Business Formation Attorneys Helping Companies Thrive Through Pennsylvania

Last updated on May 22, 2024

One of entrepreneurs’ most crucial decisions is choosing the right business formation when starting a business. This decision impacts how the business will be structured legally and how it affects taxation, liability and overall operations. For this reason, business owners may need to seek legal help from a business law attorney to navigate the complex terrain smoothly.

At O'Donnell, Weiss & Mattei, P.C., we are a collaborative law firm. We seek different perspectives for your case before making any suggestions. Serving clients in all of Southeastern Pennsylvania and with offices in Pottstown and Phoenixville, our business law attorneys can provide invaluable guidance for business entities.

What Kind Of Structures Can Businesses Take?

Here are the various types of business formations and their advantages:

Limited liability company (LLC): This type of entity offers the flexibility of a partnership combined with the limited liability protection of a corporation. This means the business owner’s assets are protected in case of legal action against the business. LLCs are also easier to set up and maintain, making them a popular choice for small businesses.

Partnership: They include general partnerships and limited partnerships. In general partnerships, all partners share equal responsibility and liability for the business. Limited partnerships offer the advantage of limited liability for some partners, shielding them from the debts and liabilities of the business beyond their investment.

Corporations: They offer the highest level of personal liability protection but are more complex to establish and maintain. They can issue stock and are subject to more regulatory requirements, but they provide advantages such as perpetual existence and easier access to capital.

With the help of a business law attorney, you can discuss the importance of documents like buy-sell agreements and shareholder agreements to understand better how to protect your business interests.

We Are Here To Help And Guide Your Decision-Making

Since 1955, O'Donnell, Weiss & Mattei, P.C., has been helping business owners and the Southeastern Pennsylvania community make the best legal decisions for their legal needs. Here, you will experience sophisticated legal guidance with a hometown presence. Call 610-323-2800 today to schedule a consultation on your business needs.