Legal Help for Starting Your Business in Indianapolis
If you are starting a new business in Indiana, you have nothing to lose by seeking a lawyer's advice. You have a lot to lose by postponing it. If a business venture fails, you could be personally liable for the debts of the business. You could also miss out on important tax advantages.
At the Law Office of Colby J. Leonard in Indianapolis, Indiana, we offer a free initial consultation to explain the various types of business formation and to guide you in making a choice. Those include:
- Sole proprietorship
- Limited liability company or LLC
- C-Corporation
- S-Corporation
- Partnership
- Not for profit Corporation
The appropriate choice for your start-up business depends on the assets you own, the potential liability you face, how many owners you have and your intentions for the business. Sole proprietorship is the simplest form of business formation. However, it does not protect your personal assets from the obligations of the business as a LLC or corporation would.
Setting up Multiple Corporations
You may need to set up more than one corporation. For example, if you own a commercial building and run a business in it, attorney Colby J. Leonard can help you set up one corporation to manage the building and another corporation for your business.
Protecting yourself from liability: Once you set up a business, attorney Colby J. Leonard will help you get your employer identification number from the IRS and also advise you on steps you need to take to protect your corporate shield. For example, commingling personal funds with business funds could create personal liability that otherwise would not have existed.
Did You Know?
- If your business has tax debts, you could be personally liable for paying those debts if your business fails.
- Filing bankruptcy can help you avoid personal liability for the debts of a failed business.
Free Attorney Consultation
For more information about business formation, call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this Web site to arrange a free initial consultation with attorney Colby J. Leonard.
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