Sole Proprietorship Advantages and other Business Formation Opportunities
The Right Way to Start a Business
At Adkison, Need, Allen, & Rentrop, our attorneys advise entrepreneurs, family businesses, and growing companies about the basics of business formation and the finer points of entity selection and business operations. Our breadth of experience and familiarity with the full range of challenges that businesses face every day can help your new or established company in many ways. We can help potential business owners see the advantages of business organizations such as a limited liability company (“LLC”), corporation, and limited partnership. Contact a business lawyer at our office in Bloomfield Hills to learn how our experience can advance your company's objectives, from startup and registration to ongoing general counsel services.
Start Your Business Right by Registering it in the Proper Form
To choose from your business startup options — an LLC, a corporation, a limited partnership, a professional corporation, or any of several other forms — it helps to talk through the alternatives with an attorney who can match the right entity with your capital structure, long-term goals, and management style. We can get your new business up and running in the form best suited to your needs. The right business entity selection will give you the right balance of management flexibility, protection from personal liability, and a clear expression of the rights and responsibilities of your principals. Any special considerations can be addressed in bylaws, operating agreements, shareholder agreements, buy-sell agreements, or other documents specifically addressed to your particular situation. For example, if interests in a business are to be transferred through a succession plan, we can help you with the appropriate estate planning counsel. Similarly, we can also assist with asset protection strategies.
You can Depend on our Attorneys for Advice About Business Operations
We handle contracts, leases, real estate sales, land use matters, licensing or permit applications, and a host of other legal issues for businesses of all kinds. For larger corporations, we can serve as local counsel on special matters such as filings and registrations, zoning or environmental problems, or even development of private water and sewer systems. For smaller businesses in Oakland County or Macomb County, we can serve effectively as general counsel for entities involved in the following:
- Real estate sales or management
- Construction and infrastructure development
- Retail or wholesale liquor sales
- Professional practices in accounting, engineering, medicine, dentistry, or other fields
- Restaurants, bars, golf courses or retail operations
No matter how big or small your company might be, you'll find that the business lawyers of Adkison, Need, Allen, & Rentrop provide prompt and attentive client service with a clear focus on your current and continued profitability.
LLCs, Corporations, & Limited Partnerships
If you are deciding to form your business as an LLC, there are certain opportunities that you can take advantage of. First, there is generally pass-through taxation, which are profits taxed at the member level instead of the LLC level. Second, there is much less administrative paperwork and recordkeeping. Third, there is no requirement of annual meetings for shareholders, which is required for other business formations. These are only three of numerous advantages for an LLC.
A corporation has unlimited life, which means if the owner sells the business or dies, the corporation can still exist and make money. Corporations have the ability to set up retirement and insurance plans, and capital can be raised through the sale of stock. A corporation also has centralized management.
Limited Partnership Advantages
Limited Partnerships allow general partners to devote all of their efforts to running the business, and limited partners can leave or be replaced without breaking up the Limited Partnership.