Incorporation Lawyer Milwaukee

Attorney Martin J. Greenberg - Sports, Real Estate & Business Law

If you are just getting started and have not yet formed your business, take a look at the different entities described below and let Attorney Sweeney help you determine which business form is right for you.

There are advantages and limitations for every type of business entity. Attorney Sweeney can not only take you through the step by step process of creating these entities, but is also able to help pick which business formation is best for you. (Click here to see all posts about business formation and here to see posts about buying and selling businesses)

Sole Proprietorship

A sole proprietorship is the simplest structure for doing business, and involves the business being owned by a single person without creating a separate business entity. Because there is no separate business entity, there is no separation between the owner and the business for tax and liability purposes. While there are certain tax advantages to the sole proprietorship, such as the ability to defer some losses forward and backward, sole proprietorships have unlimited liability for all actions and debts of the business entity.

Partnerships

class=”text”>General Partnership– A general partnership is very much like a sole proprietorship, only there are two or more persons who share liability and flow through taxation in direct proportion to their interest in the partnership. General partnerships are governed by chapter 178 of the Wisconsin statutes. While no written agreement is required to perform a partnership, it is strongly recommended.

Limited Liability Partnership (LLP)– Limited Liability Partnerships operate much in the same way as General Partnerships except that it limits each partners liability for the other partners wrongful acts. Individual partners still remain personally liable for their own negligent and wrong acts.

Limited Partnership– – In a Limited Partnership, there is at least one General Partner who still retains unlimited liability, while there can be any number of Limited Partners who function much in the same way as stock holders. They are investors in the company whose liability only extends as far as their investment. They can lose the money they invested, but nothing more. They, however, cannot generally make decisions for the company nor bind the company to any contracts or agreements.

Corporations

A corporation is a business entity that is created by filing articles of incorporation with the Department of Financial Institutions (DFI). Legally speaking, it is an entity all to itself and is completely separate from its owners officers and directors.

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