Forming Business Entities
The Palo Alto business formation lawyers at Nopar & Associates help new businesses get off on the right foot. Our AV Preeminent-rated law firm* knows business; our attorneys have experience in business and corporate law, real estate law, franchise law, and litigation.
Nopar & Associates works with entrepreneurial business people in a broad range of industries to help them determine the most appropriate business structure for their business goals.
In considering the best business structure, you must consider the potential risks of the business, the company’s capitalization needs, the tax benefits and the tax ramifications of the various types of business entities. The lawyers at Nopar & Associates help clients review the options:
Sole proprietorship: The most personally risky form of ownership in terms of personal liability for business debt, in this form of business the owner reports income and expenses on his or her personal tax return.
Partnership: There are general partnerships and limited partnerships which differ based on the amount of risk assumed by the various partners. It’s highly advisable to draft a formal, written partnership agreement to spell out the important details of the business arrangement between the parties so that disputes at a later date, or the desire for one partner to leave, will not mean the end of the company.
Corporations, including S Corporations and C Corporations, LLCs (Limited Liability Companies) and LLPs (Limited Liability Partnerships): By forming any of these entities, owners can limit their personal liability for the debts and risks of the business.