The attorneys at the Law Offices of Douglas P. Barnes assist clients in Santa Clara County, the Silicon Valley, and throughout California with the formation of new business entities. We assist with entity formation as part of our client’s overall estate planning strategy, and also assist entrepreneurs seeking to start a new business.
Selecting the Appropriate Entity
When starting a new business, selecting the appropriate choice of entity is an important decision with lasting ramifications; the type of entity selected will have tax and legal liability implications. Depending on the business entity you choose, your business may be entitled to varying income tax structures, and executives and participants may be left open to varying levels of liability. Therefore, it is important to seek the assistance of experienced business planning counsel prior to making this decision.
The attorneys at the Law Offices of Douglas P. Barnes have extensive experience advising new businesses on the appropriate choice of entity for their new business endeavor and preparing and filing the proper documents with the California Secretary of State or other agency to register the new entity. We assist our clients with the formation of a variety of entities depending on the needs and goals of their business, including:
- Corporations, including S and C corporations, both domestic and foreign
- Limited liability companies, both domestic and foreign
- Family limited partnerships
Providing a Level of Protection for Assets
Protecting your assets is a legitimate concern given the increasingly litigious society we live in. Transferring assets to entities such as corporations, limited liability companies and family limited partnerships provides a level of protection from the claims of creditors. Entities such as limited liability companies (LLCs) and family limited partnerships (FLPs) also limit the availability of assets to satisfy claims that are unrelated to the member’s or partner’s activities within the LLC or FLP. An interest in an LLC or FLP is much less desirable to creditors, and creditors are often reluctant to attach or execute upon a member’s or partner’s interest in an LLC or FLP to satisfy the personal liability of a member or partner.
For further information regarding our business planning and estate planning services, contact the Law Offices of Douglas P. Barnes.