Owning a Business is part of the American Dream. At Boucher and Kanan we are proud to count a large number of businesses as our clients and we stand prepared to help you in all phases of your business, from choice of entity, to business advising and consulting to litigation. Your success is a measure of our success!
Choice of Business Entity
We can assist in determining what business entity would best suit the client's needs.
Corporation
Forming a corporation limits your personal liability for business debts
Most people have heard that forming a corporation provides "limited liability" -- that is, it limits your personal liability for business debts. What you may not know is that there's more to creating and running a corporation than filing a few papers. You'll need to keep good records to handle the more complicated corporate tax return and, in order to retain your limited liability, you must follow corporate formalities involving decision making and record keeping.
Partnership
A business with more than one owner that is not incorporated or organized as an LLC is, by default, a partnership.
By definition, a partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company). There are two basic types of partnerships -- general partnerships and 'limited partnerships.
The partnership is the simplest and least expensive co-owned business structure to create and maintain.
Sole Proprietorship
If you're going into business on your own, the simplest legal structure is the sole proprietorship.
A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC).
Sole proprietorships are so easy to set up and maintain that you may already own one without knowing it. For instance, if you are a freelance photographer or writer, a craftsperson who takes jobs on a contract basis, a salesperson who receives only commissions, or an independent contractor who isn't on an employer's regular payroll, you are automatically a sole proprietor.
A sole proprietorship is the simplest of business structures, but you may have to comply with local registration, business license, or permit laws to make your business legitimate. And you should look sharp when it comes to tending your business, because you are personally responsible for paying both income taxes and business debts.
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