Corporations, LLCs & Partnerships
At the Coover Law Firm, we know that the foundation of your business is critical in terms of how things work, management, taxation and profit distribution. We are experienced in the formation of corporations, Limited Liability Companies (LLCs) and partnerships under Maryland law and regulations.
When starting a business, the chosen form of business entity can affect taxation, liability, potential growth, governance, ownership transference, stock type and more. At the Coover Law Firm we take great care to help you choose the right entity form whether it be a corporation, partnership, or Limited Liability Company.
A partnership, or a general partnership is created whenever two or more people agree to do business together for profit, even if there is no intent or written agreement to form a partnership. While there are no formal filing or registration requirements needed to create a partnership, partnerships must comply with registration, filing, and tax requirements applicable to any business. There are also critical steps business partners should take to make sure they follow sound business practices when they start their new venture.
At the Coover Law Firm we are experienced in the processes of forming business entities. Our partnership law attorneys are here to help you:
- Choose a business name
- File a trade name
- Draft and sign a partnership agreement
- Obtain licenses, permits, and zoning clearance
- Obtain an Employer Identification Number (EIN)
A Limited Liability Company (LLC) is a hybrid of the partnership and the corporation. Due to its simplicity in formation and maintenance and protections from liability, the LLC has become a popular legal alternative to a corporation for business owners. In Maryland, as in most states, the LLC combines the benefits of limited liability and pass-through taxation, much like an S corporation; however the LLC’s legal structure is more flexible and permits many companies that find S corporation status too restrictive to take advantage of its benefits. Small business owners are taking advantage of the LLC because it is easier to set up and maintain than a corporation. Each state has its own statutes concerning LLCs. When considering the LLC option, consulting knowledgeable and up-to-date legal and tax advisors is a must. The Coover Law Firm is ready to aid you in the formation of your LLC and offers services including:
- LLC formation and structure
- Articles of Organization
- Growth and re-capitalization issues
- Securities issuance/regulatory issues
- Member relations (member agreements, buy-sell agreements and operating agreements)
- Growth financing, loans and investment banking
- Sale, mergers and acquisitions
- Best practices and basic contract matters
Attorneys at the Coover Law Firm, LLC advise clients on their options and handle all aspects of business entity formation with the structure that meets their needs and goals. When making the election to start your business in Columbia, Maryland and surrounding areas, call 410-995-1100 in Columbia or toll free at 866-425-9555, or contact the firm online to discuss scheduling an appointment with our attorneys.