Business Law FAQ Part 2

Whether you are a seasoned business owner or just toying with the idea of starting a new venture, a business lawyer can help you understand the legalities involved and protect your assets. Here are some of the most FAQ about business law.


What’s the difference between a merger and an acquisition?


They are similar in that 2 or more entities are joining to become one.


How is a C corporation different than an S corporation?


Among other more complex differences an S Corp enjoys certain tax advantages over a C Corp, but ownership in an S Corp is limited.


What is a non-profit corporation?


This is an incorporated entity that provides limited liability to its members, officer and directors, but no individual actually owns the entity. Oftentimes non-profit, non-stock corporations qualify as income tax exempt. 


What is a Limited Liability Corporation (LLC)?

business law FAQ


A business entity created under statute and contract law owned by members. LLC’s enjoy traits of a partnership – the LLC is only taxed once at the partner level, and traits of a stock corporation – limited liability of officers, directors and members.


What is a corporation?


A business entity created under state law and owned by shareholders.


I’m thinking about starting a new business. What are some of the issues I should consider before making any big decisions?


 Among other MANY, MANY issues, ownership, management, taxation, future owners, succession of owners, purpose of the entity, liability.


Do I have to hire a lawyer if I want to start a business?


No, but it helps.


How do I protect my personal assets while starting a business?


Either start a stock corporation or an LLC. Don’t own the business as an unincorporated association or sole proprietorship.


Top Business Attorney in Virginia


Businesses can have very complex legal challenges. However, a business attorney can help you fully understand these and operate a thriving business. Contact Cook, Craig and Francuzenko to learn more.

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