Owning and operating a business requires a lot of effort and patience. Because you are preoccupied with the day-to-day aspects of your business, focusing on legal problems is often an afterthought. With a Palm Springs corporate attorney on your team, you will have assistance with legal issues that include taxes, contract negotiations, advice on employment laws and even litigation.
Types of Business Structures
If you do not know what structure best suits your new business venture, or need to restructure an existing business, you should schedule a consultation with a business law attorney. These attorneys can help you determine how to structure your business.
There are four major types of business structures.
These structures include the following:
Sole Proprietorship: Legally, there is no distinction between the person who owns the business and the business entity. The owner is not protected from any of the business’s liabilities.
Corporation: By forming a corporation, the business is established as its own legal entity. Under this structure, owners receive limited liability protection. C-corporations and S-corporations are examples of two types of corporations.
Limited Liability Company: A limited liability company establishes the business as its own legal entity distinct from the owner. Owners are not personally held responsible for any liabilities. However, the gains and losses of the business are reportable on personal income taxes.
Schedule an Appointment with Business Lawyer
It is important that you start your business with the help of an experienced attorney. Please contact our Palm Springs corporate attorney to start your business on a solid foundation.