Businesses and organizations, both small and large, regularly require legal advice and assistance. Whether you are starting a new business relationship with a vendor or entering into a partnership, your interests are best served when you work with someone who has a keen understanding of the law.
A seasoned New Bedford business lawyer has a wide range of experience and can help with everything from contract preparation and drafting to business incorporation and settling legal disputes.
Business law covers a wide range of areas, including contract preparation and dispute resolution. A New Bedford business attorney could provide legal advice and assist with many legal matters, including:
Whether an entrepreneur is starting a sole proprietorship or launching a corporation, a knowledgeable lawyer is available to help them achieve their goals.
One essential step when starting a business is deciding which structure to use. The four primary business structures are as follows.
Since only one person has ownership, a sole proprietorship is the most straightforward type of business to create. Doing business forms the structure automatically and there is no legal distinction between the owner and the company.
Advantages include easy business formation, simple tax rules, and full access to the company assets. A disadvantage is that the owner is personally liable for company debts.
A limited liability company or LLC is a common small business structure that offers limited liability protection. The owners benefit from pass-through taxation and exist as separate entities. In addition, the Massachusetts Limited Liability Company Act protects company owners from personal liability if the business takes a loss or claims bankruptcy.
The law also allows business owners to structure and manage the organization as they please. For future business owners seeking the least expensive option, forming an LLC is likely the right choice.
A limited liability partnership (LLP) is a standard partnership with similar protection as LLCs. Business laws consider LLP owners partners, while LLC owners are members. The distinction may affect taxes and liability. The partners also benefit from legal protection from company losses and debts.
Almost every large enterprise is a corporation or C corp. They are stand-alone legal entities with many of the same rights as people. The owners, also called shareholders or backers, profit from stock growth.
The C corp protects them from personal liability for the company’s losses. Entity profits and owner’s income are subject to corporation taxes. The primary difference between a C corp and an S corporation, or S corp, is how they pay taxes.
An S corp may help the organization avoid double taxation. The entity’s profits are subject to corporate taxes; however, the income from business gains skips corporation taxation. Owners report the earnings on their personal income tax returns instead.
A hard-working New Bedford business lawyer could help you with everything from contract litigation to new business formation. They can provide diverse perspectives and sound legal advice throughout the process.
Alves Law Group also specializes in Trademarking, and can help you on your journey to securing your trademark. Schedule your trademark kickstart call to see how we can help.
Diligent and experienced legal support is available to you whether you require help to ensure company compliance, settle disputes and litigation, or prepare a business contract. Call us today to schedule an appointment and start reviewing your case right away.
