Individuals contemplating the start of a new business are confronted with many decisions, the first of which is the choice of business organization. Business organization options include: 1) sole proprietorship, 2) partnership, 3) limited liability company, 4) C corporation and 5) S corporation. Each of these types of businesses have specific features, including legal liability and tax consequences, and deciding which type of organization is best will involve a review of these factors as well as several others, including the number of owners involved and the type of business that is being started.
The attorneys at Harrison Law Group understand the need to work with clients initially toward choosing and setting up the right business organization, and then toward ensuring that the business is being operated correctly from a legal perspective in the long term. Much of this work includes incorporating the business owner’s operational ideas into appropriate documentation, and continuing to maintain that information, as needed. Often, we will suggest coordinating with our clients’ other advisors, such as accountants and insurance brokers, to ensure that our clients are receiving the most comprehensive advice on how to best maintain their business.