Business Law
Business Entity & Tax Elections:
When forming or purchasing a business, the business entity type and tax treatment are some of the most important and complex decision you will need to make. We will guide you through selecting the right entity, transaction structure, and making the optimal tax treatment elections. Common entity types and tax classifications include:
- Business Corporation (Inc – Taxed as an S Corp or C Corp)
- Professional Corporation (PC – Taxed as an S Corp or C Corp)
- Limited Liability Company (LLC – Taxed as a Disregarded Entity, Partnership or S Corp)
- Limited Liability Partnership (LLP)
- Limited Partnership (LP)
- Limited Liability Limited Partnership (LLLP)
- General Partnership (GP)
- Nonprofit Corporation
Business Entity Governing Documents:
Every business entity requires an additional governing documents that appoints and empowers someone, generally an owner or hired manager, to act on behalf of the entity. These documents include Bylaws, Operating Agreements and Partnership Agreements.
When multiple owners are involved, these governing documents are essential in establishing and defining the rights, duties and obligations between the owners and the entity, including:
- Voting and decision-making authority
- Profit allocation
- Dispute resolution mechanisms
- Procedures for buying, selling, or transferring ownership
Governing documents also play a key role in asset protection and estate planning, including directing how ownership interests pass at death. We tailor every set of documents to each client’s needs, intentions, and long-term planning.
Other Business Law Documents:
- Maintaining a Business – Documenting Director, Shareholder, Member or Partner minutes, actions and resolutions.
- Running a Business – Employment Contracts & Independent Contractor Contracts
- Selling a Business – Asset Purchase or Stock Purchase Agreements