Business Associates for Your Information …

The initial organization of a business and the relationship of the individuals are governed by the initial documents prepared for the existence of that business.

There are five types of business entities for your consideration:

• SOLE PROPRIETORSHIP
  • The Sole Proprietorship does not insulate an owner from unrestricted liability. However, the owner enjoys exclusive control. A Sole Proprietorship ceases upon the owner’s death, disability, or retirement.
• GENERAL PARTNERSHIP
  • General Partnership does not provide protection from personal liability to the partners because each of the partners are personally, jointly, and severally liable for all claims. A General Partnership does have tax advantages however, and operational formalities are minimal. All partners have an equal voice in the management of the partnership.
• LIMITED PARTNERSHIP
  • A Limited Partnership is formed by two or more persons and limits the liability of the limited partners to their investments in the partnership.
• CORPORATION
  • Stockholders of a Corporation are typically not personally liable for the acts or debts of the corporation. There are several options for formation of a Corporation, such as forming a Professional Corporation or electing a Subchapter S status.
• LIMITED LIABILITY COMPANY
  • A Limited Liability Company combines the limited liability afforded shareholders of a corporation with the ease of management and favorable tax treatment of partnerships and limited partnerships.
  • The Attorneys at Gasparis & Zembillas can assist you in preparing your business structure.

Contact Gasparis & Zembillas for Legal Services.