Start With The Right Foundation
Our small business attorneys at Field Law are here to help you start and manage your small business. Whether you need a lease, board resolution, certificate of authority, or just want to make sure you stay in compliance with the law, we know what to do.
Field Law has assisted family businesses with asset protection, property transfers, legal updating and streamlining to maximize legal protections. We have helped our clients start sole proprietorships, partnerships, limited liability companies, corporations and nonprofits, giving them every document and tool they need to start their business on the right foundation. That makes it easy for them to stay in compliance down the road, saving them time and money later.
Ready to take your idea out of the garage? A Sole Proprietorship is the simplest business to start and get going. Simply put, a Louisiana sole proprietorship allows you to operate under a business name, without all the paperwork and filings required by the other types of business. This option is great for side-businesses or gigs with little liability risk that require ease of operation and simple accounting.
Limited Liability Companies
Perhaps the most popular business type, limited liability companies offer easy and flexible management. LLCs also offer similar liability protection afforded Corporations without all of the extra paperwork and compliance issues. For tax purposes, you get to pick whether your LLC is taxed as a sole proprietorship, partnership or S corporation. This means that an LLC is the most versatile and easy to use of the business entities with liability protection.
We often use LLCs to hold assets that have inherent risk, such as rental properties. We also use them to avoid probate in other states when a trust is not the right fit for a client.
The oldest form of any business, partnerships have been the most prominent business type for professionals. A partnership or limited liability partnerships gives you flexibility not afforded a corporation and sets up a management structure, so each partner has a seat at the table, which is ideal for attorneys, doctors, architects, graphic designers, and other professionals. Each partner is responsible for paying his or her own taxes, and generally, partners are not personally liable for the debts of the business.
Corporations are the only business type that establishes an entity with an existence completely separate from the owners. Owners are issued stock and can vote according to the articles and bylaws of the corporation to elect directors, who in turn run the company or select those who do. Stock is easily sold or traded, allowing for ownership to expand or contract without disturbing the operations of the business. If you are planning on having multiple owners that will be managed by professionals, this entity type is something to consider.
Typically, nonprofits are setup as corporations. One major difference is there are no stockholders and any profits accrued by the corporation are not distributed to the directors or members. Management is similar to its for-profit cousin. Field Law has the experience to help you obtain nonprofit 501(c)(3) status with the IRS and ensure your compliance with Louisiana law.
Compliance with ever-changing laws can be difficult to keep up with. Most Louisiana companies must file an annual report, update their membership rolls, and ensure their registered agent and office stay up to date. Let Field Law do this for you so you can get back to focusing on your business.
Contact Us For A Free Initial Consultation
Field Law is based in Baton Rouge, but we serve clients throughout Louisiana. We are also pleased to work with clients outside the state on matters related to Louisiana estate law and successions. To arrange a free consultation, call us at 225-341-8221, or get started.