Business Law
Attorney Goldstein advises entrepreneurs and business owners and assists in setting up correct business entities for legal purposes; can assist with establishing Massachusetts trademarks for logo symbols and company names; and represent firms in discrimination and unemployment cases.
Choosing the Structure for Your Business or Organization
You may operate your business or organization under any one of several organizational structures. Each structure has certain legal and/or tax advantages and disadvantages that should be considered. It is recommended that you discuss these options with both an attorney and an accountant prior to starting a business.
Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of entity is simple to form and operate, and may enjoy greater flexibility of management and fewer legal controls. However, the business owner is personally liable for all debts incurred by the business.
General Partnership is composed of two or more persons (usually not a married couple) who agree to contribute money, labor, an/or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.
Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share full in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment. Limited partners are usually not involved in the day-to-day operations of the business
Corporations (C Corp or Subchapter S) are more complex business structures. As a chartered legal entity, a corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes. For more information about corporations visit the web site of the Corporations Division of the Secretary of the Commonwealth of Massachusetts
Limited Liability Company (LLC) and the Limited Liability Partnership (LLP) are the newest forms of business structure in Massachusetts. An LLC or LLP is formed by one or more individuals or entities through a special written agreement. The agreement details the organization of the LLC or LLP, including: provisions for management, assignment of interests, and distribution of profits or losses. Limited liability companies and limited liability partnerships are permitted to engage in any lawful, for profit business or activity other than banking or insurance. As of March 2003, Massachusetts became the fiftieth state to allow single member LLC's.