• Small Business Formation

  • When you start a new business endeavor, it is important to know the appropriate vehicle to use to protect your personal assets. Our attorneys will work with you and your accountant to select the best business form. Whether you decide to form a partnership, corporation, or limited liability company, the law requires that you follow particular steps in order to properly form the business entity. You will need to decide how the business decisions are made, how profits and losses are shared, how the business is transferred, etc. A good business will have detailed agreements or by-laws which control their operation.

    Our attorneys have been assisting small businesses for many years. Not only can we assist you with forming the business entity you choose, but we can aid with maintaining your business records as required by New York State law.
     
    We have many years of experience establishing the business formations below:
    • Sole Proprietorship
      • When one person elects to operate a business in its simplest form, he or she does so as a Sole Proprietorship. The name of the business is an Assumed Name. In order to secure that name, the individual must file an Assumed Name Certificate with the County. There are no liability protections with a Sole Proprietorship. Sole proprietors should pay careful attention to their liability insurance coverage.
    • Partnership
      • When two or more individuals operate a business without any further liability protections, they act as a partnership. The partners need to file a Certificate of Partnership in order to use a particular name. It is also critical for the partners to obtain proper insurance coverage. In addition, each partnership needs a detailed Partnership Agent to determine how the business is run, how profits and losses are shared, how the business is transferred and terminated, etc.
    • Corporations
      • If you have liability concerns as a business owner you may wish to consider forming a corporation. New York State affords corporate shareholders potential protections from personal liability for business problems. One's personal assets are generally safe and separate from the business's difficulties and claims. We work closely with your accountant in forming your corporation.
    • Limited Liability Company
      • Like the corporate form, a limited liability company (LLC) protects the individual members from business claims. One's personal assets are generally safe and separate from the business's difficulties and claims. Again, we work closely with your accountant when you choose this business form. An LLC is taxed like a partnership and sometimes affords easier operation. Again, we work with your accountant to choose the entity.