Entity Formations and Purchase & Sale of Businesses

Choosing the type of business entity to form is one of the most important decisions you will make as a new business owner. This is why it is essential to work with experienced business attorneys who not only understand entity formation, but who can also evaluate your business’s goals and priorities, and help you make the best decision possible.  At Harms & Harrigan, LLP, the attorneys will work closely with you and your accountant to ensure that you form the proper entity for your needs.

New York, and especially Long Island, has a thriving small business climate. According to the New York State Small Business Development Center, small businesses make up 99% of all business in the state. It is considered one of the most entrepreneurial states in the country, with small businesses employing more than 50% of the state’s non-farm employees.

If you are a New Yorker with a desire to start a small business, you are in the right place!

As someone who wants to begin a small business, you have a number of issues and concerns. Entity formation is one of the earliest decisions you will make for your business and it is something that affects your business’s livelihood and assets.

Whether you need guidance with the initial formation and organization or you have long-term concerns that could include expanding, buying or selling a business, the Long Island law firm of Harms & Harrigan LLP can help.

Choosing the Right Entity for Your Business

When it comes to entity formation, you have options. Though every type of business entity has benefits, not all entities are appropriate for every business. Understanding each type of entity and how it affects your business’s short- and long-term goals is essential.

Entity options include:

  • Sole Proprietorship
  • Partnership
  • C corporation
  • S corporation
  • Limited liability company (LLC)
  • Limited liability partnership (LLP)

Tax laws and other regulations regarding the various entities are complicated, so it’s important to not only choose the right option for you, but to understand what is required over the life of your business based on the entity type.

Harms & Harrigan, LLP, Woodbury, New York Business Attorneys Help You Choose the Right Entity

The attorneys guide you through the process of choosing and forming the right entity, whether you have a new business or you need to update your entity. You are then assisted with implementing agreements, by-laws, and operations guidelines efficiently and effectively.

Harms & Harrigan, LLP are experienced business law attorneys who understand the pros and cons of each entity and the New York State laws that affect entity formation and operations.

If you would like to know more or you are ready to discuss entity formation with an attorney, contact the law firm of Harms & Harrigan.

Source: http://www.nyssbdc.org/resources/smallbizstats.html