Personal Injury Lawyer in Cleveland Helping Ohio Business Owners Form LLCs
One of the most important decisions that a business owner can make is to determine which business entity is right for their new or existing business. While a variety of options are available, your personal needs, expectations, and long-term goals will influence which business entity is right for you. When faced with this decision, many business owners opt to form a limited liability corporation, more commonly referred to as an LLC. If you have started a business and need assistance forming an LLC, contact our personal injury lawyer in Cleveland for assistance.
Personal Injury Attorney in Cleveland Discusses the Benefits of Forming an LLC
Personal Liability Protection.LLCs offer owners personal liability protection similar to that offered under corporations but without the formalities required under a corporation structure. This means that if the business falls into debt or faces a lawsuit only the business' expenses are at risk and not the personal assets of the owners. Keep in mind that this protection can be forfeited if the owners engage in illegal or unethical activity.
Tax Benefits.Unlike other business entities, for tax purposes LLCs are not considered separate from its owners. This means that LLC owners do not have to file a separate tax return for both their business and themselves. LLC owners report their share of the business' income on their individual tax returns as their own personal profits or losses. This setup is beneficial for LLC owners as it prevents them from paying what some people refer to as "double taxes."
No Membership Restrictions.LLC membership requirements are much less restrictive than that of other business entities. Currently there are no regulations limiting the number of members (also referred to as owners) that an LLC can have. Also, non-US citizens can become members of an LLC without any penalty.
If you are considering forming an LLC, contact our personal injury lawyer in Cleveland to discuss your options. Our experienced attorneys can help you determine which business entity is right for your business.
Our Personal Injury Attorney in Cleveland Can Help
These days, many online companies claim to be able to help business owners form an LLC for a small fee. If you are considering forming an LLC, you would be well advised to hire a knowledgeable attorney to assist you with the process. While these online companies can assist you with the necessary paperwork, very rarely do they provide any legal advice to their customers. At the Law Office of Shapero & Green our personal injury lawyer in Cleveland will first discuss with you the unique structure of your business and help you determine whether forming an LLC is the right business decision. If you decide to continue with the process our attorneys will assist you by:
- Assisting you with choosing a distinguishable name for your LLC;
- Preparing and filing the Articles of Organization;
- Helping you obtain the necessary business licenses and permits;
- Preparing an Operating Agreement;
- Ensuring that you satisfy all tax and regulatory requirements.
Contact Our Personal Injury Lawyer in Cleveland
If you are considering forming an LLC or any other type of business entity, contact the Law Office of Shapero & Green at (216) 831-5100 to schedule an initial consultation with our personal injury lawyer in Cleveland.