Corporate formation

Pelzer Law Firm regularly assists Clients in determining which entity provides the best liability protection and corporate structure for any business endeavor. We can assist you with forming:

Limited Liability Companies (LLC's)

Many small business owners elect to form an LLC because it offers the following features and protections with little of the burden associated with traditional corporations:

• Limited vicarious liability for debts and torts of other members of the LLC.
• Pass-through tax treatment to the member level.
• No corporate formalities such as an Annual Meeting or Board of Directors
• Single or multiple member entities.
• Management by a member or a manager.
• Fixed term or indefinite term.

Corporations

Corporations offer shareholders many advantages, such as:

• Personal asset protection.
• Unlimited duration.
• Ability to transfer ownership of shares
• Election of tax treatment as a C-Corp or S-Corp.
• Governance by Board of Directors

Partnerships

• General Partnership (GP):

  • Simple and inexpensive to form.
  • No liability protection for partners for debts and liabilities of the GP.
  • Pass through tax treatment.
  • No state registration requirements.

• Limited Partnership (LP):

  • Unlimited liability for general partner.
  • Liability for limited partner generally limited to amount of investment.

• Limited Liability Partnership (LLP) :

  • Restricted to use by professional service businesses.
  • Personal assets of partners cannot be used to satisfy debts or liabilities of LLP, but does not shield individual partners from liability own negligence.
  • Partnership not taxed. Taxed at partner level.

Contact Pelzer Law Firm to schedule a free consultation.