Capable Assistance Establishing A Limited Liability Company
As a business owner, one of the first things you must do is select a type of business entity. Each entity comes with advantages and disadvantages that can quickly become overwhelming.
At Christopher J. Kane, PC, I have over 23 years of experience serving as a business formation attorney. We will discuss your firm’s goals and work together to determine which entity can best promote your long-term profitability. I have helped countless Oregon businesses through the formation process, including those who decide to become limited liability companies (LLC).
Unique Aspects Of LLCs
Before you select an entity, you need to understand some of the features that differentiate it from your other options. A few key factors that differentiate limited liability companies include that LLCs:
- Are treated like corporations for state law purposes, limiting the liability of the owners
- Are not subject to S corporation requirements but have full pass-through tax benefits
- Are ignored for tax purposes and treated like sole proprietorships – LLCs pay no tax on the LLC level
- Can elect to be treated as corporations for tax purposes or to be disregarded as entities separate from their owners
What Are The Advantages To Organizing As An LLC?
Forming your firm as an LLC can provide several advantages, including:
- There is no tax on distributions of property. This is the ideal vehicle for holding real estate.
- There are fewer formalities required to maintain limited liability status. It is easier to pierce the veil of limited liability in an S corp.
- Since a single-member LLC is taxed as a sole proprietorship, it is not recommended a person be a sole proprietorship.
- It is less expensive and less complicated to set up an LLC than it is to set up an S corporation.
I will work closely with you to explain the unique facets of each entity, answering your questions and ensuring that you can confidently proceed with starting your desired business.
Contact A Knowledgeable Lawyer For Counsel
When you are starting a business, you need to partner with an experienced attorney. I will listen to your needs and guide you through the process. Call my Portland office at 971-808-4518 to schedule an initial consultation. You may also contact me online.