Choosing the right business entity can affect your liability protection, taxes, succession planning, and long-term growth. Mason Law and Planning Group helps Colorado business owners establish corporations, LLCs, and other business structures designed to support and protect their goals.
The structure you choose for your business can impact liability protection, taxation, ownership rights, operational flexibility, and future succession planning. Whether you are launching a new company or restructuring an existing business, selecting the right entity from the beginning can help prevent costly issues later.
Our attorneys help Colorado business owners evaluate LLCs, corporations, partnerships, and other entity structures based on their goals, risk exposure, and long-term plans.
To discuss your business interests with our business formation attorneys, call (719) 428-4495 or send us a message.
Our attorneys understand the various legal challenges that you may face when starting or owning a business. We can also help you when you think you may want to sell it or transfer it to someone else in the future (succession planning).
We help business owners evaluate important factors such as liability exposure, tax implications, ownership structure, future growth plans, and succession considerations. Choosing the right entity early can help protect your business and reduce legal complications as your company grows.
The most common types of entities are limited liability companies (LLCs), limited liability partnerships, various corporation structures, sole proprietorships, and general partnerships. Each type has its own advantages and disadvantages depending on the size and scope of the business. That’s why we advise clients on entity selection as part of our entity formation process.
In many cases, the law does not require an attorney to help you form a business entity. That being said, it can be a very good idea to hire one. The reason for this is that people often make mistakes when forming their businesses. This can cost them a lot of money down the road when they need to hire a lawyer to help them litigate a business dispute with their stockholders or when they need a legal defense because of an alleged legal violation.
Sometimes people initially choose only to consult a CPA when forming their business. The problem with this is that CPAs are qualified only to discuss the tax implications of your business formation and not the legal liabilities that your business could face. In many cases, they’re not even legally permitted to offer this kind of advice.
For example, many CPAs suggest sole proprietorships for potential tax benefits, but it’s important to consider that these arrangements leave business assets vulnerable to personal civil lawsuits. Sole proprietorships are best implemented in specific situations. It’s our job as your business formation lawyers to inform you of your legal liabilities when starting a new sole proprietorship or corporation.
