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When creating a business there is a variety of options all of which have their benefits and in some cases, there pitfalls. At The Law Office of Darren Aronow, P.C. we will guide you through the pros and cons of each business type so that you use the proper corporate vehicle that best suites your business and professional needs. It is important to have a law firm that will not only create the corporate entity, but who will create the proper agreements for that entity and its attached parties; including Shareholder Agreements, Partnership Agreements, Joint Venture Agreements and more.

The most common corporation types are:

S Corporation – A corporation owned by not more than 100 shareholders and managed by officers and directors with many of the benefits of partnership taxation as well as limited liability protection from creditors. The income, deductions and tax credits of an S Corporation flow through to the shareholders which make it one of the more common corporate types.

C Corporation – A corporation with no limit on the number of shareholders, but is taxed twice; once from the income of the corporate entity and then again as each shareholders income or dividends.

Professional Corporation – A corporation for professionals such as lawyers, doctors and accountants, to reduce personal liability for malpractice.

Limited Liability Company – A Company owned by “members” and managed by directors. The LLC allows for tax treatment similar to that of a partnership with the limited liability protection of a corporation. Also, ask about Limited Liability Partnership.

Partnership – A company directed by two or more people or entities, usually with a variety of individual interests to protect. The Partnership structure often has a more favorable tax structure, but with more exposure to personal liability.

Joint Venture – An entity formed between two or more parties to undertake an economic activity together where they agree to contribute equity and then share in the revenues and expenses. These corporate structures can be created in a plethora of professional areas and practices