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Showing 5 posts in Business Entities.
I Have My LLC — Now What?
You’ve just formed your limited liability company (“LLC”) and you’re finally able to breathe a big sigh of relief. The paperwork is complete, and you can finally get started with your dream business, right? More >
Why Choose a Business Entity?
As attorneys, we talk a lot about the considerations that go into choosing a business entity for your business, but what may not always be clear are the reasons for choosing to organize or incorporate your business in the first place. After all, you don’t need* to organize or incorporate your business at all! That’s right – it is possible to be in business without choosing to structure your business as one entity or another, but even that is a choice, and it’s called a “sole proprietorship.” So, if you’re already set up as a sole proprietorship just by existing and operating a business, why choose another form? While there are plenty of reasons to do so, one stands head and shoulders above the rest: More >
Five Legal Considerations for Starting a Small Business: Which Type of Entity is Best?
You started your small business yourself – just you and an idea. As time went on, you became more successful. You added employees. You opened a storefront. You started contracting with outside vendors. And while each of these events took place, you added additional liability – liability that could harm you personally as a sole proprietor. That’s exactly why business entities exist; they create a sustainable structure in which to operate while simultaneously shielding you personally from liability, for the most part. Not all business entities are created equal, however, and choosing an entity to organize or incorporate can come with both benefits and consequences. More >
Supreme Court Upholds Strict Diversity of Citizenship of Non-Corporate Entities for Diversity Jurisdiction
In a unanimous decision on March 7, 2016, the United States Supreme Court affirmed its longstanding principle that unincorporated entities cannot claim diversity jurisdiction for federal court purposes. This case highlights the striking differences between corporations and other entities, and provides a roadmap for how major unincorporated entities are viewed by the federal court system. More >
When Should I Choose to Form a C Corporation Instead of An LLC?
Arguably, one of the most important decisions that will affect the ultimate success of a business, whatever its size, is the decision of how to incorporate that business. There is a fairly wide range of choices to choose from, from sole proprietorships on up to regular C corporations. A business entity that has seen a meteoric rise in usage in the past few decades is the Limited Liability Company (“LLC”), and for good reason – LLCs come with a host of advantageous characteristics that combine some of the best traits of several options available to business entities. LLCs combine limited liability for members with the flexibility to choose how they’re taxed, such as flow-through taxation akin to partnerships (e.g., no taxation at the entity level, as with regular C corporations). With the rise in the popularity of LLCs, however, it’s helpful to know when there are advantages to choosing the venerable C corporation form over the upstart LLC. More >