Business Lawyer Fairfax
Our firm provides legal guidance regarding the formation of a new business, drafting contracts, protection from personal liability, and important decisions throughout the life of a business. We know how businesses operate because we have personal experience in the business world. Mr. Hasan has owned various businesses throughout his lifetime and currently serves as an adjunct faculty member at Northern Virginia Community College teaching courses in business law. He has the experience and knowledge to help your business achieve success and avoid legal pitfalls.
Business Entity Formation
While it is not necessary to have an attorney to start a business, it is advisable to at least consult with an experienced attorney before making any decisions. The decisions you make in the beginning stages will have lasting consequences for your business and for you personally. Our firm has experience forming all types of business entities. There are two main considerations when choosing the type of entity that would best suit your needs: (1) tax consequences, and (2) personal liability. The following is a brief description of a few of the options available for business formation:
• Corporation - Separate legal entity managed by a board of directors consisting of one or more individuals who elect officers to run the day-to-day activities. Stock corporations issue shares to people who become shareholders and owners of the corporation. Non-stock corporations have members but no owners and are usually formed for non-profit organizations. Corporations protect against personal liability and are taxed as a separate legal entity.
• S-Corporation - Not taxed as a separate legal entity but provides protection against personal liability. There are limit on the number and type of stock holders.
• Sole Proprietorship - Typically owned by one person. No protection against personal liability. Profits or losses are reported as personal income or loss.
• Limited Liability Company - Limited liability like a corporation, however profits and losses are reported as personal income.
• General Partnership - Association of 2 or more people who contribute money, property, or services in return for an interest in the business. Each partner is liable for the obligations of the partnership.
• Limited Partnership - Includes one general partner who has control over the management of the business and one or more limited partner who contributes money, property, or services in return for an interest in the business. The general partner is liable for the obligations of the partnership but the limited partners are not.
Our attorneys can meet with you and your partners, determine your goals and needs, advise you of the legal ramifications of your different options, and point you in the right direction to success.