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About Business Law
The type of business entity you choose depends your unique business situation, but there are three important consideration to keep in mind. These considerations are limiting personal your liability, maximizing on business tax savings, and tailoring business operations to your liking.
At Harun Law Office, we understand the unique challenges and opportunities that businesses face. Our dedication to providing top-notch legal services, tailored to your specific needs, ensures that you have a strong legal partner by your side. Contact us today to explore how our Business Law services can help your business prosper and achieve its full potential.
There are number of entity choices to choose from when considering to start a business and they are as follows:
- sole proprietorship;
- Corporations (C Corporation and S corporation);
- Limited Liability Company (LLC); and
- Partnerships (General partnership, Limited Partnership, Limited Liability Partnership, and Limited Liability Limited Partnership.
Business Law
The type of business entity you choose affects your business’s stability, flexibility, and efficiency. Is your business separate from you in practice? In other words, can your business exist without you? The degree of stability, flexibility, efficiency in your business depends ability of your business to be independent.
Setting up a separate business entity will protect your personal assets from business creditors. What does that mean? If you choose to operate a business without the use of a business entity, business creditors can come after you personally and take your home, your car, your retirement accounts, and everything else you personally own. Therefore, setting separate business entity properly protect you and your family from the business liabilities and creditors can only go after business assets for business liabilities.
Choosing the right business entity can have significant taxi savings. The type of business entity you choose should depend on the kind of business, revenue, and size of your organization. In other words, there is no one size fits all entity choice because every business has its own unique characteristics.