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.
They are similar in that 2 or more entities are joining to become one.
Among other more complex differences an S Corp enjoys certain tax advantages over a C Corp, but ownership in an S Corp is limited.
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.
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.
A business entity created under state law and owned by shareholders.
Among other MANY, MANY issues, ownership, management, taxation, future owners, succession of owners, purpose of the entity, liability.
No, but it helps.
Either start a stock corporation or an LLC. Don’t own the business as an unincorporated association or sole proprietorship.
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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