Jeffrey L. Novy will navigate the complex network of business law and assist you with the formation of your business entity. He has experience in the following areas:
- Limited Liability Companies
- Buying and Selling of Businesses
- Maintaining and updating corporate records (minutes, books) and limited liability company records
Common Questions about Business Law
Question: What is the difference between a corporation and a LLC?
Incorporation is the process by which a company incorporates and thereby gains the benefits and status of an incorporated company. This process entails preparing certain documents, including a document referred to as the “Articles of Formation,” and filing the documents with the Secretary of State.
An LLC offers the best of both worlds of business types. An LLC is favorable because it avoids the “double tax” of a corporation, yet also affords its owners the personal liability protection of a corporation. Other benefits of an LLC include less stringent state formality requirements, management flexibility, and, in relation to the S-Corporation, relaxed ownership qualifications. However, the drawbacks of an LLC include restrictions in ownership transfer, and the public’s lack of familiarity with the LLC as another type of legal entity.
Contact the The Law Office of Jeffrey L. Novy today.