Business Attorneys Serving Nashville, Franklin, Brentwood and Surrounding Areas
Whether you're getting ready to start your own business or your business is already established, you need to be sure to have the proper documentation in place to protect yourself and your business.
In many instances, business owners are well advised to take precautionary measures to protect their personal assets from the growing dynamics of their business endeavors. It may be best to form your business as a separate legal entity. If, for example, you have your own business and do not form a separate legal entity, your business is considered a sole proprietorship. With a sole proprietorship there is no separation between the business and the owner, and the owner has unlimited financial liability for any debt or legal judgment against the business.
Papa & Roberts can help you determine if you should form your business as a corporation, limited liability company (LLC), or another appropriate option. Many of these entity formation services are flat-fee services at Papa & Roberts so you easily budget for these important steps in establishing your business' legal and organizational structure. To provide the valuable protection these entities are designed to provide, consulting with an experience attorney is crucial. These important organizational documents and measures much be well crafted to suit your exact business operations and should not be one-size-fits-all. Contact us today to learn more about some of the following entity structures for your organization and as well as other important measures to help protect you and your growing business:
A limited liability company, or an LLC, is a type of legal entity formed under state law which offers the limited liability protection of a corporation while also enabling you to select additional tax treatments such as sole proprietor or a partnership. LLCs have become very popular among small business owners because they are simpler to operate and manage than corporations. LLCs do not have annual meeting requirements, board members or shareholders or many other corporate formalities. LLCs have members that may also manage the day to day operation of the LLC.
A professional limited liability company, or PLLC, is a variation of the LLC used for doctors, dentists, chiropractors, accountants, lawyers and other professionals.
A corporation is a very common type of legal entity which is different from an LLC or PLLC in several ways. One difference is that ownership of a corporation is defined by ownership of shares of stock in the corporation. Another difference is that the corporation pays taxes on its income and the shareholders also pay taxes on dividend income. This is called "double taxation" and is something to consider when making the decision to form a corporation.
Occasionally, even the best-laid business and operations plans don't work out, and businesses close or dissolve. There is a well-established legal and regulatory process for dissolving your business entity that must be followed to ensure that members or share-holders in dissolving entities are not exposed to personal liability for the debts or damages of the dissolving entity. Often, when there are multiple members or owners of the business who no longer agree, you will need an advocate to help guide you through negotiating the dissolution of the business. Papa & Roberts can also assist helping various owners in resolving any disputes that arise during the dissolution or winding-down process.
The legal issues owners of new businesses face are many, and having an experienced business attorney as an advisor is key to protect your personal and organization assets and interests.
Contact the Brentwood Attorneys at Papa & Roberts to discuss your entity formation options for your new or established business.
In addition to traditional legal services, at Papa & Roberts, PLLC, we also offer a simple fixed-rate monthly retainer package to cover the ongoing legal issues any business will face. With our Custom Counsel program, you won't have to worry about unexpected costs or speaking with a different representative each time you call. We offer a customized solution to fit the needs of your business or organization that enables you to build a relationship with an attorney who understands your goals.
