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Morgan S. on ContractsCounsel
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5.0 (7)
Member Since:
July 31, 2023

Morgan S.

Attorney
Free Consultation
Austin, Texas
3 Yrs Experience
Licensed in TX, WV
University of Pittsburgh Law School

Corporate Attorney that represents startups, businesses, investors, VC/PE doing business throughout the country. Representing in a range of matters from formation to regulatory compliance to financings to exit. Have a practice that represents both domestic and foreign startups, businesses, and entrepreneurs. Along with VC, Private Equity, and investors.

Christopher I. on ContractsCounsel
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Member Since:
August 1, 2023

Christopher I.

Business Attorney
Free Consultation
Merrillville, Indiana
9 Yrs Experience
Licensed in IN
Indiana University Mauer School of Law

Owner at Irak Law Office in Merrillville, Indiana. Licensed attorney since 2015. Primary focuses include business/corporate law, startup formation, and contract drafting. Love working with small businesses and entrepreneurs.

Christi D. on ContractsCounsel
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Member Since:
August 1, 2023

Christi D.

Lawyer
Free Consultation
Las Vegas
5 Yrs Experience
Licensed in NV
William S. Boyd School of Law

Attorney. I love contracts, estate plans, and prenuptial agreements! I would love to help you on the same.

Timothy J. on ContractsCounsel
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Member Since:
August 1, 2023

Timothy J.

Corporate Counsel
Free Consultation
Fort Lauderdale, Florida
8 Yrs Experience
Licensed in FL, IL, WI
Illinois Institute of Technology: Chicago-Kent College of Law

Financial Services, Business, Corporate, Personal Injury, and Healthcare. I've represented fortune 100 companies and defended individuals in personal debt litigation. Wide breadth of experience, ready to assist.

Mervin F. on ContractsCounsel
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Member Since:
August 1, 2023

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Incorporation Legal Questions and Answers

Incorporation

S Corp

California

Asked on Jun 3, 2023

What is an S corp?

I am considering starting a business and I have heard about the different types of business entities. One of them is an S corp and I am interested in learning more about it. I am looking for information on what an S corp is, what its advantages and disadvantages are, and whether it is the right type of business entity for my situation. I am hoping to get more information from a lawyer to help me make an informed decision.

Paul S.

Answered Jun 20, 2023

An S-corp isn't actually a type of business. Rather, it's a tax election that you make with the IRS, after forming either a C-corporation or an LLC. When you form a C-corporation and then make an S-corp tax election, you will be taxed like a partnership (if there are more than one shareholder) or sole proprietorship (if only you). If you form an LLC (which is already taxed like a partnership or sole proprietorship) and make an S-corp election, you can lower your self-employment taxes. Keep in mind, also, that there are restrictions on the number and kind of shareholders in an S-corp.

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Incorporation

C Corp

California

Asked on Jun 25, 2023

C corp tax advantages?

I am a small business owner looking to incorporate my business as a C Corp. I'm interested in learning more about the tax advantages that come with this type of corporate structure. I want to make sure that I am making the best decision for my business and am looking for a lawyer to help me understand the tax implications of this decision.

Paul S.

Answered Jun 27, 2023

I handle a lot of business formations, and typically only form corporations for tech startups and professionals, such as doctors and dentists. There are significant differences to how corporations are taxes vs. LLCs, and whether those are advantageous depends on the kind of business you are starting, and what your goals are.

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Incorporation

LLC

California

Asked on Jun 25, 2023

LLC and corporate governance?

I recently started a small business and am in the process of setting up a Limited Liability Company (LLC). I am interested in understanding the corporate governance structure of an LLC, including the roles and responsibilities of members and managers, the decision-making process, and the procedures for resolving disputes. I want to ensure that I have the most comprehensive understanding of LLCs before I move forward.

Paul S.

Answered Jun 27, 2023

Those are good questions, and one of the advantages of an LLC is that you have a great deal of flexibility in structuring its management and governance.

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