Helping New York Businesses Find The Right Corporate Structure
At DeCandido & Azachi, PLLC, our attorneys work closely with small businesses and midsized companies, startups and entrepreneurs to offer skilled corporate formation guidance. We will work to identify the optimal business formation that reflects our clients’ short- and long-term goals.
Forming a new business entity in New York creates enough challenges without having to also worry about all the potential legal complications that may arise. At DeCandido & Azachi, PLLC, we work quickly to develop a comprehensive legal strategy that ensures a solid foundation. From our Forest Hills office, our business attorneys have worked with clients in Queens and Nassau County on a broad range of corporate formation issues.
Attentive Counsel Focused Exclusively On Your Needs
Unlike the stock forms you may find online, we provide tailored advice that meets the specific legal needs unique to your business. We can assist with various formation-related issues, including:
- Drafting and reviewing partnership, shareholder and operating agreements
- Drafting and reviewing corporate bylaws
- Raising needed funding to start or grow your business
- Establishing protections that may reduce the future liability of the owners
Our dedicated attorneys are here to answer questions, address your concerns and guide you to the right legal strategy. We handle every legal element of your corporate formation. This allows you to focus your time and energy on running your company.
Common Considerations When Choosing An Entity
Entity selection is not something to do rashly. You must consider a variety of complex, interplaying factors. Below are essential considerations to keep in mind as you select the most suitable entity for your business:
- Funding sources: Each entity offers varied avenues for raising capital. For example, corporations might attract investors through the sale of stock, while partnerships may rely on contributions from partners.
- Taxes and double taxation: The tax implications of your chosen business structure can significantly impact your bottom line. Certain entities like S-corporations and LLCs allow for pass-through taxation, which can avoid the double taxation faced by C-corporations, where both the company’s profits and the shareholders’ dividends are taxed.
- State considerations: The state in which you operate can have different rules and tax implications for your business. If you plan to conduct business in multiple states, you’ll need to consider the legal and tax requirements in each jurisdiction.
- Business goals: Your long-term business objectives should guide your choice of entity. Whether you aim to go public, stay privately owned, or prioritize flexibility in management, we’ll help you understand how each entity can support your aspirations.
- Liability risk: Protecting personal assets from business liabilities is a top concern for many entrepreneurs. Different entities offer varying levels of liability protection. LLCs and corporations provide a shield against personal liability for business debts and legal actions, while sole proprietorships and partnerships offer less protection.
Learn more about how our business law counsel can assist you in making the right choice for your business’s future.
What Are The Benefits Of Each Type Of Entity?
We can help you understand your options for forming your small business to midsized companies, including:
- Limited liability company (LLC): Forming an LLC offers you (and as many members as you choose), a shield from the debts and liabilities of your business. An LLC’s members can file associated taxes personally or as a corporation.
- Limited liability partnership (LLP): An LLP can provide two or more partners with protection from each other, but not from the LLP itself. The partners of an LLP must file their partnership-associated taxes on their personal tax returns.
- S- or C-corporation: These types of entities provide owners with limited liability protection, but they also may offer potential tax advantages in structuring compensation. Conversion from a Subchapter S-corporation to a C-corporation is also much more streamlined as a firm grows and adds shareholders.
- Sole proprietorship: Choosing to operate as a sole proprietorship frees your business from some of the regulations that LLCs face, but without the flexibility for filing taxes. Members of a sole proprietorship must file business taxes on personal returns. Sole proprietorships are responsible for all debts and liabilities.
There are circumstances where you might need more than one type of business entity. You might also feel uncertain about which business entity to select. In either of these scenarios, you should seek the wisdom of our entity formation attorneys.
Seek Representation From A Forest Hills Business Lawyer Today
As a full-service business law firm, we have the resources to assist with important matters throughout your business’s life cycle, from corporate fundraising to business dissolution. DeCandido & Azachi, PLLC, has what you need to keep your business successful.