A business partnership, of which there are several types, is an attractive option for many business owners who know others who share their entrepreneurial visions. There are two main types of business partners — general and limited. General partners have voting rights regarding the direction of the company and are typically charged with managing the day-to-day of the partnership while limited partners do not enjoy Read More
The Family LLC – A Unique Estate Planning Tool
A Family Limited Liability Company (FLLC) is a legal entity that serves as an estate planning tool. The main goals are to protect assets from creditors, provide management experience for younger generations, ensure who acquires a direct interest in the family business, prevent fragmentation of the family business and assets, and reduce estate and gift taxes. A Family Limited Liability Company (FLLC) is a legal Read More
S-Corporations Vs. C-Corporations
What is the best legal structure for your business? While there is an assortment of different structures (corporation, limited liability company, partnership, etc.), it is first important to understand the difference between an S-corporation (“S-corp”) and C-corporation (“C-corp”). An S-corp is a corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. The profits (and losses) of an Read More
