Business Incorporation

Getting it Right the First Time
When starting a business, a good plan now can prevent many headaches later. Whether it's a small business on your own or a huge enterprise with many partners, choosing the right business entity is essential. While you can always change the entity down the road, that can be a hassle. It's better to anticipate your needs and choose accordingly. Start your business off on the right foot by contacting the Law Offices of Patricia Micek.  I can help you choose the entity that works best for you and your business.

Here are some common business entities that my clients have formed with my help:

Sole Proprietor/General Partnerships
These entities are the most informal and the easiest to form. There are no special tax forms and no papers to file with the state. If one or two people go into business and they don't put anything in writing, this is the form that they take by default. The disadvantages of doing this are that each business owner is personally and individually liable for the business and the actions of each of the other partners. It's easy to form, which makes it ideal for some, but if the stakes are high or you are working with others, it's best to stay away from this type of business entity.

Limited Liability Partnership
This partnership has a combination of general partner(s) who are personally liable and have management control, and limited partner(s) who invest in the partnership and are only liable to the extent of their investment.

Corporation
In order to form a corporation, you have to follow certain rules and meet certain statutory standards. The advantage to all that work is that the corporation becomes a separate legal entity. The business owners, with a few exceptions, are not liable for the actions of the corporation. With a subchapter S business incorporation, no separate tax return is required for the corporation and all the deductions pass through to your personal income tax return.

Limited Liability Company
This entity combines aspects of a partnership and a corporation. The partners are limited partners, but the company is not a separate legal entity like a corporation.

When choosing a form for your business, you need a skilled lawyer to help you make the right decision. Call me for a free 5-minute initial consultation, and I can help you achieve your goal.

Attorney Patricia Micek serves businesses in New York City and Westchester County, including Yonkers, Mount Vernon, New Rochelle, and Scarsdale.

Contact Patricia Micek for a free initial 5-minute phone consultation.

Law Offices of Patricia G. Micek
50 Main Street
10th Floor Suite 1000
White Plains, NY 10606
Phone: (914) 235-4207
Fax: (914) 636-1138
Email