Cleveland Business Formation And Planning Attorneys
The selection of a business structure will affect many facets of the business, including tax issues and accounting. It determines how much personal exposure each owner holds through the duration of the business. The decision will also dictate how potential disputes and shareholder conflicts will be handled.
At Dinn, Hochman & Potter, LLC, we offer guidance in structuring your business. Our customized and sophisticated approach helps you to make decisions that are best for your company. We also assist with business financing decisions. Our experienced attorneys can help you understand the advantages and drawbacks of each business structure, ensuring that you select the entity that best aligns with your vision, minimizes legal risks and positions you for long-term success.
Experienced Guidance To Help You Start Your Business
When establishing your organization, choosing the right type of business entity is crucial as it affects your legal exposure, tax obligations and operational flexibility. Our attorneys can guide you in choosing the best option for your long-term success.
Common types of business entities include:
- Limited partnerships (LPs): A limited partnership consists of one general partner and one limited partner. The general partner manages the business and is personally liable for debts, which the limited partner has limited liability but does not typically participate in day-to-day management.
- Limited liability partnerships (LLPs): An LLP gives limited liability to every partner in the business, protecting each from the debts of the partnership and the actions of other partners. An LLP must have at least two partners, and both can manage the day-to-day operations of the business.
- Limited liability companies (LLCs): An LLC offers the liability protection of a corporation with the tax efficiencies and operational flexibility of a partnership. In an LLC, ownership is divided into shares between partners.
- Corporations: A corporation is an independent legal entity owned by shareholders, offering the highest level of personal liability protection. It corporation can be taxed as either a C corporation or an S corporation.
The process of selecting a type of entity will be tailored to your business. Based on your objectives, our lawyers will create a structure that positions your business for success and long-term growth.
We limit personal and financial exposure, as well as tax consequences, potential disputes and conflicts with shareholders. In seeking knowledgeable counsel for these decisions now, you save your business the risk of dispute resolution in the future. We are thorough in preparing your business for all potential issues that may arise. This will include clear contingency measures and legal solutions outlined in advance.
Contact Our Business Planning Attorneys In Cleveland
To arrange an initial consultation to discuss the process for formation of your business, please contact our law firm today at 440-446-1100.