Whether you are starting a business or investing in an existing business there are many options and decisions that a business person must consider. These decisions will affect your liabilities, your taxes, your errors, your outlay of assets, and your ability to protect yourself in the future. Unfortunately, the decisions you make at the outset made lock you into certain situations for years, without the ability to make changes. Our goal as your attorneys is to avoid those situations that can negatively affect your future.
After deciding to opening your own business, one of the most important decisions that has to be made is determining the appropriate organizational model to follow. In California your primary choices are limited to the following types of business entities: Sole Proprietorship; Corporation; Limited Liability Company (L.L.C.); General Partnership; Limited Partnership; and Limited Liability Partnership (L.L.P.). Each one has its own unique set of pros and cons associated with it. At this stage of starting any business is essential to get quality input and advice in selecting the most appropriate entity formation specifically for your business, and your business goals. This will allow you to protect yourself and your business in the future.
The attorneys at Hoffman & Hoffman sit down with each prospective client to learn how their business works as well as the specific goals of their business. We then brainstorm with our client to ensure that they are choosing the best possible business model to allow their business to succeed and to be protected from the start. We believe it is at this critical stage where a business can put itself on a path to success or failure and to maintain financial security.