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The decision to start a new business or buy an existing one is often a dream come true for many individuals. It can also be a very intimidating process and can involve making commitments that will affect many aspects of life. We at Meggesto, Crossett & Valerino, LLP are committed to working with small business entrepreneurs who are starting their own business, contemplating buying a business, or simply need to make their business "work better for them". Because our attorney’s handle many diverse areas of law we are able to advise our business clients from a broad, all inclusive perspective. We work closely with your accountant to insure that the best business decisions are made.
For start up businesses, the choice of entity is one of the most crucial decisions the owner will make. It is important to meet with us before the decision is made so we can review your particular needs, potential for growth, and familiarize you with the entity choices available. It is very important to make your choices based on legal and accounting principals and not "just because" a friend or acquaintance chose a particular entity.
The basic entities are:
- Limited Liability Company
- Limited Liability Partnership
- Sole Proprietorship
- Partnership
- Limited Partnership
- Sub S Corporation
- C Corporation
Each of these different types of businesses cost different sums of money to form, and each of them have different tax consequences to their owners. Some entities have significant filing requirements and tax consequences. In addition, each provides a different degree of "insulation from liability" – something that is critical if your business has a high risk. Risk includes being responsible to someone, if a mistake is made or an accident occurs. The Attorneys at Meggesto Crossett & Valerino, LLP. consider all of the factors and help you choose your business entity.
If you are going into business with another person or a group, it is important to have an agreement that establishes the rights and liabilities between yourselves. A good business is like a marriage – it is important for the people involved to have a clear understanding BEFORE the business starts as to what each person's obligations, expectations, and responsibilities are. By putting these agreements into a written form at the start, including an "exit strategy" for how the business may be dissolved or sold, you will save a lot of heartache, stress, and financial drain.
We invite you to contact us to discuss your business.
| Legal Disclaimer |
| The material contained in or made available through this Web site should not be relied on as legal advice and is not intended as an offer to represent you, nor does it create an attorney/client relationship. The content of any e-mail sent to Meggesto, Crossett & Valerino, LLP or any of its attorneys via this site will not create an attorney/client relationship and will not be treated as confidential information. This site has been prepared for informational purposes only, and the completeness, accuracy or timeliness of any material contained in this site is not warranted or guaranteed. Your use of any information from this site or materials linked to this site is at your own risk. |
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Edwina C. Schleider