Business Organization
BUSINESS FORMATION
LOREH represents clients in all phrases of business development, acquisition and reorganization. Specific areas in which we provide representation and advice, include:
- Debtor’s rights
- General Corporate and Business Law
- Mergers and Acquisitions, and
- Tax free reorganizations
The organizer of a new business has a wide variety of legal forms to choose from in implementing a new venture. In choosing the best entity option to conduct a business, there are a variety of tax and non-tax issues to consider. We explain the various types of business entities that are appropriate for your firm and describe the advantages and risk of each and then recommend the type of business entity that best suits your needs to form a business from a tax and liability standpoint. The possible entities for conducting business include:
- Sole proprietorship
- Joint Venture
- General Partnership
- Limited Partnership
- C Corporations
- S Corporation
- Limited Liability Company
- Limited Liability Partnership
We further explain that each entity form has different legal requirements, tax attributions, and asset protection features; and a certain type of entity may be more appropriate at different stages of your business existence. We will work to see to it that your business is up and running in the most tax-efficient and productive legal structure.
BUSINESS TAX PLANNING
We help business clients to minimize their tax liability and provide advice about tax-advantage business structuring. We also assist the client in designing a business structure to save taxes currently and consider the tax implications of a sale of the business in the future.
BUSINESS SUCCESSION PLANNING
Family business is part of the heritage of our successful U.S. economy. Unfortunately, transferring the family business to the next generation is challenging. If you own a small business, whether a sole proprietorship, partnership, share in a closely held corporation or member of a limited liability company; estate planning can get complicated. The death of the sole or part owner of a small business is likely to seriously disrupt that business. If no planning has been done, the disruption can be catastrophic and sometimes result in the failure of the business. You need to have a sound succession plan.
LOREH has substantial experience in planning the efficient transfer of family businesses from one generation to the next. We will discuss with you and answer questions such as -Who will take over the business? Will family members run it? If someone else will run the business how will family members or other inheritors be paid for their interest? If it is a sole proprietorship must it be sold? What happens if no family member wants to carry on your business? Or there’s no one you believe is capable of running it? We can help you establish an exit strategy for your business at any time.
BUSINESS REORGANIZATION
We explain to clients the legal and tax ramifications of converting their business entity from one form of doing business to another (i.e., convert from partnership to a corporation or an LLC). We also explain nontaxable business divisions and split-up under the nontax recognition sections of the Internal Revenue Code and recommend the most appropriate business reorganization. In addition, we explain the tax aspects of business acquisition and merger.
