Representation Business And Corporate Law Needs
Before deciding to start or buy a business you need to develop a sound business plan, conduct adequate research, engage in necessary financial planning and decide on the type of business you want to operate. Our legal team at Pope Law Firm, PLLC, in Buffalo understands what it takes to build a successful business and ensure that your business has the legal resources to prosper.
Learn more about our business law services by calling (716) 634-3320.
Providing You With Options When Building Your Business
When working through the initial stages of developing your business, it’s important to consider 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. As your lawyers, we can help you assess the legal implications of your decisions.
Understanding The Legal Implications Of Your Business Plan
The capital you need to get your business running can be obtained from other individuals through limited partnerships and limited liability companies. Partnerships may be more favorable to small businesses 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?
- Who will inherit the business?
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.
A Law Firm Handling All Your Legal Business Needs
We represent businesses of all sizes and types regarding all areas of business and corporate law including start-up formation, incorporation, 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, such as employment contracts, business succession planning, dispute arbitration and corporate mergers.
To speak with one of our business law attorneys, contact any of our four Western New York offices, by dialing (716) 634-3320.