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Business Formation, Structure & Governance
Are you forming a new company? Satel Law guides business owners in the formation of businesses, developing and documenting business structure, and establishing the form of governance required for operation.
Most businesses fall into one of four common business structures:
- Sole proprietorship: your business assets and liabilities are not separate from your personal assets and liabilities.
- Partnership: a simple structure for two or more people to own a business together (limited partnerships and limited liability partnerships)
- Limited liability company (LLC): protects you from personal liability and passes profits and losses to your personal income without facing corporate taxes
- Corporation: a legal entity that is separate from its owners (C corp, S corp, B corp, Close corporation, and nonprofit corporations)
Choosing a business structure will affect many aspects of your business, but especially impacts the personal finances (assets and liabilities) and taxes of the parties involved. A thorough understanding of all the ramifications of your choice of business entity is imperative.
In addition to choosing a structure, you will also need to file the appropriate organization paperwork and applications for licensure with the state and local government agencies. In addition, you will need a tax-payer ID number for the business.
Another important step in business formation is establishing a banking relationship and account. Banks require documentation of the company’s operating agreement, which establishes how financial decisions are made and who has the authority to use the account and sign documents on behalf of the business. We know exactly what to include in your documentation to meet these requirements.
Satel Law is prepared to answer your questions and handle all of your needs as you take the steps to launch your new business.