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Legal Business Structures 101
 

Legal Business Structures 101

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Introduction to basic business structures for new business owners. Sole Proprietorship, Partnership, Corporation, and Limited Liability Company.

Introduction to basic business structures for new business owners. Sole Proprietorship, Partnership, Corporation, and Limited Liability Company.

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    Legal Business Structures 101 Legal Business Structures 101 Presentation Transcript

    • Business Structures 101 Presented by: Ambrose Moses, III Attorney and Counselor at Law 1
    • How to Contact Us. Ambrose Moses, III Attorney & Counselor at Law (614)418-7898 info@MosesLaw.pro www.MosesLaw.pro 2
    • WelcomeAmbrose Moses, III Attorney at Law 3
    • Disclaimer There is no attorney-client relationship beingestablished as a result of this webinar. The presenter is providing legal information, not legal advice. 4
    • Business Structure One of your first decisions as an entrepreneur is what business structure to establish for your company. 5
    • Business StructureWhat are the options? 6
    • Business StructureThe Options Sole Proprietorship Partnership Corporation Limited Liability Company 7
    • Business StructureBasic Considerations Ownership Liability Taxation 8
    • Business StructureBasic Considerations OwnershipWho owns the business?What did they give for their ownership?Who controls the business? 9
    • Business StructureBasic Considerations OwnershipHow will the company raise the capital (i.e. money) needed to begin and operate business?Personal savings, family & friend gifts, investments, loans, credit cards, crowdfunding? 10
    • Business StructureBasic Considerations LiabilityWho is responsible for the business debts and claims against the company?How do debts and claims against the business owners impact the company? 11
    • Business StructureBasic Considerations TaxationHow is the business treated for tax purposes?Who reports the profits and losses of the business operations to the IRS? 12
    • Business Structure 13
    • Business StructureSole Proprietorship Ownership – Single Individual Liability – Owner Liable for All Debts Taxation – Owner responsible for All tax consequences of the business 14
    • Business Structure 15
    • What is a Partnership?A Partnership is an association of two or more personsto carry on as co-owners a business for profit, whetheror not the persons intend to form a partnership. 16
    • Business StructurePartnership Ownership –Two or more persons (Partners) Liability – Passes through to Partners Taxation – Passes through to Partners 17
    • Business Structure 18
    • What is a Corporation? The Corporation is the most formal Business Structure. 19
    • What is a Corporation? The corporation must have: Shareholders Board of Directors Officers 20
    • Business StructureCorporation Ownership – Owned by one or more persons (Shareholders) Liability – Owners not liable for corporate debts Taxation- Owners not responsible for corporate taxes. 21
    • What is a Complete Corporation?A complete corporation is one that is properly formed and has created and maintains all of the required documentation to evidence its existence, ownership, and decisions. 22
    • Business Structure 23
    • Business StructureS-Corporation Ownership – Owned by one or more persons (Shareholders) Liability – Owners not liable for corporate debts Taxation- Tax consequences pass through to Shareholders. 24
    • Business StructureS-Corporation The income of an S-corporation generally is taxed to the shareholders rather than to the corporation itself. 25
    • Business Structure 26
    • What is an LLC? LLC = Limited Liability Company An LLC is a new and popular business structure in Ohio.An LLC is a combination or hybrid business structure. 27
    • Business StructureLimited Liability Company (LLC) Ownership – Owned by one or more persons (Members) Liability – Members not liable for LLC debts Taxation – Taxed as Sole Proprietorship, Partnership, or Corporation 28
    • What is a Complete LLC?A complete LLC is one that is properly formed and has created and maintains all of the required documentation to evidence its existence, ownership, and decisions. 29
    • Liability IssueClaim: $35,000Assets: $25,000Still Owed: $10,000Owner Pays the $10,000: Sole Proprietorship - Yes Partnership - Yes Corporation - No LLC - No 30
    • How to Contact Us. Ambrose Moses, III Attorney & Counselor at Law (614)418-7898 info@MosesLaw.pro www.MosesLaw.pro 33