Legal Services for your Business

 A limited liability company is a business model that combines aspects of a partnership or sole proprietorship and a corporation. Just like owners of a partnership or sole proprietorship, business owners of LLCs report business earnings and losses on their personal income tax returns, so the LLC itself is not a different taxable entity. However, like corporations, LLC owners’ personal liability for debts and claims is protected, hence the name “limited liability.” The result of this is that if t

A limited liability partnership is a business partnership in which all partners have the right to control the entity. However, each partner has protection from negligent acts or personal liability of the other partners, and employees not under their control. Partners must have individual licenses in the field performed by the LLP and are permitted to partake in the management of the partnership without subjecting their personal liability. Partners in an LLP have the right to directly manage the

An S corporation is a corporation in which owners have the limited liability of a corporate shareholder, but pay income taxes as a sole proprietor or partner would. The business profits pass through to owners who report them on personal tax returns, meaning the corporation itself does not pay income tax. Owners can also pass losses through to their personal income tax return, which can offset any income that they have from other sources. Additionally, S corporation shareholders do not pay self-

A C corporation pays taxes on business profits. Owners pay individual income taxes only on money received from the corporation as a salary and dividends, not profits and losses.

Non- profit corporations are businesses formed for reasons other than generating profit. They can also be referred to as 501(c) corporations in IRS documents. After a non-profit reaches 501(c) status, it may be eligible to omit payment of state taxes, including federal income taxes. The non-profit’s purpose and structure will determine whether it qualifies for tax exemptions.