LLC Formation and other business ventures require the help of an expert lawyer. Virtual Estate Attorney can assist you with starting a business, whether it be a sole proprietorship, a Family Limited Partnership, or a Limited Liability Company (“LLC”), we can walk you through every step necessary to get you up and running. We also will advise you on how best to incorporate your business based on your goals and tax situation, such as whether to incorporate your LLC as a partnership or as an S Corp.

LLC Formation

Limited Liability Companies are a great tool for providing asset protection. There are two types of creditor protection, inside and outside. Outside creditor protection is available for LLCs incorporated in every state. It protects your personal assets held outside of the LLC from being available from creditors,lawsuits, etc. who make claims against your LLC. Whereas, Inside creditor protection is only available in a select few states. Inside creditor protection protects the assets held within your LLC from any claims made against you personally. 

Sole Proprietorships

While sole proprietorships are the simplest form of business entity, they still require paperwork in order to evidence their existence. Specifically, you usually need to file a “DBA” (Doing Business As) registration with your town clerk or city hall. Furthermore, it is important to understand how to account for your income and assets so that you can easily file your Schedule C with your 1040 come tax time.

Family Limited Partnerships

Family Limited Partnerships (FLPs) are a powerful tool for families looking to preserve and transfer wealth across generations. By establishing an FLP, family members can pool their resources and assets into a partnership structure, allowing for centralized management and strategic planning.

One of the key benefits of an FLP is the ability to transfer ownership interests to future generations at a reduced tax cost, while still maintaining control over the assets. This can help minimize estate taxes and protect family assets from creditors.

Additionally, FLPs offer flexibility in structuring ownership and management roles, allowing families to tailor the partnership to their specific needs and goals. Whether it’s passing down a family business or managing investment portfolios, an FLP provides a framework for effective wealth management and succession planning.

Tax Considerations

Moreover, we can provide transactional services to a business looking for assistance with tax issues, contracts, or restructuring. We can prepare income tax returns for your business, or if you’re a self-preparer, we can advise you on important elections, carryovers, and other tax considerations that would be easy to miss for an unexperienced self-preparer.

We also can assist you with business succession planning, ensuring that your business becomes your legacy and passes onto the next generation smoothly. There are important tax considerations,, administrative considerations, as well as estate planning considerations, whenever leaving your successful business to the next generation. It’s important to have a comprehensive plan that addresses all of these issues as early as possible.

Book your free consultation with us today to find out all the ways we can assist you and your family with your LLC formation and other Business Entities.