Do You Need An Attorney Who Really Understands Business?

When you undertake the journey of business formation, you are pursuing more than just a livelihood. The company you build will be founded on your blood, sweat and tears. It will take all of your best efforts to make your creation a success.

When you begin the process of business formation, the choice of entity – partnership, limited liability company or corporation – is an important decision that you will need to make early in the life of your enterprise. Your choices can depend on a number of criteria, including:

• The number of partners, principals or shareholders you need to account for
• A taxation structure that meets your needs
• Whether you need to raise funds from outside sources for your business

When bringing a new business entity to life, you want to make sure that you are starting out on a path that will allow you to prosper and expand. Enlist the help of an experienced business lawyer prepared to help you address any risks associated with starting a new business.

At Lerman Law Associates, P.C., our founding attorney Craig Lerman is a business formation attorney with a master’s degree in business administration. He is committed to applying his legal and business skills to protect your legal needs and business interests. Our legal team can help you complete the business formation process while taking measures to protect you from liability.

Helping You Make Informed Business Decisions

After learning about your aspirations and needs, our business formation attorneys will work to help you select a business entity, such as:

• Limited liability company (LLC)
• Limited liability partnership (LLP)
• S corporation
• C corporation
• Closely held business
• Partnership and limited partnership services

At Lerman Law Associates, P.C., we are committed to helping you select a business entity that provides you with the best protection and competitive advantage for your business plans.

Craig Lerman knows business, and he knows business law. He has worked in a variety of fields, including manufacturing, service industries, health care, computers and real estate. His business background helps him act effectively as both a legal counselor and advocate. He will work closely with you to help you make informed decisions regarding many different areas of the business formation while maximizing your profit.

As part of his representation, he drafts articles of incorporation, operating agreements, bylaws and employee handbooks to accurately convey your business model aimed at protecting you from the possibility of any legal liabilities.

Determining The Appropriate Business Structure

Aside from the initial idea for a business, determining which structure is right for the company is one of the most important decisions to make. No single approach is appropriate for every company. Factors to consider include the product or service the company provides, the type of financing the company needs and tax implications for the business and ownership. While discussions with a business formation attorney are advisable when creating a new business, a basic understanding of the benefits and disadvantages of various structures is a good starting point for those contemplating a new business enterprise.

Limited Liability Company

A limited liability company (LLC) is an increasingly common form of business entity. An LLC can be formed by one or more persons. State statutes vary, but generally, an LLC can be formed for any lawful purpose by filing articles of organization with the secretary of state for that jurisdiction. Each year after, the LLC is required to file annual registration statements with the secretary of state’s office as well.

One of the biggest benefits of forming an LLC is the limited personal liability protection that it offers. This means debts, obligations and liabilities of the LLC are not passed through to the ownership’s personal assets. In addition, an LLC owes no federal tax on income, although state laws can vary on taxing income earned by the LLC.

Incorporation

Corporations offer a more formalized business structure but can be more expensive and complicated to set up and maintain. There are also specific reporting obligations and annual meetings that are generally required for corporations. But for those businesses looking to attract investors outside of the company, a corporation can be an ideal entity, as shares of the company can be issued and sold.

While incorporating is a great tool for raising capital, a common reason for avoiding incorporation is for tax purposes. Income earned by the corporation itself is taxed, as is personal income for the owners of the company. This “double taxation” makes incorporating unattractive to many who do not need to sell shares.

Other Business Structures

Sole proprietorships and partnerships are also popular types of business entities and are the “default” structures for those who do not file articles with the state. While generally easy and inexpensive to create, they can open owners up to personal liability for business debt.

Partnerships exist when two or more persons contribute to a trade or business. Some partnerships have general partners who may be personally liable to creditors and limited partners who may not. Partners also owe fiduciary duties toward one another, meaning each must act in the other’s best interest when conducting business.

No matter which business formation is right for you and your company, there are numerous tax, contractual and other obligations to consider when forming a business. It is also important to remember that as businesses grow, the structure may need to evolve with it. As these issues can be complex, it is important to discuss these issues with an experienced attorney.

A Retainer Is An Economical Option

At Lerman Law Associates, P.C., we offer retainer agreements for our business clients. A retainer is an economical way to have an attorney who is always “on-call” and knows your business. When a legal question crosses your desk, you can call us for an answer.

How To Contact Lerman Law Associates, P.C.

Our business formation attorneys prioritize building long-term relationships with clients. After assisting you in the business formation process, we can help you resolve your ongoing legal needs. For a free initial consultation regarding the formation of your new business, contact us online or call 678-888-5773. We serve Fulton and Cobb counties from our offices in Alpharetta and Kennesaw, and offer options to meet virtually or remotely.