Your Lawyer For Life
Your Lawyer For Life
Gain Strategic Counsel For Incorporation
When you are ready to launch your business or take an existing one to the next level, knowledge is a critical asset. Understanding your opportunities – and the potential risks – can allow you to make informed decisions for the future of your business.
Bonfiglio & Asterita, LLC, focuses on building lasting relationships with our business clients in New York and New Jersey. We can advise you at each phase of your company, but we also focus on giving your business a strong foundation from the start.
Assess Your Business Entity Options
Our experienced attorneys can explain the types of business entities, such as:
- Sole proprietorships: A sole owner is personally liable for the debts and other risks of the business. However, this entity type usually offers simplicity and tax benefits because the owner only reports business taxes along with their personal tax return, which is called pass-through taxation.
- Corporations: Shareholders, a board of directors and officers lead the company together. Each of these groups has a unique role, and no group is fully personally liable for the corporation’s obligations. Forming a corporation can allow your business to take advantage of unique capital raising methods. However, taxes and corporate regulations can present complications.
- Limited liability companies (LLCs): An LLC contains several members who gain certain protections from personal liability. Like a sole proprietorship, LLCs also benefit from pass-through taxation. One downside of forming an LLC is that your business could not raise capital like a corporation.
The most suitable option for your business depends on your circumstances and goals. Our business lawyers can devote the time and attention necessary to give you confidence as you take the next step.
Forming A Partnership
You can also review the differences between types of partnerships, including:
- General partnerships: This entity is somewhat similar to a sole proprietorship. Multiple owners are personally liable for business obligations.
- Limited partnerships: A mix of general partners and limited partners own the company with different roles. General partners manage operations and have personal liability, whereas limited partners do not have personal liability and cannot manage daily operations.
- Limited liability partnerships: All partners have limited protection from liability for debts, malpractice claims and other risks.
A comprehensive partnership agreement lays the groundwork for success. At Bonfiglio & Asterita, LLC, we can work with you to create a fair and thorough contract with your business partner to avoid disputes and clarify your roles.
Start The Process
At a consultation, we can examine the needs and opportunities of your business. Call 877-808-9120 or complete the contact form to gain professional insight through our offices in Staten Island and Red Bank.