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Commercial
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Corporate,
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Baumann, Doyle, Paytas & Bernstein, P.L.L.C. offers a variety of business related services including corporate, partnership and business planning activities.
For over 40 years the firm’s attorneys have assisted clients with the formation and planning of new corporations, partnerships and limited liability companies.
Our attorneys have served both small start up companies and large corporations involved in complex transactions.
We also offer a wide range of legal services for companies seeking transactional services in the form of business contracts and corporate compliance. In addition, the firm maintains outside contacts and consultations for those clients desiring advanced tax planning strategies.
Frequently asked questions concerning corporate, partnership & business transactions
FREQUENTLY ASKED QUESTIONS CONCERNING
CORPORATE, PARTNERSHIP & BUSINESS TRANSACTIONS
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Do I need to create a business entity? |
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Not necessarily. Many people chose to conduct business as a sole proprietorship and whether or not you create a business entity depends upon a variety of things, including taxes, federal, state and local regulations, asset protection, and many other things. Before you create a business entity or chose to operate a business as a sole proprietorship, we recommend that you arrange for a consultation.
The purpose of creating a corporation/limited liability company is to reduce the exposure of personal assets to the liabilities or responsibilities of the business. The need for a formation of a corporation or LLC would be determined by the amount of risk that a particular business type poses and the likelihood that a customer or other party will sue you personally and/or the business. |
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What is a limited liability company? |
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A limited liability company is created by Arizona Revised Statutes Section 29-601 et. al. In general it is a company, authorized only in certain states, whose owners and managers receive the limited liability and (usually) tax benefits of an S Corporation without having to conform to the S corporation restrictions. |
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Should I be concerned whether a lawsuit can pierce “the corporate veil”? |
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Yes, you should be concerned if your company operates like a sole proprietorship instead of a corporation. There are certain things that you need to do in order to insure that your small business is more than just a corporation “in name only” and a consultation with our attorneys is recommended. |
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What is the difference between a limited liability company and a corporation? |
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A limited liability company (LLC) offers protection from personal liability for business debts, just like a corporation. However, unlike a corporation, which must pay its own taxes, an LLC is a pass-through tax entity: the profits and losses of the business pass through to its owners, who report them on their personal tax returns just as they would if they owned a partnership or sole proprietorship. Moreover, while setting up an LLC is more difficult than creating a partnership or sole proprietorship, running one is significantly easier than running a corporation. |
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