Two of the primary concerns of most individuals contemplating starting a business are ensuring asset protection and protection from personal liability. While Sole Proprietorships and General Partnerships are very economical ways to begin engaging in business with some tax benefits and other advantages, these types of business entities have limitations with respect to protecting its owners from liability.
Other entity options, however, provide personal “liability protection” when formed and operated properly. At the Law Office of Steven E. Bullock, PC, we understand and are sensitive to your need for optimum asset protection. Therefore, we offer a thorough initial consultation to discuss your business entity options and ensure that you and your business associates receive and maintain sufficient asset protection and are shielded from personal liability.
There are several business entity options available in Maryland, D.C., Virginia, and elsewhere, including but not limited to: Corporations, Limited Liability Companies, Limited Partnerships, General Partnerships, and Sole Proprietorships. In deciding which entity type to choose, here are some of the factors to carefully consider for each possible entity type: cost of formation, ease or complexity of formation, formalities legally required to maintain the entity, transferability of the business interests/ownership, and tax consequences.
During your initial consultation, we would be happy to explore your entity options and help you to ascertain which entity would best suit you and your new or existing business. We also assist with franchising and other options of growing your business, keeping you abreast of the latest technologies for your business to run at maximum capacity.