals at the forefront of our work. In legal disputes and litigation, we work closely with our clients throughout the process to ensure they are updated at every stage and are actively engaged in making decisions regarding their cases. Our firm is flexible, innovative and possess the ability to customize our approach to every person and business that we serve. At Lusk Law, LLC, we represent small businesses, landlords & tenants, and individuals in Maryland, to protect their short-term interests and help achieve their long-term objectives. We adapt to the needs of every single client, whether it be providing counsel for small businesses and start-ups, representing business and individuals in Court, or helping individuals with family disputes. First Home Purchase Buying a home is a major step in a person’s life, one that can offer stability and equity. We will make sure that your interests are being protected when purchasing your first home. Get Married For many Americans, marriage is the beginning of a new stage in life, one that provides partnership and support. By building your marriage on firm legal and financial ground, you can make sure it has the strongest foundation possible. Business Dispute It is simply a part of life for many entrepreneurs. With the proper guidance, these disputes can be managed, resolved and used to improve upon a business. Start a Business Starting a business is not a task to be taken lightly. If it is handled with the proper amount of care and acumen, a startup can blossom into a rewarding and profitable endeavor for a business owner. First Child is Born No event has a more significant or life-changing impact on a person than the birth of their child. For parents, securing a child’s future and providing them with every opportunity will always be the top priority. Acquire Rental Property Owning a rental property comes with a number of important legal and financial considerations that all owners should make. Selling Business Selling a business can be the first step towards the best and richest part of a person’s life or the beginning of the next phase in a career. Selling of a business should be well planned and ensure the seller is protected for any long-term payment plans. Our size allows us to provide a range of legal services while also giving you the personal attention you deserve. We recognize that our clients need attorneys who are experienced in providing a wide range of services, including litigation, business law matters, real estate, family law, estate planning and animal and equine matters. Many of the clients of Lusk Law, LLC, have been with us for years and are people who we interact with on a regular basis. We take pride in the fact that we provide respectful, honest, responsive, and effective services that warrant an ongoing relationship. We also welcome new clients to our growing practice who value a lasting relationship based on mutual respect. Contact our law offices at 443-535-9715 today to schedule a confidential consultation and case evaluation. We believe that meeting the needs of our clients means more than simply ushering people in and out of our door. We build strong and long-standing relationships through the dedication, flexibility and problem-solving skills that we offer to those we represent.

Depending on your entity, the success of your business depends on the creation of bylaws, an operating agreement, or a company agreement. Having clear written agreements is crucial to ensuring your business runs smoothly.

When you apply for an LLC with us, you will receive everything you need to begin doing business. This includes your articles of organization, operating agreement, organizational minutes, resolution to open a bank account, and more. We complete these documents for you with all of the correct information, rather than some providers who supply templates that you must fill out yourself.

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