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Entity Formation Attorneys

Providing New and Existing Arizona Business Owners With Quality Legal Representation

Suppose you are considering forming your first business or are an existing business owner who wishes to start a new company. In that case, you must hire an experienced lawyer to provide you with skilled legal representation.

Regardless of the type of business you plan to start, you need to hire a qualified attorney to help you determine the appropriate business structure. It is essential that you determine what type of business formation is right for your company, as it can have long-lasting consequences on how you file taxes and secure financing.

The business formation lawyers of the AVID Esq. Group, LLC has extensive experience helping clients with the many legal issues of starting a new company. If you want more information about how our business lawyers can help you make an informed decision, contact our law firm and ask to schedule a free consultation to discuss your legal needs.

How Can I Determine What is the Right Business Structure For My Needs?

Determining what business structure you will use for your new company is one of the most vital decisions business owners face. Choosing the correct business entity makes a world of difference in terms of risk to your personal assets and tax implications.

Some of the most common business formation choices include:

  • Sole proprietorship: One of the benefits of sole proprietorship is that this type of business formation can be started without needing to file a filing to the Arizona Secretary of State. However, anyone who acts as a sole proprietor is personally liable for any debts the business may incur and does not file a separate tax return.
  • General partnership: A general partnership is when two or more people come together to create a business entity. Each person’s role within the business is guided by their partnership agreement. Just as in a sole proprietorship, business owners involved in general partnerships are personally responsible for company debts, and each reports their earnings and losses on their personal income tax return.
  • Limited liability partnership (LLC): LLCs offer business owners several advantages, including liability protection against any debts the company may incur and pass-through taxation. Pass-through taxation is where profits are “passed through” the business and onto the tax returns of the business partners instead of sending them to the Internal Revenue Service.
  • For-profit and nonprofit corporations: A majority of businesses operate as a corporation. Although there are significant advantages associated with establishing a corporation, they also come with risks. Non-profit corporations are typically held in higher esteem by the public and government; however, for-profit corporations protect business partners from personal liability. Additionally, anyone who wishes to form a corporation must decide whether to organize as a Subchapter S-Corporation or a Subchapter C-Corporation, which makes a massive difference in terms of tax obligations.

What Are the Advantages of Creating a Limited Liability Company (LLC)?

One of the most common business entities that people create is a limited liability company (LLC). Limited liability companies have significant advantages, such as shielding business owners from personal responsibility for any business debts their companies owe. Limited liability means that creditors cannot seize, repossess, or garnish a member’s assets to try and recover money for debts or losses.

Some of the other notable advantages of an LLC include:

  • Easy to form.
  • An LLC is considered a separate legal entity.
  • LLC offers the founders and members privacy protection.
  • An LLC is viewed with more credibility than a general partnership or sole proprietorship.
  • An LLC will continue to exist until it is dissolved, unlike the structure of many other business formations.
  • Help LLC members avoid double taxation.

If you still need clarification about the benefits associated with limited liability partnerships and how they can benefit your future business, contact AVID Esq. Group, LLC of Arizona. We represent clients throughout Arizona.

What Are Some of the Other Legal Services That Business Formation Lawyers Can Handle?

Aside from helping guide clients in starting a business, there are several other services that business formation attorneys can handle. These legal services include:

  • Partnership agreements or disputes
  • Shareholder agreements
  • Protect intellectual property
  • Tax planning
  • Employment contracts/employment agreements
  • Employee handbooks
  • Assist with corporate law matters.

Many businesses start from behind because they need to hire an experienced attorney to advise them on legal matters. However, in Arizona today, large corporations, all the way down to small businesses, must start with a firm foundation before they can enjoy success.

Additionally, another benefit of having an experienced legal team, like the attorneys of AVID Esq. Group, LLC is that it is significantly less expensive than retaining in-house counsel.

Why Do I Need to Hire an Experienced Business Formation Attorney?

The AVID Esq. Group, LLC of Arizona is a law firm dedicated to helping new and existing business entities achieve the goals they have set. Our experienced business formation attorneys have a broad, comprehensive knowledge of business laws and what it takes to get a business off the ground.

The business formation lawyers of AVID Esq. Group, LLC can advise you on minimizing potential risks, potentially avoiding future lawsuits, and other relevant legal aspects. Finally, our legal team will work closely with you to create a detailed and effective Operating Agreement that establishes the organizational structure of your new business formation.

Finally, our business formation lawyers can walk you through the steps of creating your new business entity and give you the confidence you need to get off to a good start. Whether you want to become a general partner or create a limited liability company, our business formation attorneys have the experience you need.

Contact the AVID Esq. Group, LLC of Arizona, at 480-467-5636, ask to schedule a free consultation to discuss your legal needs and learn how we can help.