Your Forward-Thinking Susquehanna Township, PA Business Formation Attorney

One of the crucial factors you need to consider when setting up your business is the different entities that you can establish. You have to choose the most suitable one for your enterprise. Each entity has different descriptions, requirements and even tax obligations that you must understand when forming your company.

• Sole Proprietorship:
  This is the simplest form of business entity. It is suitable for most one-man operations requiring fast registration and more favorable taxation, including reduced hassle with the IRS as earnings can be reported on your personal income tax return. However, under this entity, there’s no legal distinction between you and your business, making you liable if your business is sued.
• Partnership:
  If your business has two or more people that own it together, you can go for a limited partnership or limited liability partnership entities. Documents like partnership agreements may be required to detail ownership and how the business will be run.
  In partnerships, each partner is responsible for reporting their own profits and losses on their individual tax returns.
  This type of business entity is ideal for businesses with multiple owners, professional groups, and others who want to test their ideas before going for a more formal business setup.
• Limited Liability Company (LLC):
  This is a popular business structure, especially for businesses in high-risk industries. It is ideal for owners who want to protect their personal assets and want to pay a lower tax rate.
  LLCs are generally held in higher regard than non-legal business entities, making it easier for the business to obtain the trust of prospective clients. However, you should know that there are cost implications to setting up an LLC, and you might be subjected to a minimal annual tax.
• C Corporation:
  C-corporations are legal entities that are separate from the Like a limited liability company, C-corps are independent from the shareholders. When a shareholder wants to leave a C-corp, they must sell their shares, and the business continues operating normally.
  Because the C Corp is a separate legal entity, there is limited liability, and they can acquire financial capital by issuing stock to other businesses or individuals. In terms of taxation, the corporation is taxed on its income while shareholders are taxed separately on their dividends.

There are other types of corporations, such as S Corporations, B Corporations, and nonprofits, that can be considered during business formation depending on your needs and goals.

How Can A Lawyer Help You With Business Formation?

Starting a business comes with a number of risks, some of which you can't foresee unless you have a skilled and knowledgeable person helping you with the formation. This is why it is necessary to work with a business formation law firm that will help you understand the legalities behind setting up the business.

Some of the functions that a small business formation attorney can help you with include the following:

• Your attorney can help you identify your business’s needs and requirements for formation
• They can help you determine the most effective and appropriate business structure based on your needs and goals
• Your attorney can help mitigate the risk of future legal challenges and obstacles and avoid them.
• They can ensure that you have all the proper paperwork filed and acquire the right licenses for your business
• Your attorney can help you in handling intellectual property that is possessed by your business
• Finally, your attorney can help you develop sound and secure operating agreements to help protect your venture

We’ll handle the legal side of things while you focus on enjoying and growing your business.

Worried about getting your business up and running or the type of business structure you should choose? A business formation lawyer near me in Susquehanna Township, PA can help you solve this question and others.

The attorney can also ensure your business files the right documentation for a smooth start.

North Star Legal Services LLC has extensive experience in business formation and has helped many business owners set up their new businesses or retool their existing businesses for growth and scaling.

Contact us at (717) 990-7178 for your business formation needs and queries today.