Starting a Business On Staten Island
Selecting the correct business entity is one of the most important steps in starting a new business — one that can sometimes influence the success of the company. At the Staten Island law firm of Corash & Hollender, P.C., our attorneys work closely with the client and his or her accountant to select the right entity for the type of business operation. Our goal is always to minimize taxes and other financial liabilities while setting the new operation on the road to success. If you are planning to start a new business, contact the lawyers at Corash & Hollender, P.C. Let us use our years of experience to help you succeed.
Helping Business Owners With Small-Business Formation
Our lawyers counsel our clients to select the business entity that suits their individual situation. Among the types of business entities are:
- S-corp: a corporation with certain tax advantages for small operations
- C-corp: allows the deduction of employee benefits for tax purposes, and may be appropriate for a small concern with some hourly or salaried employees
- LLC, or limited liability company: combines some of the benefits of an S-corp and a C-corp
- Partnership: uses a partnership agreement to spell out how profits or losses will be distributed and how the partnership will handle matters such as the retirement, death, disability or an individual’s need to leave the partnership.
- Sole proprietorship: not as common as it once was, because of liability and tax issues.
- Professional corporation (PC): an entity usually used by physicians, attorneys, accountants and other professionals. The main difference between this form and other corporations is the lack of liability protection within the corporate structure.
During the business formation process, we advise clients on the potential personal liability and tax ramifications of each entity. We also discuss their views on matters such as voting and shareholder agreements, management and control, profit distribution, and dispute resolution. We determine whether your business plan is to target a national or local market. Learning about the client’s objectives in these areas is critical to determining the best entity for their business.
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