1365 West Foothill Boulevard Suite 2
Upland, CA 91786
Phone: (909) 920-0908
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We provide legal services
in the following areas

Law Offices of Torrence L. Howell - Providing Over 20 Years of Industry Leading Experience in Family Law, Business Law and Criminal Law
 
Area of Practices

Corporations & LLCs

Get help choosing the right ownership structure for your business from expert business attorney Torrence L Howell.

When starting your own business with partners, you have the option of creating a partnership, a limited liability company, or a corporation. Each of these business types offers its own special advantages, but what both LLCs and corporations have in common is that partners are not personally liable for business debts like they are in a general partnership. As an experienced business attorney in Upland CA, Torrence L Howell can explain the legal implications of choosing a corporation or an LLC to you in greater detail, as well as provide assistance with other issues related to corporations & LLCs in Upland CA that may arise, such as breach of contract or business disputes.

Forming an LLC

Many people regard LLCs as combining the best features of the general partnership and the corporation. An LLC is not a separate taxable entity, so partners don’t get taxed twice on profits from the business. Yet they are protected against personal liability in case the business can’t pay its debts or faces a lawsuit. LLCs are generally considered fairly simple corporate structures that provide protection without lots of onerous record-keeping requirements.

An LLC might be right for your business if you:

  • Plan to hold appreciable assets in the business and don’t want to pay double taxes on them
  • Want to avoid personal liability for business debts
  • Will have few investors, most of whom are also involved in the business
  • Don’t mind recording business profits and losses on your personal income taxes

Forming a Corporation

A corporation is its own independent legal entity. The up side is that the corporation is responsible for all business debts but the down side is that it is also responsible for paying its own taxes. This means that the income that partners gain from a corporation is essentially taxed twice by the IRS—once when the company earns it, and once when it is paid out to the partners. Another drawback of a corporation is that it is more expensive and more complicated to set up and run than an LLC.

A corporation might be right for your business if you:

  • Plan to issue stock
  • Want to offer certain fringe benefits to owners
  • Want to take advantage of income splitting on a highly profitable business
  • Wish to leave your family business to your heirs by gifting shares
  • Don’t mind double taxation
  • Don’t mind extra rules regarding documentation of corporate decisions and activities

Why You Need an Upland CA Business Attorney’s Help

Although you can set up a corporation or LLC without an attorney’s help, it is not necessarily wise to do so. You risk overlooking important steps or leaving out vital components of your operating agreement. As your business attorney in Upland CA, Torrence L Howell can successfully guide you through the process of forming your LLC or corporation as well as represent you during any lawsuits or disputes that may arise out of your business activities. You will enjoy valuable peace of mind knowing that Torrence L. Howell is available to assist you in protecting your business interests.

Call Now For a Free Initial Consultation

If you would like to learn more about how Upland CA business attorney Torrence L. Howell can assist you in forming and/or maintaining your corporation or LLC, please call (909) 920-0908 now to schedule an appointment.

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Best Lawyer and Staff Torrence and his paralegal Tiffany were the absolute best. In the consultation with Torrence alone I discovered my divorce was going to leave me with much more than I had realized. If I had just went with a mediator like I had originally planned I'd have been lucky to keep my

-Steven July 10, 2017

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