Whether you’re just starting a business or you’ve had your own company for years and you’re looking into changing its structure, it’s incredibly important to seek out legal advice and support. Attorney Torrence L. Howell specialized in business law, positioning him in the perfect spot to address all your legal concerns and handle all legal matters pertaining to your business diligently.
Starting a Business
You’ve got a vision for what you want to do, how you want to do it, and when. Your business plan is complete, your business partner is raring to get started, and you’re always jotting down ideas for your new company. Congratulations, entrepreneur! Starting a business is an extremely exciting step. But there are some legal matters that should definitely take top priority in your mind. Come speak with attorney Torrence L. Howell and he’ll walk you through all the necessary legal steps so your business will be in line with all laws, and protected against all kinds of bumps along the way to success. He has handled the legal sides of businesses for 29 now, so you can trust him to handle every detail of your business’ legal needs.
LLC or Corporation?
One of the most frequently-heard questions in the law offices of Torrence L. Howell is, “when starting a business, should it be an LLC or a corporation?” It’s a valid question that needs to be answered with utmost care, especially because choosing the wrong option could be very detrimental financially. Attorney Howell would be happy to discuss the unique circumstances of your business and explain which option would be right for your situation, but as a general rule, people choose an LLC because they:
- Plan to hold appreciable assets 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 their personal income tax return
- It’s pretty simple and inexpensive to run, and involves very little paperwork
People choose a corporation structure because they:
- Plan to issue stock
- Want to offer fringe benefits to owners
- Want to take advantage of income splitting in a highly profitable business
- Wish to leave the family business to heirs by gifting shares
- Don’t mind double taxation
- Don’t mind extra rules regarding documentation of corporate decisions and activities
Considering a Change of Your Business’ Structure
If you already have a business, but you’re considering changing its legal structure, it’s essential that you speak with a knowledgeable, experienced lawyer right away—Torrence L. Howell. The way a business is legally structured impacts the amount of taxes you will be required to pay, and it also impacts how you are protected from creditors. Come to a consultation so Attorney Howell can learn about your business and determine if it would be to your advantage to change your corporate structure, and if so, how exactly to do it. He will make sure your corporate structure is to your utmost advantage—so you can focus on your business strategy and other more pressing matters.
Schedule a free initial consultation with Torrence L. Howell today by calling (909) 920-0908, emailing info@torrencelhowelllaw.com, or use the “Chat with us!” window at the bottom right of this page.
