Prewitt Law P.C.: Attorney for Foreign National Entrepreneurs

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Making the right choice, and getting through the fine print

US businesses are organized under and subjected to the business laws of each state. A foreign entrepreneur seeking to do business in the United States must first decide where to set up his business, and then choose a legal form for his business.

In New York, the basic business entities are:

In New York, the basic business entities are:

Prewitt Law will help you make the right choice.

Choosing the correct legal entity for your business will save you time and money.

General Partnership:

A partnership is an association of two or more persons to carry on a business for profit, as co-owners. Partners share profits and losses equally and have equal right to participate in the management of the business, unless agreed otherwise. In a partnership, each partner has unlimited liability for all business debts.

Limited Liability Partnership (LLP)

A limited Liability Partnership is a partnership in which at least one partner is personally responsible for all the business debts and some or the other partners’ liability is limited to the the money they have invested in the business Limited partners do not participate in the daily management of the business but hold a passive investment (money or other property) in the partnership.

Corporation

A corporation is a legal entity that is separated from its owners. In a corporation, the owner’s personal liability for the company’s business debt is limited to the amount he or she has invested in the business. Entrepreneurs who are considering taking their company public or seeking to raise capital through the sale of stocks or bonds should consider incorporating their business as a corporation.

Limited Liability Company (LLC)

An LLC is a hybrid legal structure that combines the characteristics of a corporation and a partnership. In an LLC, the owners’ personal assets are protected from the business debts and liabilities. Moreover, the business itself is not taxed, instead, profits and losses are reported on the owners’ individual tax returns.

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