Partnerships, Corporations, LLC’s

Are you re-organizing or starting your own business? The first step is forming an entity.Bonahoom and Bonahoom specializes in creating Partnerships, Corporations and LLC’s uniquely designed to fit the individual needs of each client and their business.

The vast majority of businesses in the U.S. are small to medium sized businesses. Whenever an individual or individuals start a business, or intend to continue to run a business, they have concerns as to what type of entity should be selected, what the tax ramifications are with respect to that entity, what the estate planning and business succession planning consequences are of their selection, personal liability concerns and what the consequences of their selection is on a day to day basis. In setting up these entities, there are numerous legal and practical considerations that need to be reviewed. In addition, to the extent that more than one person is entering into a business venture, typically there are securities law concerns, regulations governing how money can be invested, what disclosures are required, and issues of control that must be considered. While often times people will read or come to believe they can set up their own corporation, limited liability company (LLC) or even partnership, and while there may be various forms available for that purpose, an individual’s failure to understand the ramifications of the entity selection can be critical in the life cycle of the business and even in its ultimate success.

In working in the area of partnerships, corporations, LLC’s, and general business, we at Bonahoom & Bonahoom have a very good understanding of the differences, the pros and cons, and the pitfalls which individuals need to be weary of. In understanding the different entities we also can help in advising clients on their day to day business operations. The most prudent business decision you will ever make is to seek competent advise prior to or during the course of the life of your business.