Commercial and Business Formation Lawyer
Attorney Paul B. Nesbitt, Esq. has been helping clients start and expand their businesses for over 40 years. As a respected and highly rated business and business litigation lawyer, he is a reliable source of guidance on decisions regarding business structures, business litigation, creditor’s rights, contracts, real estate, unlawful detainer, property damages (real and personal) liability, and future growth. To make an appointment with Mr. Nesbitt and discuss your business needs, call (310) 777-0448.
Choosing the Right Business Entity
The structure you choose when forming a new business or when growing an existing one can have substantial legal and financial effects. These can either help or harm your position. Mr. Nesbitt understands what it takes to make business goals a reality. The right business formation can protect personal assets from business debts, maximize profits, and reduce tax liabilities. It will also be compatible with the record-keeping needs and other compliance issues related to the specific business being formed.
Business Formation Options
Various factors should be considered when choosing the type of business structure that will be most appropriate. These include identifying who will make decisions regarding day-to-day operations, tax and liability issues, and others. Attorney Nesbitt will take the time to determine your specific needs and find the formation option that fits.
Sole Proprietorship is the appropriate choice when there is one owner who wishes to run the business, keep all profits, and retain liability for any losses.
General Partnerships allow multiple owners to divide profits and losses.
Limited Partnerships provides a way to distinguish between limited and general partners. This will affect management capabilities as well as liability issues.
Limited Liability Partnerships (LLP) limit the profits and losses according to the amount the partner has invested. There are certain options regarding the liability of each partner. Mr. Nesbitt can discuss these and help you make a sensible choice.
C Corporations protect business owners from legal, tax, and debt issues. Using this form of incorporation enables the business to raise capital through an unlimited number of shareholders. Annual meetings and recording of meeting minutes is required.
S Corporations also protect the owners of the business from legal, tax, and debt issues, and they must hold yearly meetings with recorded minutes. There is a limit on the number of shareholders, and the owners will report their share of profits on a personal tax return.
Limited Liability Companies (LLC) provide a blend of the tax advantages and functional benefits that incorporation and partnerships offer. The personal assets of owners are protected from business liabilities. Mr. Nesbitt can further explain the state requirements and tax procedures associated with founding and operating an LLC.
To find out more about the above business structures as well as nonprofits and various partnership agreements, please schedule an appointment with Attorney Paul B. Nesbitt.
Call Attorney Nesbitt for Reliable Business Formation Representation
At Nesbitt Law | PC, we help individuals and existing businesses prepare for success. We know how to protect the business as well as the owners or partners from unnecessary liabilities, taxes, and compliance violations. Mr. Nesbitt can help a business identify, complete, and file the appropriate tax forms, prepare needed contracts, advise on compliance issues, help reduce the risk of future litigation, and maintain growth.
Call Attorney Paul B. Nesbitt at (310) 777-0448 or use our online form to arrange for an appointment. We help with more than just paperwork. We assist entrepreneurs and corporations in laying a firm foundation for a successful beginning and future expansion.