Business Formation Law

Partnerships, Corporations, LLCs

 

(330) 879-2105

Our professionals can assist you with options associated with forming your new business. How your business is formed will directly impact the tax process and your personal liability. Our goal is to educate you on your options so that the type of business you choose provides the best chance of success and the best protection for your personal assets.

  • Sole Proprietorship:

    One person owns all assets of the business, with income and expenses reported on his/her tax return. Since it is not a legal entity it is simple to form, but it offers no protection of personal assets for the owner.

  • General Partnership:

    A collaboration between two or more people in which all partners share in profits, debts, management and liability for the business.

  • Limited Partnership:

    Each partner signs a written agreement determining his/her investment in the business and share of the profits. The agreement also provides that partners can lose no more than their initial investment.

  • Corporation:

    A legal entity acting much like a person in business operations, including selling stock and raising funds. Entities may be S Corporations or C Corporations.

  • LLC :

    Limited Liability Companies allow owners to manage and operate the business much like a partnership but provide protection for owners’ personal assets.

Other Business Services

We provide advising for your new business venture, beginning with formation of your business, through each step of getting your business up and running.

Are you interested in purchasing a business, or are you ready to sell your business? We handle your buy-sell agreements, from partial buy-ins to full buy-outs.

Ask our experts about the advantages of incorporating your nonprofit organization, including tax exemptions and access to federal grants that can further your cause.

At Horner Law, we ascertain that you are updated on all licensing and permit requirements for your business at the state and local level. We also can guide you through the copyright and trade name process, as well as assisting in obtaining anIRS Employer Identification Number.