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Milwaukee Business Formation Attorney
Lawyers Helping Business Owners With New Entities in Racine, Green Bay, and Across Wisconsin
Creating a business is an exciting time. By working with the attorneys at Gimbel, Reilly, Guerin & Brown, LLP, you can be sure that the structure of your business is optimized for your vision. A business is only created once, and our attorneys believe it should be set up properly and with growth in mind.
When setting up a business, there are usually several options that could fit your needs. By consulting with an attorney, you will understand the attributes that distinguish these entities and how to leverage the differences to better your business. Business formation requires agreements that should be drafted by an attorney and filed with the appropriate governmental entities.
Wisconsin allows for the following types of businesses:
Sole Proprietorship - This type of business is owned by one person, and there is no separate business entity. This means there is no separation between the business and the owner for liability or tax purposes. This type of business is often not advised because the owner is personally at risk for liability.
Partnership - Partnerships are much like a sole proprietorship, except the business will be owned by two or more people. There are three types of partnerships:
- General Partnership
- Limited Liability Partnership (LLP). In an LLP, a partner cannot be held liable for another partner’s negligence or misconduct.
- Limited Partnership requires that one partner will have unlimited liability while the other partners’ liability is limited to the amount of money they invested.
Corporations - Corporations are created as a separate entity from its owners, officers, and directors by filing an article of incorporation with the Department of Financial Institutions. Except under certain circumstances, the owners of a corporation will not be held personally liable for the actions of the corporation. There are many types of corporations, including:
- C Corporation
- S Corporation
- Statutory Close Corporation
- Service Corporation
- Person Holding Corporation
- Public Corporation
- Non-Stock Corporation
Limited Liability Company (LLC) - This type of entity is similar to some corporations but has fewer restrictions. There can be an unlimited number of LLC members, and members can be other business entities.
How to Select Which Option is Right for Your Business
Every case is different, but a business formation lawyer will typically ask the following questions:
- What business entities is your business eligible for under the law? For example, a corporation that does not trade its stock on an exchange cannot be a C Corporation.
- How will liability protection be maximized? One of the most important things creating a business entity does is shield owners from liability.
- How will taxes be minimized? This is likely the second most important reason to form a business entity.
- What is the future of the business? An attorney will take into account where the business owner sees the business in the future. For example, he or she can consider how funds will be raised and if stock will be available.
Contact our Milwaukee WI Attorneys
Set your business up for success by contacting the attorneys at Gimbel, Reilly, Guerin & Brown, LLP to discuss your business entity options. We have clients in Milwaukee, Wisconsin as well as Waukesha, Green Bay, Racine, and Shorewood, Wisconsin. To schedule a free consultation with one of our attorneys, call us today at 414-271-1440.
