Business Organization

Business Incorporation in New York

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 Law Offices of Patricia G. Micek. We can help you choose the entity that works best for you and your business.

Here are some common business entities that our clients have formed with our 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 Partnerships

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.

Corporations

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 Companies

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 us and we can help you achieve your goal. Law Offices of Patricia G. Micek serves businesses in New York City and Westchester County, including Yonkers, Mount Vernon, New Rochelle, and Scarsdale. Contact us today .