The Law Offices of Flood & Favata have been representing businesses throughout central and metrowest Massachusetts since 1991. At our firm, your business will receive quality legal services. Our attorneys are knowledgeable, dedicated, and highly responsive to your unique needs and interests.
If you or your business needs an attorney for litigation, business transactions, or general legal advice, we are pleased to be of assistance. Our goal is to be your legal advisor throughout the course of your business operations.
Some of our business law services include:
We take time to learn the individual needs and interests of each business we represent. Our firm is built on long-standing business relationships formed through trust and delivered results. Many of our new clients come to us through referrals from satisfied clients. In each case, our goal is to provide quality legal services and delivered results for the business or individual clients we serve.
We offer a free consultation to allow business owners the opportunity to meet with our attorneys and staff. We hope that after meeting with our firm, you will feel confident placing your legal needs in our competent hands.
When starting up a new business, there are a number of different entities and structures to choose from. Some of the most common business entities include the Sole Proprietorship, the General Partnership, the Limited Partnership, the Corporation, the Limited Liability Company, and the Limited Liability Partnership.
Sole Proprietorship: A sole proprietorship is owned by a single individual or married couple. Sole proprietorships are popular because they offer flexibility, are simple to create, and generally easy to operate. However, the owner of a sole proprietorship is personally liable for all debts incurred by the business.
General Partnership: Two or more members are required to create a general partnership. The partners share in the profits, losses, and management of the business. Each partner is personally liable for the obligations and actions of the partnership. However, no particular formalities are required to form a partnership.
Limited Partnership: A limited partnership requires at a minimum, one general partner and one limited partner. The general partners of a limited partnership are responsible for managing the partnership. General partners also share in the profits and the losses of the partnership. Limited partners in a limited partnership also share in the profits, but their share of the losses is limited to the amount of their capital investment in the partnership.
Corporation: A corporation is a business entity owned by and separate from its shareholders. The shareholders of a corporation are generally not liable for the debts of the corporation. A corporation may sue or be sued in its own name. The manner in which a corporation is taxed depends on whether the business has elected “S” status. An S corporation is taxed similarly to a partnership. However, corporations that have not elected “S” status are subject to double taxation.
Limited Liability Company (LLC): The LLC has become a popular business entity in recent years due to its structural flexibility. LLC’s offer the benefit of being taxed like a partnership, while providing their members with the same limited liability that shareholders of a corporation are entitled to. Members of an LLC are not personally liable for any obligations of the LLC. LLC’s also allow for the tax-free removal of assets from the business. However, LLC’s can be costly to maintain and require the careful drafting of an operating agreement.
Limited Liability Partnership (LLP): A limited liability partnership is similar to a general partnership except that the partners are not personally liable for some or all of the partnership’s debts and obligations.
We look forward to meeting with you. Our office is conveniently located near Routes 20, 495, 290, and the Massachusetts Turnpike. To schedule an appointment at our office in Marlborough, Massachusetts, call us at 508-624-4700 or contact us online.
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