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small business law

corporations and limited liability companies (lLC)

Creation of Corporations and Limited Liability Companies (LLC)  are wise choices if you have a small business. We are here  to help you create and manage either of these business entities.

the pros of incorporating or forming a limited liability company

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1. insulation from personal liability

Since both corporations and LLCs  are a separate legal entities, the “owners” are  agents of the corporation and not personally liable for the business debts and negligence.

2. stability

Corporations and LLCs can be “immortal:.  Since they are separate entities, they can be perpetual.  While partnerships, sole proprietorships and most other business entities are easily dissolved by normal human frailties and events such as death, divorce, insanity, bankruptcy and disputes between owners, these occurrences do not hamper corporate existence.  This stability greatly insulates owners and shareholders from common pitfalls that destroy other businesses.

3. Name protection

The  name you choose, once approved, cannot be used by any other corporate business in the State without your approval. 

4. no tax disadvantage

In most cases, there is no tax disadvantage since the corporate tax can be avoided by small corporations by a simple election.  In many cases, an individual can turn otherwise non-deductible  personal expenses into deductible business expenses.  Consult your CPA or tax advisor on all tax matters.

5. Central Management

Corporations in particular  permit  a structured, limited management.

6. normally, the incorporation / LLC process is a one time occurrence

Since both can be made perpetual, a business normally only produces a governing document once.

7. corporate ownership makes estate planning simpler

Since ownership is represented by shares of stock, they are devisable and/or inherited like any other property.  Distributing ownership in other business forms is difficult and often requires a dissolution of the business to satisfy the heirs or devisees’ interests.

8. small corporations and LLCs in indiana are easy to "feed" and "support"

Most people are somewhat frightened when they think of a corporation.  It sounds like a complicated, unmanageable headache.  Actually once you are incorporated, you seldom know the corporation exists.  It is often cheaper to “feed” and “support” than other business entities in total cost (attorney fees, accountant fees, etc.)

This information is general to say the least and is intended to give you a little more information about Corporations and Limited Liability Companies. I will be happy to answer any questions you might have at any time concerning small business law.

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