Entity Formation Guidance in the Conejo Valley
Launching any type of business entity requires careful and thorough preparation. This decision will determine how your new company will be structured, the level of personal liability you assume, and how you and your business will be taxed.
At the Law Offices of Kent W. Keating, we can assist with all legal elements relating to your business entity, including formation and regulatory compliance. Our Thousand Oaks entity formation lawyer has over 35 years of experience and endeavors to build personal relationships with each of our clients. When you hire our firm, you will have direct access to our attorney, who will assess your objectives and recommend the entity that is most suited to achieving them. Our firm's goal is to set your new business up for success, and we will continue to be available to assist you as your company grows.
Types of Business Entities
The type of entity under which your business will be controlled and owned is crucial. Determining the exact type of entity that your business needs to survive and prosper tends to require knowledge and experience. We are highly versed in California corporate law and can provide the answers and analysis you need to determine what entity type is best for your new company.
Our Thousand Oaks entity formation attorney can assist you with creating a:
- Limited Partnership (LP). An LP is made up of two types of partners: General partners actively run the business and assume liability for its activities, while limited partners passively invest. An LP can be used to efficiently raise money without sacrificing control. However, general partners will often assume some level of personal liability.
- Corporation. Corporations are made up of shareholders (who own the company), officers (who run the company), and a board of directors (who oversee the officers and the company's overall direction). Corporations are highly complex entities that present numerous financing opportunities. Shareholders assume no personal liability, but corporations are obligated to comply with numerous regulatory formalities.
- Limited Liability Company (LLC). An LLC has fewer corporate formalities, and owners do not assume personal liability. An LLC can also elect to be taxed as a partnership or a corporation, giving owners enhanced flexibility. LLCs offer many of the advantages of both LPs and corporations, making them a favored choice for many small businessowners.
Limited partnerships, corporations, and limited liability companies all have several compliance requirements that must be met during their formation. It is not enough to simply draft and execute a contract between owners, as these entities must be formally registered with the state of California. There are also ongoing reporting requirements for certain types of business entities, including LLCs and corporations.
The Law Offices of Kent W. Keating is here to assist you with all of your state and federal filings, notice requirements, board minutes, shareholder minutes, member minutes, resolutions, and other protocols. We will walk you through what is required of your business and take steps to ensure your company remains in compliance with all applicable rules.