Whether you are starting a new business or consolidating several businesses, selecting the proper type of entity and business structure is very important for both tax, liability, and liquidity reasons. There are various ways to structure your business entity, such as Limited Liability Companies (LLC), General Partnerships (GP), Limited Partnerships (LP), Limited Liability Partnerships (LLP), Limited Liability Limited Partnerships (LLLP), S Corporations, C Corporations, Family Limited Partnerships (FLP) and Sole Proprietorships. Each business entity is different, and each type of business structure has various levels of liability protection and different tax implications. Some business entities are less expensive to establish, and some business entities are more advantageous when the time comes to raise capital or to sell the business. Deciding on the right business entity to establish for your new business is an important decision and may be more complicated than it appears.
If this is your first business entity, then you probably need assistance in understanding how to set up certain systems within your business, such as payroll, employee benefits, and employee non-compete agreements, in addition to establishing the structure of the business itself.
At Morris Legal and Tax, LLC, I will consult with you to determine the proper structure for your business, taking into account the tax, liability, liquidity, and cost implications. Once the structure and type of entity has been determined, I will prepare and file all of the necessary documentation for you. Additionally, I will draft an LLC Operating Agreement, Shareholder Agreement, Partnership Agreement, and/or Buy-Sell Agreement to meet the owners’ needs. I understand that this may be your first business entity and that you are unfamiliar with all of the moving parts, not just the legal aspects of starting your new business. I will assist you in getting everything set-up, from corporate structure to payroll to employee benefits. My goal is not to just get my legal work done and get my clients out the door; my goal is to satisfy my clients’ every need.