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How A Lawyer Can Help You Select a Business Entity

 

Are you contemplating starting your own business? If so, it may be time to consult with a business-law attorney near D.C. One of your first decisions must be whether you want to characterize your business as a corporation, partnership, limited partnership, or sole proprietorship. You will need to consider how many owners there will be, to what extent you want to limit personal liability for business debts, and which structure will ensure optimal tax benefits. For example, a general partnership gives all partners equal and unlimited liability for business debts and lawsuits against the company. But a limited partnership allows investors who are less involved in day-to-day operations to share in corporate profits while taking on less liability. Additionally, businesses are required to register with any state in which they do business. In addition to registering, this process may involve filing periodic reports or tax returns, designating a registered agent in the state, or obtaining a basic business license or other license.

Business Entity Type

An attorney can help you select an entity type and navigate each state’s requirements. General information on registering your business can be found at the D.C. Department of Consumer and Regulatory Affairs, Maryland Department of Assessments and Taxation, and Virginia State Corporation Commission.

Blog disclaimer: This site is for informational purposes only – it is not legal advice. Nothing on this site establishes an attorney-client relationship with any reader, nor is it guaranteed to be current, accurate, or complete. If you need legal advice, consult an attorney.