ENTITY SELECTION & FORMATION
Business Formation and Entity Selection in New York
The selection of the proper business entity is a critical piece of the process during the formation of any business and can have significant implications on the life of that business. It is important for business owners to make the right decisions regarding how that business begins.
At the law firm of Jacobowitz and Gubits, LLP, our experienced business lawyers have helped owners in the Mid-Hudson Valley and throughout the state of New York successfully start their businesses and make the right decisions about entity selection and other formation issues. Founded in 1968, our firm can help you review your circumstances, explore all of your business options and review the facts so that you can accomplish all of your business goals.
Meet Your Business Needs With Effective Planning
Determining what business entity will best meet your immediate and long-term needs is not always clear and our firm can ease any confusion concerning entity selection and formation. We have helped all types of businesses, including:
- Sole proprietorships
- General Partnerships
- Limited Partnerships
- Family Limited Partnerships
- Limited Liability Companies (LLCs)
- Professional Corporations & LLCs
- Benefit Corporations
Get It Right the First Time
There are many online services offering “fast and easy” formation of corporations and limited liability companies (LLCs). At Jacobowitz and Gubits, we much prefer being careful and complete. We know that no two business owners are exactly the same. Every business owner has his or her own goals, plans, assets, liabilities, experience, skills, colleagues, partners and family. When it comes to structuring a partnership, corporation or LLC, one size does not fit all. The fast and easy route never provides adequately for:
- Filing all necessary documents with the IRS and New York State
- Initial and additional capital contributions
- Consequences of failing to make additional capital contributions
- Debt financing
- Assignment of duties
- Consequences of failing to perform duties
- Personal guarantees
- Deadlock resolution mechanisms
- Salaries and benefits
- Draws for taxes on phantom income
- Variable returns on investment and distributions
- Restrictions on equity transfers
- Starting new lines of business
- Adding new investors
- Multiple classes of equity
- Trademarks, patents and copyrights
- Retirement and withdrawal
- Consequences of death or disability
- Determining buyout price
- Providing for term life and other insurance
- Triggers for mandatory dissolution
At J&G we properly form and reorganize partnerships, corporations and LLCs in real estate, construction, manufacturing, transportation, health care, human services, education and training, technology, architecture, engineering, accounting, media, retail, agriculture, natural resources, equine, the arts, culture, entertainment and more.
If you’re not sure exactly what structure to use, we’ll help you think it through, including such options as licensing, franchising, subsidiaries, affiliates, nonprofits, benefit corporations and Delaware trusts. For existing companies, we can assist with sales, acquisitions, financing, restructuring, mergers and consolidations, and succession planning. Also, operational matters such as employment, contracting, leasing, licensing, tax planning, real estate, land use, compliance and dealing with the IRS.
When forming a partnership, corporation or LLC, get it right the first time with J&G.
Contact Our Firm to Start Your Business the Right Way
For more information about our entity selection counsel, contact us at the law firm of Jacobowitz and Gubits to talk with an attorney about business formation in New York. Call us to schedule an appointment for an initial consultation at 845-764-9656 or 866-303-9595.