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Different types of business entities and their pros and cons
On October 22, 2019, the U.S. House of Representatives passed the Corporate Transparency Act of 2019 (H.R. 2513) (the “Act”). H.R. 2513 was sponsored by Rep. Carolyn B. Maloney (D-NY). If it becomes law, the Act requires U.S. corporations and LLCs (“Covered Companies”) to file a form with the Treasury … Read more
As discussed in our previous post, LLCs are statutorily designed to protect its members from personal liability for the business entity’s debts and obligations. So long as the LLC has been properly formed and properly maintained, that protection will remain in place. But when not properly formed or maintained, it … Read more
When setting up a new business, many entrepreneurs have been advised to use a limited liability company (“LLC”) as the formation entity of choice because of its limited liability and asset protection features. I’ve heard some business owners even go so far as to refer to LLCs as some kind … Read more