Starting a Business

So, you want to own your own business. Chances are it won’t be easy. Many small businesses fail in the first two years.

Do you want to operate as an S-corp., a limited liability partnership, or a non-profit company? These are just a few of the many choices you will face after hanging your name over the door; and if you’re not informed, you face some risky decisions. Our attorneys will guide you while you establish your company. We will help write contracts, give key advice that could save your tax dollars, and help you consider some of the liabilities your company could face. We also help with leases, shareholder agreements, employment contracts, by-law operating agreements, and independent contractor agreements.

Corporations

Corporations are probably the mostly commonly "known" type of business entity, but do you really know what the term means? The primary purpose of corporations is to provide limited personal liability for the owners (i.e. shareholders) of the business. The liability of the shareholders is limited to the amount of their investment. It also allows for centralized management, continuity of existence and easy transferability of ownership through the sale of shares. However, corporations are subject to double taxation. This means that, because the corporation is treated as a person, the federal government will tax the corporation and then tax the shareholders based on dividends received from the corporation.

Corporate Tax Matters

Tax implications permeate all areas of corporate management, whether the corporation is for-profit or tax exempt. The Law Offices of Mark C. Bouldin & Associates, P.A. is owned by an attorney who is also an accountant and certified speaker for the IRS. Accordingly, our firm understands complex tax laws and how they affect your business.

We successfully represent clients in tax audits, serve as counsel in litigation before all levels of the tax courts, and represent clients in preparation and submission of appeals. We also advise and assist our clients in preparing and filing all types of tax-related reports including federal, state and local business tax forms, and state sales and use taxes.

Joint Venture

A Joint Venture is a business undertaking by two or more persons engaged in a single defined project. The necessary elements are: an express or implied agreement, a common purpose that the group intends to carry out, shared profits and losses, and each member’s equal voice in controlling the project.

Limited Liability Companies (LLC)

Limited Liability Companies, or LLCs, allow for limited personal liability for its members. The business owners (i.e. members) can elect to be taxed as a partnership or as a corporation. Like corporations, LLC’s allow for continuity of existence. However, ownership interests are not freely transferable and management is vested on an assigned manager.

Limited Liability Partnerships

A limited liability partnership differs from a limited partnership in that the partners are not personally liable for the obligations of a partnership.

Limited Partnerships

A Limited Partnership is made up of general partners and limited partners. A limited partner’s liability is generally limited to the amount of their capital contribution to the partnership (some exceptions apply). A general partner is personally liable for all of the limited partnership’s obligations. Like in general partnerships, a partner may assign part or all of his/her interest in the partnership but such an assignment would only entitle the new holder to receive distributions.