When you want to get a deal done, you need to make informed decisions with all the pertinent information. You need problem solvers who give practical advice by providing timely and comprehensive answers to your questions.
Choosing how to structure your new business will have ramifications that touch on many different areas, including taxation, liability, management and control, transfer of ownership, business succession, dissolution and more.
Some of the most common business entity choices include corporations, partnerships and limited liability companies, also known as LLCs.
CLICK TO READ MORE...
Corporations offer protection to officers, directors and shareholders, who typically cannot be held liable for corporate debts or negligence. Most corporations are subject to double-taxation, however, where income is taxed twice – once to the corporation and again to the shareholder. Corporations of a certain limited size can avoid double taxation by electing S Corporation status. Family-owned and closely held businesses may want to consider filing as an S Corp.
In a partnership, there is no double taxation; the partnership itself is not taxed on income and only the partners pay tax on profits. Partners are liable for debts and actions of the partnership, however, and do not enjoy the protection of the corporate shield. One solution is to form a Limited Partnership rather than a General Partnership. In this case, only the general partner(s) have liability exposure, while the limited partners enjoy protection from liability. Even this limited protection may not be right for everyone, though.
A third option is the Limited Liability Company (LLC). Members of an LLC can enjoy the liability protections of a corporation yet be taxed as a partnership. Family-owned and closely held businesses may want to consider forming an LLC, although this structure is not always optimal for franchisees or companies where the owners cannot feasibly share management and control.
An individual can also operate a company as a Sole Proprietorship. The sole proprietor has complete control over the business and is the sole recipient of business profits, as well as the sole taxpayer. Since there is no legal distinction between individual and business, both the business and personal assets of the sole proprietor are exposed to liability. Very little is required from the administrative/regulatory side to do business as a sole proprietorship.
As a law firm deeply committed to serving families across generational lines, our firm provides advice and assistance in the creation of Family Limited Partnerships (FLPs) as a vehicle through which to operate a family business. The FLP is a valuable asset protection and estate planning tool as well as business structure and is often used as a means to control assets or investments and transfer ownership of business interests across generations in a tax-advantageous manner.
CLICK TO READ MORE...
We can draft all the organizing documents required to establish your entity with the secretary of state, such as articles of incorporation, partnership agreements or operating agreements. Additionally, the firm prepares all the ancillary documents necessary for the establishment and long-term success of your business, including buy/sell agreements, commercial leases and lending/financing documents.
Construction litigation requires an understanding of both general business law and real estate law. Disputes over materials, permits, and remedies frequently arises from an industry accustomed to handshake agreements. Clear contracts can avoid much of the litigation that comes from construction, but once a company is facing a lawsuit, it is too late.
CLICK TO READ MORE...
Our firm is experienced in contract creation, dispute negotiation, and arbitration/litigation to resolve construction disputes. Our clients need to resolve the matter in a financially reasonable way while mitigating their business reputation.
Complete contracts avoid conflicts and avoiding conflicts protects valuable business relationships. A business without a complete contract is often risking their most valuable and most loyal relationships by not having clear terms.
CLICK TO READ MORE...
Each transaction must define the scope of the deal and establish the parties’ respective responsibilities and conditions to performance. We have the experience to craft an agreement to allocate risk among the parties and ensure that the form of the transaction meets regulatory requirements and does not trigger undesired obligations.
Our clients have regular legal needs or need to run questions by an attorney on a regular basis. We have a genuine interest in developing solutions for businesses through attention to detail, proactive communications, and the ability to master facts quickly.
CLICK TO READ MORE...
We invest the time to learn their client’s business model so that our clients understand opportunities and associated risks. Our client’s goals become our goals: To achieve business objectives while maintaining the long-term health of the business.
We handle business lawsuits in Superior, State, and Magistrate Courts in Georgia, as well as Georgia Federal Courts. Unfortunately, being involved in a lawsuit at some point is a typical part of a successful business. While our firm can do a great deal to help businesses avoid litigation, we are ready to shine when going to court is necessary.