Business Law
The term “business law” can be very broad. At Lexow, Berbit & Associates P.C., our attorneys take it to mean anything related to business of any sort, from large to small. Being true to our foundation as a community law firm located next to the downtown business district of historic Suffern, New York, we pride ourselves in helping small businesses develop from inception and onward. But we do not limit ourselves to only small business and work with businesses of any size, no matter what the need.
Some of our business related services include: filing of incorporations or other business formation documents, contract drafting and review, operating agreements, lease agreements, purchase agreements, drafting of shareholder/employee/officer agreements, purchase agreements and general commercial litigation including collections.
Advising services are also available to help you decide what type of business formation is right for you or to discuss what you can do to expand, while remaining in compliance with the applicable laws. There are several options of what type of business to form, each with there own filing requirements, tax implications, and liability implications.
Other related services of the Firm, is our Intellectual Property division, and, when its time to wind your business down or handle debt issues, our Bankruptcy & Debt Services group.
Business Formations
There are various types of business formations, each with its own distinct requirements and distinct impact on the business owner. Some basic business formations include, a Sole Proprietorship, Partnership, Corporation, S-Corporation, Limited Liability Company, and Non-Profit Organizations.
Sole Proprietorships and Partnerships
Sole proprietorships and partnerships do not require any formal filings with state. However, especially in the case of the latter, it is important to have in place basic agreements (partnerships agreements, employee agreements, independent contractor agreements, etc.) to protect yourself going forward. You may even wish to file a d/b/a (“doing business as”). The importance of this need is heightened by the nature of these entities not limiting an owner’s personal liability.
Corporations
A corporation is a separate legal entity that allows the owners to have limited liability, is comprised of shareholders, and is governed, typically, by a board of directors. An S-Corporation is a corporation that elects to be given special tax treatment. If you are seeking to reduce your liability, it is important to determine if it is best for you to file a corporation, an S-Corporation, or an LLC.
Limited Liability Company (“LLC”)
The formalities of a corporation, or s-corp, are not necessarily needed to obtain limited liability protection. As an alternative, one may elect to file as an LLC. LLC’s essentially combine the elements of partnership (or sole proprietorship) with that of a corporation, meaning, for example, that you can get the tax benefits of a partnership with the liability benefits of corporation.
Non-Profit Corporations
Non-profit corporations are incorporated organizations created for specific purposes, generally educational or charitable, and are not formed for profit making purposes.
Note: There are many complexities to the various business formations, the above is merely a guideline and is in no way complete or exhaustive. Therefore, it is important to both conduct further independent research and discuss with someone who is knowledgeable, such an attorney, on the nuances and implications.
Contracts
Every business, regardless of its formation, will inevitably be engaged in various types of contracts. These may be internal to the organization, such as shareholder agreements, articles of incorporation, articles of organization, partnership agreements, etc. Or they may be external, such as lease agreements, employment contracts, purchase agreements, etc. No matter what type of contract, it is wise to have an attorney either draft or review them before proceeding.
Advising
At times you may need more than someone to file and review your documents, and you may wish to seek legal guidance on how to proceed or approach certain matters. We want to see our clients proceed and propser in all their endeavors, and to do so we offer advising services offering insight and opinion on what may be the best path for you and your organization.
