Before starting your business, it is essential to lay a solid foundation to protect it from unnecessary implications and provide support to thrive as it expands. For this purpose, choosing the right business model is of paramount importance.
At the Law Office of Constantine G. Tzamouranis, P.C., we have extensive knowledge of different types of entities, and broad experience in dealing with business formation needs for a diverse range of business types. Our attorney has assisted many startups to choose the right entity to suit their business and personal goals, and also existing companies with expansions and reorganizations.
The Importance of the Right Business Structure
The type of structure has a direct impact on two important aspects of your business: taxable earnings and personal liability. It is essential to discuss your short- and long-term goals with a reliable and experienced business law attorney, who has complete knowledge of federal, state, and municipal tax laws.
At the Law Office of Constantine G. Tzamouranis, P.C., we thoroughly analyze your circumstances, evaluate all the possible options, and recommend the best business model for your situation. We assist you in establishing one of the following business entities:
- Corporation: Most of the large companies are corporations. This business structure offers limited liability, where the shareholders are able to protect their personal assets, but can lose their investment. If you are starting a business in a high risk and liability industry, a corporation will be the most viable option.
- Partnership: When two or more investors join resources in establishing and operating a business, the business structure is referred to as a partnership. Each partner contributes a certain amount of operating and financial resources, and the profits and losses are distributed in the same manner. Moreover, all the partners are liable for the actions, liabilities, and debts of each other.
- Sole Proprietorship: This business structure gives total managerial control to the owner. However, the owner is also responsible for personal liability for finances.
- Limited Liability Company (LLC): It combines the attributes of a corporation and partnership. LLCs protect owners from personal liability and offer tax benefits to the business.
Once we have helped you with selecting the right business entity, we will draft all the legal documents pertaining to the status of your business. We can also assist in preparing operating agreements and offer advice to partners on their respective roles and key responsibilities within the company.
Talk to an Experienced Business Formation Attorney Today
In addition to business formation, we offer competent legal advice on how clients can minimize taxes and other different liability risks. Moreover, we offer legal services for securing EINs, generating agreements and bylaws, drafting articles for business incorporation, and filing for S corporation elections.
To learn more about how attorney, Constantine G. Tzamouranis can help you with business formation, contact us today at (708) 873-5300 to schedule an initial consultation. We work with clients in the Greater Chicago area, and have offices in Orland Park and Bloomingdale, IL.