There are a wide variety of legal entities under which you may carry on your business.
Sole proprietorships, partnerships, limited partnerships, trusts, limited liability companies, or limited liability partnerships, along with corporations, are part of the menagerie of legal entities.
The choice of legal entity will depend upon the nature and size of your business, the active and inactive participants, tax considerations, control issues, concerns for succession and management, and potential liability. We can help guide you through the maze at the beginning and as your business grows and you change from one form to another.
In Massachusetts, recent changes to the corporation laws have made it easier to operate as a corporation by streamlining rules concerning corporate actions and procedures.
While you can purchase a "corporation-in-a-box" or an "llc-in-a-box", there can be tax and legal ramifications for each decision you make, or legal agreements which are not made. If your business is more than a hobby, you should consult with an accountant and an attorney as you are planning your business. A little money spent now will save many headaches later.
If you would like to discuss your plans with us, please contact our office for an appointment. We can also provide names of business accountants.
You may also wish to see our website www.wellesleyestateplanning.com for additional information concerning estate planning.
The American Bar Association Estate Planning & Probate Section has a FAQ.