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Business Organization Structures
Business Organization Structures – What To Know And How We Can Help
How you structure your business is vital to its internal efficiency and, consequently, its overall success. You may face higher risks in one structure type and difficult administrative processes in another. Your industry, your business environment and your potential partners and stakeholders all have their influences on what structure is best for your business. At Coodin & Overson, PLLP, we provide efficient and informed counsel to clients throughout the Twin Cities area. We can help you develop an authentic, legal structure suited to meet your needs.
Shedding Light On Your Business Development
There are several structures that you may implement. We help with a variety of organization types, including:
- Partnerships – Partners share ownership responsibilities. This means you could be liable for your partners actions. Be sure your partnership agreements are in writing and drafted with the oversight of an experienced attorney.
- Corporations – Shareholders own these independent companies. Corporate capital hinges on its stock value. Corporate law and taxes can be tricky to handle, making it even more important to have a lawyer assisting you.
- S corporations – Corporations can avoid double taxation if the company qualifies under subchapter S. These corporations are usually small. Subchapter S includes such qualifications as not exceeding 100 shareholders and being part of an eligible business class.
- Limited liability companies (LLCs) – This entity comprises one or more owners who are not liable for company faults. LLCs can protect individual assets. Like a standard partnership, agreements in an LLC should be made in writing.
- Sole proprietorships – You alone own your business. This comes with perks, but it also puts your assets at risk. Sole business owners should not develop their organization without outside help, being that they accept sole responsibility.
With years of business law experience, we can shed light on complicated organization matters.