Delivering Sound Guidance On Business Formation
Various options exist for people and companies that seek to create a new legal business entity, but it takes an attorney experienced in this field to explain the advantages and drawbacks of each choice properly. At my firm, North Raleigh Law, I have supported North Carolina startups for more than 20 years, guiding them through the legal formalities that must be honored when beginning a new venture. My name is Bob Morton, and I work personally with each client to reduce exposure to potential liabilities, save on taxes, and find a comfortable level of compliance with regulations and annual fees.
Establishing Legal Entities To Protect North Carolina Entrepreneurs
A key element of business law concerns the creation of a legal entity that effectively places a wall between the owners’ personal and business assets. This protects business owners’ personal property from claims when their businesses become indebted or bankrupt. I look at various factors and help startups form using one of the following entities available under North Carolina law:
- Sole proprietorship — This is an unincorporated legal entity available to businesses with one owner. Income and expenses of the business are reported on the personal tax return of the owner who is personally liable for all debts and obligations of the business.
- General partnership — Like sole proprietorships, general partnerships are not incorporated, and individual partners are personally responsible for business debts. There must be more than one owner, and each is taxed on his or her personal return.
- Limited partnership — Some partners can avoid personal financial liability for business obligations in return for restricted participation in management of the business.
- S corporation — Many entrepreneurs who wish to incorporate use this structure created for companies with no more than 100 shareholders. Here you receive protection against personal liability, but the corporation is not taxed. Rather, shareholders are taxed individually for their shares of corporate-level income.
- Limited liability company — These entities, frequently referred to as LLCs, offer limited liability protection and flexibility in regard to taxation.
Because of these important considerations related to business entity selection, it is crucial for a business owner to have skilled consultancy and guidance from a business attorney and certified public accountant. Developing a reliable relationship with a qualified attorney helps you get off to a good start and make appropriate revisions when the law or your goals change.
Facilitating The Launch Of Internet And E-Commerce Ventures
Opening an internet-based business or one that relies heavily on e-commerce gives talented individuals the chance to reach a worldwide audience. Our area’s universities and research facilities foster an environment where entrepreneurs can make use of technological advantages. However, being able to connect with prospective customers instantly doesn’t negate the need to observe important legal formalities. In addition to helping you establish a legal commercial entity and business accounts, I can provide knowledgeable guidance relating to investments, marketing, governance and regulations, which can be the difference between a successful launch and a failed venture. Even if your tech company is still in the early stages and not generating revenue yet, I can offer sound legal support to help you get started.
Call North Raleigh Law Regarding Your Business Formation Issues
North Raleigh Law assists clients in all types of industries with business formation and planning issues. To schedule a consultation at my office in Raleigh, please call 919-944-4856 or contact me online. My firm serves businesses in Wake, Durham, Orange, Chatham, Vance and Franklin counties.