Entity Formation and Selection
Assist clients in identifying and establishing the most suitable business entity tailored to their requirements. This encompasses:
- Providing guidance on the advantages and disadvantages of various entity types, including corporations, LLCs, partnerships, and sole proprietorships;
- Aiding in the selection of the optimal entity structure, taking into account aspects such as liability protection, tax consequences, and operational needs;
- Submitting essential formation documents to state authorities; and
- Preparing critical internal documents, including operating agreements, shareholder agreements, bylaws, and partnership agreements.
Continuous Compliance and Maintenance
Assist businesses in upholding their corporate status and adhering to regulatory requirements:
- Serving as a registered agent to receive official communications and legal documents;
- Supporting with annual filing obligations and reports;
- Keeping corporate records, such as meeting minutes; and
- Providing guidance on corporate formalities to ensure liability protection is maintained.
Liability Protection
An essential service involves assisting business owners in minimizing personal liability:
- Establishing organizational structures to differentiate between personal and business assets;
- Providing guidance on adequate capitalization and operational practices to uphold the corporate veil; and
- Suggesting suitable insurance options.
Tax Planning
Assist business owners with respect to tax-related matters:
- Offering guidance on the tax consequences associated with various entity structures;
- Assisting in the establishment of entities to facilitate particular tax strategies for owner; and
- Designing multi-entity configurations to achieve the most favorable tax outcomes.
Specialized Entity Types
For certain professions like law, firms advise on specialized entities:
- Professional corporations (PCs) and professional associations (PAs);
- Professional limited liability companies (PLLCs); and
- Limited liability partnerships (LLPs) for multi-partner firms.