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If you are buying or selling real estate, starting or expanding a business, or fighting city hall, our Franklin attorneys can help you scout out the pitfalls. If your home is in jeopardy of foreclosure, our lawyers can help you explore your options. If you are in a property dispute, our legal team can protect your interests.
Startups & Entrepreneurship
It's no secret that the majority of start-ups fail within a few years. We aim to improve the odds by helping clients form the proper foundation for business success, and by protecting their legal and financial interests along the way.
Our lawyers counsel business clients from startup and the formation of the partnership or corporate entity, through growth and challenges, and in day-to-day legal matters. We help you to plan for financial and management challenges, to resolve disputes when they arise, and tie up the loose ends when a company or partnership has run its course.
A sole proprietorship is where one individual is doing business in their own name with no protection from lawsuits. When you make a profit, it is taxed to the sole proprietor, on their personal tax return, usually with a schedule C that lists their gross receipts minus their expenses to a net profit to flow onto their personal 1040.
LLC vs. Corporations
The members in a Limited Liability Company or Professional Limited Liability Company have limited liability. The LLC’s do a tax return as a LLC, but then all the money then flows through to the members, the K-1 holders, and it shows up on the member’s personal tax return. It is known as a flow through system.
A corporation is a separate legal entity, apart from the individuals who may own it (shareholders) or manage it (directors, officers, etc). The owners (shareholders) have limited liability. Debts and liabilities incurred by the corporation belong to the corporation and not to the shareholders.
A corporation files a tax return and they pay taxes. Then, the shareholders pay taxes on the money that they get. It is generally double taxed.