Business & Corporate

Before deciding to start or buy a business one needs to develop a sound business plan, conduct adequate research, engage in necessary financial planning and decide on the form of business to operate. The latter entails deciding whether to have sole ownership, co-owners or to establish a corporation. Capital businesses generally draw from contributions made by investors, loans from banks and financial institutions and capital loaned from other individuals and institutions.

Capital can be obtained from other individuals through limited partnerships and limited liability companies. Partnerships may be more favorable to small business for tax purposes. However, each partner can be held personally responsible for the debts of the partnership. In the event that one partner quits, dies or declares bankruptcy the partnership is dissolved unless provisions are made in writing. In deciding whether to incorporate one should study the following.

Who will control the affairs of the entity? How much financial risk is involved? What is the potential for growth? Does incorporation provide for a favorable tax effect? A corporation is a legal entity created in accordance with state law. The corporation establishes the business as a distinct financial entity. Owners of the corporation are generally not personally liable for the debts of the business.

We represent businesses of all sizes and types regarding all areas of business including corporate formation, business/asset purchases and sales, buy-sell agreements, tax compliance and collections. In addition, we offer a full range of other business related services to assist our clients. Employment contracts, dispute arbitration, corporate mergers are all within our realm of expertise.

If you or a loved one is in need of legal assistance, call the Pope Law Firm toll free at 1-800-Law Only (1-800-529-6659) or submit an online questionnaire. In many cases, a lawsuit must be filed before an applicable expiration date, known as a statute of limitations. Please call right away to ensure that you do not waive your right to possible compensation.