Whether you are starting a business or need help with an established one, these tips from a business attorney can be very helpful to you.
Tips from a Business Attorney | C Corp & S Corp
People often ask me about whether to be a C Corporation or an S Corporation in New York State. Both corporations are formed the same way by filing a certificate of incorporation within New York State Department of State. An S Corporation comes into existence when an S election is filed with New York State and the federal government. This enables the corporation to be a pass-through entity for tax purposes so there is not double taxation. You need to speak with your accountant and your attorney to find out which type of corporation is best for your particular type of business.
Tips from a Business Attorney | Best Forms of Business
Start-up businesses often ask me what the best forms of business are. There are basically three forms of business. First is the general partnership, which is filed with the county, which provides no liability protection. Second is the limited liability company, which is filed with Albany. The third form of business is the corporation. You need to discuss this with your accountant as well as with your attorney to determine which form of business is best for your particular business.
Tips from a Business Attorney | Operating Agreements
As a Business Attorney, we draft operating agreements for limited liability companies. They are similar to bylaws of a corporation, which lays out the responsibilities of the various members and their powers.
Tips from a Business Attorney | Business Asset Purchase Agreements
For 37 years, I have drafted many business asset purchase agreements. It’s important that each side, the buyer and seller, have their own attorney especially if there’s financing involved. It should cover all the details of the transaction including what phone numbers and websites are being included, inventory, if there’s a non-compete agreement, and various representations by each party so that they are aware of what the actual deal is.
If you have further questions, please call our Rochester business attorneys today to get a consultation and discuss your options.