TRUSTS, WILLS, & BUSINESS FORMATIONS
MONUMENT BUSINESS FORMATION LAWYERS
Business formations are underutilized tools for estate planning. By forming a business entity, such as a corporation or limited liability company (LLC), you can protect your assets from creditors and other liabilities. It can also help ensure your business interests are effectively and efficiently transferred to your loved ones when you pass away. One of the most important upsides to creating a business entity is access to potential tax benefits.
Our business formation lawyers have more than 30 years of combined experience, and they can leverage this experience and the knowledge they’ve gained to provide you with accurate advice on the kind of business entity that is best suited for your needs. We can also file necessary incorporation documents, advise you on preliminary corporate governance structures, counsel you on federal- and state-level tax issues, and connect you to a network of professional resources.
To discuss your business interests with our business formation attorneys in Monument, CO, call (719) 428-4495 or message us online.
CLIENT REVIEWS
STARTING A BUSINESS ENTITY IN COLORADO SPRINGS & THE SURROUNDING AREAS
Our attorneys understand the various legal challenges that you may face when starting or owning a business. We can also help you when you think you may want to sell it or transfer it to someone else in the future (succession planning).
When clients come to us to help them start a business, we begin by helping them evaluate several factors, such as the type of entity and business structure that’s best for them, the tax implications of that entity, the potential liability risks of that formation, their growth plans, and the goals of their investors. It’s important to choose the right structure for your business because this is one way to ensure that you are compliant with all the tax laws and entity requirements that apply to your unique business. It also helps you remain compliant as your business grows.
The most common types of entities are limited liability companies (LLCs), limited liability partnerships, various corporation structures, sole proprietorships, and general partnerships. Each type has its own advantages and disadvantages depending on the size and scope of the business. That’s why we advise clients on entity selection as part of our entity formation process.
DO YOU NEED A LAWYER TO START A BUSINESS
In many cases, the law does not require an attorney to help you form a business entity. That being said, it can be a very good idea to hire one. The reason for this is that people often make mistakes when forming their businesses. This can cost them a lot of money down the road when they need to hire a lawyer to help them litigate a business dispute with their stockholders or when they need a legal defense because of an alleged legal violation.
Sometimes people initially choose only to consult a CPA when forming their business. The problem with this is that CPAs are qualified only to discuss the tax implications of your business formation and not the legal liabilities that your business could face. In many cases, they’re not even legally permitted to offer this kind of advice. For example, many CPAs suggest sole proprietorships for potential tax benefits, but it’s important to consider that these arrangements leave business assets vulnerable to personal civil lawsuits. Sole proprietorships are best implemented in specific situations. It’s our job as your business formation lawyers to inform you of your legal liabilities when starting a new sole proprietorship or corporation.
Contact us today to request a consultation with our Monument business formation lawyers.
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