Servicing Clients All Over NJ
Approximately half of all businesses survive the first five years in business. Having a solid structure from the very beginning is imperative. Choosing the proper type of business entity, and making sure it is formed properly, is one of the most important decisions you will ever make. The way your business is structured will have a dramatic effect on your ability to avoid potential legal issues in the future.
Whether you plan to form a Corporation, LLC, or a Partnership, it can be complex. The Porro Law Group streamlines the process and makes your experience less overwhelming.
What We Will Do…
We will assist you with state licensing requirements, and even file the necessary authorization and formation documents on your behalf. Legal entities are also responsible for the Annual Report filing. We will make sure you are registered for tax purposes as required by the state in which you incorporate.
Our firm has extensive experience in negotiation and enforcement issues relating to Contract and Transactional Law, including the area of restaurant and foodservice establishments, general professional, and non-professional business establishments. We help you save you time so that you can focus on other important aspects of your business.
Make Your Business Official!
There are so many levels to starting a business—like filing an EIN number so that you can apply for permits, licenses, business checking bank account, and file taxes. But, the first important thing to do is to decide what business is right for you. A business that’s formed properly helps you earn credibility in your industry. Forming a Partnership, LLC or even a Corporation will also help make your business more legitimate, especially in the eyes of investors or financial institutions.
We are prepared to assist you in deciding the best structure that will correlate with your specific needs. Here are the most common business formation types we can help you organize:
- Limited Liability Companies
Understanding how these business entities function will make it easier for you to decide which one is the perfect fit.
Compared to other forms of business, a partnership is considered a less challenging business structure to form. Consider what type of partnership you want. Will it be a general partnership, limited liability partnership or a limited partnership? There are pros and cons to all. When you and your partner decide to startup a business, our attorneys are here to answer any questions or concerns you may have and guide you every step of the way.
Forming a corporation helps protect personal assets from business liability. There are also a few advantages; for one, a corporation is permitted in all states in the United States. They are preferred for IPO recognized outside of the US and preferred by outside investors. Forming this entity offers flexibility in tax reporting alternatives and a flexible management structure. Separation of personal and business finances is also required.
Limited Liability Company (LLC)
One of the advantages of forming an LLC is tax benefits. As an owner, your LLC’s expenses and income pass through your personal tax returns. As a result, you pay personal income tax on all profits. The LLC is not required to pay corporate or LLC taxes.
The first step to forming an LLC is to choose your business name. The next step is to assign a registered agent, file public records, and create an operating agreement. You must also comply with regulatory and taxation requirements. There are certain risks involved when it comes to filing any business entity. Hiring an attorney who is well-versed in business formation laws will help you get started in the right direction.
We want to help get your business started! For a consultation, feel free to contact us or give us a call at (973) 692-0010.