Choosing the right corporate and tax entity for your business is important, but the decision is far from easy. There are a lot of options to choose from, and many factors to consider. The internet has thousands of articles on this topic, but many are either too general or too specific and some are just plain wrong.

As you consider the choice of corporate entity, we are here to advise you on:

  • What are the various business structures available to an entrepreneur in New York;
  • What are the requirements for each;
  • Benefits and drawbacks of choosing an LLC over a regular corporation; and
  • What is a benefit corporation and how it is different from a not-for profit corporation.

Our advice includes concrete examples and scenarios to illustrate how a particular choice of corporate or tax treatment may impact a business owner. You will walk away with a better understanding of how to choose the right corporate form for your business and how to take advantage of the limited liability offered by such form.

Alterations and Dissolution

Sooner or later, every successful business owner will consider attracting outside investment, acquiring or selling assets or other businesses. At this “alteration of a business entity” stage, we bring value to our clients by:

  • Conducing legal due diligence on any potential acquisition targets or bringing your corporate books and records in order in anticipation of the sale;
  • Writing up agreements that accurately reflect the economics of the transaction; and
  • Advising on any potential legal pitfalls.

For mature and profitable businesses, we provide extensive advice on business succession planning, either among family members or business partners. Business succession planning means we put in place a legally enforceable plan which outlines who will have the right to take over the business if the current business owner becomes disabled or dies or simply wants to retire from the business. It also addresses the responsibilities of co-owners to each other with respect to transfer of ownership. These consultations come hand in hand with our estate planning practice.

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