Fountain Hills Leads Association Group

When I deal with new clients is doesn’t matter if they have been in business for a number of years or if they are new start up business, it is essential to evaluate there current legal structure to ensure they have the right entity for their current and future operations.  Afterall, the entity they choose will impact their liability and their tax obligations.  There are generally several different organizational structures to choose from including sole proprietorships, partnerships, limited liability companies, and corporations.  Sole proprietorships and partnerships, generally, do not protect personal assets from business liabilities.  The sole proprietor receives all of the profits of the business and is liable, personally, for all of the losses and debts of the business.  A sole proprietor risks losing everything and rarely, if ever, is this a prudent way to operate your business.

A limited liability company (“LLC”) and a corporation are both separate legal entities that shield you from personal liability for the debts and liabilities incurred by the company.  These entities protect your personal assets and your life savings from the claims and liabilities incurred in your business.  A limited liability company is more flexible than a corporation because there is no legal requirement to maintain year end minutes, to conduct shareholders meetings, or to file an annual report.

If you’d like more information about which entity is most appropriate for you or if you would like us to review your current business structure please contact Shawn C. White or one of the other qualified attorneys at the law firm of Sternfels & White at 480-816-9985.  You can also visit us online at http://www.sternfelslaw.com/.