• Facebook - White Circle
  • Google+ - White Circle
  • LinkedIn - White Circle
  • Yelp - White Circle

ENTITY STRUCTURING

Starting a new business is an exciting venture, but structuring your business can be confusing. By working with the attorneys at Levine Lyon & Eisberner LLC you can be confident that the structure of your business is best for the vision that you have for your business. When starting a business, there are many options that could fit your varying needs. By consulting with us, you can better understand those options and discern which are going to benefit your business the most.

 

In Wisconsin, there are various ways you can structure your business:

 

  • Sole Proprietorship – These types of businesses are owned by a single person, and there is no separate business entity. This is important because it means that there is no separation between the business and the business owner for liability, meaning that the owner remains personally liable for lawsuits filed against the business. These are generally easy for form and operate and require no state filing.

  • Partnerships – These are similar to a sole proprietorship, but two or more people will own these businesses.  The partners are personally liable for the lawsuits filed against the business.

  • Limited Partnership – In a limited partnership, management rests with the general partner, who bears unlimited liability for the company’s debt and obligations. The limited partners make investments, but because they have no significant skin in the game, they have no voting power. LLPs are a popular choice for entity structuring because of its many advantages, including personal asset protection, pass-through taxation, full oversight by the general partner, and significant investment potential.

  • Corporations – Corporations are created as a separate entity from its owners, officers, and directors by filing an article of incorporation with the Department of Financial Institutions. They come in a number of forms, including:

 

  • C Corporation

  • S Corporation

  • Statutory Close Corporation

  • Service Corporation

  • Person Holding Corporation

  • Public Corporation

  • Non-Stock Corporation

 

  • Limited Liability Companies – LLCs are similar to some corporations, but they have fewer restrictions, such as having no limit to the number of owners of the company.

 

To determine which option is right for you and your business, there are a couple questions to consider:

 

  • What business entities is your business eligible for under the law?

  • How will liability protection be maximized, and is that something that you desire?

  • How can taxes be minimized?

  • What is the future of the business?

 

Our experienced attorneys at Levine Lyon & Eisberner LLC will help you navigate your options and discern which choice is best for you and your new business.