Lyons Law Firm represents individuals and small business regarding business/corporate law issues. Theses issues range from: 1) helping individuals choose the type of entity to create - Sole Proprietorship, Limited Liability Company, Partnership, Limited Liability Partnership, Corporation, or S-Corporation; 2) Shielding individuals from personal liability/Asset protection; 3) Contract disputes; 4) Human Resources; and 5) Employment Contracts.
Creating the Appropriate Business Entity:
Lyons Law Firm works closely with its clients and their accountants to create the type of entity which best suits their needs.
Sole Proprietorship: The simplest entity to establish and operate. It is created when an individual decides to go into business without incorporating. Eliminates double taxation if profits withdrawn from business. However, it provides no protection for individual liability.
Partnership: Relatively simple and informal to establish but must have a written agreement. A partnership is a voluntary contract between two or more individuals or entities to place their money, effects, labor and skill, in lawful commerce or business, with the understanding that there shall be a proportional sharing of the profits and losses between them. All partners have unlimited personal liability. Profits are taxed to partners at their individual tax rates.
Limited Liability Partnerships: The same rules apply as to a General Partnership except limited partners are only at risk to the extent of their investment.
Limited Liability Company: Similar to a partnership however an articles of organization is required to be filed with the Secretary of State of Nevada. Members are generally not liable for an LLC’s debt. Profit is taxes to owners at their individual tax rates.
Corporation: There are several tax benefits that should be discussed with an Accountant including income splitting, fringe benefit plan tax deductions, the dividends received deductions, and the tax break for investing in small business stock. In addition to these tax advantages, there is also the benefit of limited personal liability and continuous existence.
S Corporation: A corporation which makes a subchapter S election is taxed like a partnership. Therefore, the corporation does not pay federal taxes on its income, rather its shareholders pay the tax on its income.
Shielding Individuals from Personal Liability/Asset Protection:
When a person decides to start a business, a natural concern is protecting their assets and shielding them from personal liability. Sole Proprietorships and partnerships are easy to start with some tax advantages. However, they provide no protection from personal liability for the company’s debts and liabilities, nor do they protect the individual’s assets. Limited Liability Companies, Limited Liability Partnerships, Corporations and S Corporations help shield individuals from personal liability and help protect their assets when they are formed and operated properly.
The ongoing nature of the business world is that contract disputes between companies will arise. Lyons Law Firm advises clients who are or may become involved in contract disputes as to their legal rights and attempt to resolve the dispute in your favor. In the event, we cannot resolve the dispute on you behalf we can economically represent you in litigation.
Our attorneys help our clients develop and implement polices to assist them comply with federal and state laws, including:
- At-will employment polices;
- Absenteeism policies;
- Leave of absence policies, Bereavem