Corporation, LLC, and Partnerships

Many businesses choose an entity such as a corporation, limited liability company ("LLC") or partnership to operate their business. The advantages of these entities varies according to the type of entity chosen. The advantages, disadvantages and differences between entities are extensive, and are compared in two charts we have attached. The first is Tax Attributes of Business Entities. The second is the Non-tax Attributes of Business Entities.

The main advantage of operating within a limited liability entity is the limitation on liability. Owners of corporations, limited liability companies, limited liability partnerships, and limited partnerships enjoy protection from the creditors of the business, in most circumstances. (There are many exceptions to this rule that require some discussion and advice.) Other advantages can be tax based or based on ease of operating the company, as some entities are easier to operate than others. .

Some typical services we offer owners of businesses includes:

• Formation of any of the various business entities
• Help in maintaining the entity from year to year, to stay in compliance with government and other legal requirements
• General Business Advice to the Entity
• Succession Planning
• Mergers & Acquisitions
• Dissolution