Small Businesses make up the American economy. Business Law has been created to make sure everyone is treated fairly. Of course, not all law can work for everyone, especially huge corporations compared to a sole proprietor. David Whipple helps those who are in a small business have a fair chance.
A brief overview of common small business formations:
A business that one person's name is on all the business's assets. Many small businesses are under sole proprietorship, works well for small capital businesses. A sole proprietorship gives the least amount of protection, but it is the easiest to create. The line of personal property and company property can be slim, and loss of personal items can be considered a part of the company assets when banks or creditors need to come in.
Limited Liability Corporation (LLC)
A non-corporate company in which the owner usually takes a very active role in the management but is protected against personal liability for the company's debts. For tax purposes, this form of business is treated as non-corporate. This is good for businesses that will bring in a higher income.
"Charitable organization that foster cultural and social unity to achieve objectives related to public service. The initial capital investment is provided by the founding members who do not expect its repayment or to gain financially from it. NPO’s are eligible for tax exempts and the donations that they receive usually are not subject to taxes." Black's
A Partnership is basically the same as a sole proprietorship, but with two or more individuals. They typically share the responsibility of management, income, and debts. Each partner will be responsible for any debts of the partnership.
Owning a small business himself, David Whipple will help you in all matters of small business law. If you have any questions, give him a call at (816) 842-6411 for a free 30-minute consultation or send a message.