"If you fail to incorporate, you better be prepared to personally litigate."
At Family Legal Partners, P.C., we take the time to work with our business owners to truly understand the nature of their business, their plans for the future, and their risk tolerance as it relates to personal liability. In collaboration with other trusted professionals, such as accountants and financial advisers, the correct decision is reached regarding the choice of business entity.
Aside from any potential tax advantages, the paramount benefit in forming a business entity designed for limited liability is to achieve personal protection for the business owner. To that end, the two most popular limited liability business entity choices include the corporation and limited liability company ("LLC").
Once these entities properly organized under the Commonwealth of Massachusetts, it is necessary to acknowledge the strict corporate formalities in order to maintain the sought after limited liability protection status. Family Legal Partners, P.C. works with our business owners to ensure that those formalities are properly acknowledged and that the business entity is in compliance with the law.
The following provides a very brief outline of a sampling of different business formation choices: