Knowledgeable Entity Formation Attorney Representing Vancouver Business Owners

Establishing a new business is an exciting and challenging endeavor. How you structure the organization largely impacts your overall operations and management method going forth. This is why we strongly recommend consulting with an experienced business law attorney as early in the process as possible. John L. Davis PLLC has helped countless business owners carefully plan their entities in order to achieve success in the future. We are eager to help your business, too.

Choosing the Right Entity Formation for Your Business

Depending on your area of business, goals, and partnerships, there are many different structures you may choose. Common entity formations include:

  • Limited Liability Company (LLC): For one or more partners who want to protect their personal assets in case of litigation or bankruptcy.
  • Sole Proprietorship: For the singular entrepreneur (or married couple) who wants a flexible business structure and who is personally liable for any debts related to the business.
  • General Partnership: For two or more business owners who share personally and equally in the profits, losses, and debt liability.
  • Limited Liability Partnership (LLP): For two or more business partners who share equally in the profits, losses, and debts but are not personally liable.
  • Corporation: For business owners and shareholders who require more complex entity organization to shield involved parties from tax and debt liability.
  • Nonprofit & Corporate Nonprofits: For parties in the business of furthering a community goal or cause as opposed to pursuing maximum profits.
  • Trust: A legal relationship in which one person holds and manages property or assets belonging to another.
  • Joint Venture: For professionals joining forces for a specific amount of time in order to achieve a particular goal or project.

Taxes, Profits, & Debts

The type of business entity you choose directly influences how your business will be taxed and how those taxes need to be paid. For example, partners in an LLC will all be required to pay their appropriate taxes or else open the company and their other partners up to tax penalties. Your structure will also dictate your take-home pay, benefits offerings, employment law compliance, bonuses, and other important aspects of running a business.

Entity Formation & Divorce

As you can imagine, it is of the utmost importance to make sure you have chosen an organizational structure that protects your interests and places liability on the right shoulders. It is also crucial to consider how the business will become shared property if you are (or become) married or divorced in the future. If you own a business and are considering divorce, you will be best served by working with an attorney who has extensive experience in both business and family law. Attorney John L. Davis possesses a wealth of knowledge in both of these areas of law.

John L. Davis PLLC serves Vancouver clients as a business entity formation lawyer. Contact our firm today at (360) 597-4740 to schedule a meeting with our experienced and esteemed business law attorney.