Legal Question in Business Law in Georgia
What type of corporation should I file?
I am in the process of starting a new business in which I will be designing homes, building homes (custom and spec) and offering landscape services.
I wish to incorporate, but I am unsure which ''type'' of corporation I should consider.
The main reason I want to incorporate is that I want to protect my personal assets (home, cars, etc) from any financial obligations I place on the company.
For instance, the first thing i will be doing is obtaining a loan for a spec home that I plan to build. I want to make sure that, in the event that something goes horribly wrong, I have my home and vehicles protected from seizure.
I have looked at ''C'' cors and ''Close'' Corps - can someone please suggest a plan for me?
1 Answer from Attorneys
Re: What type of corporation should I file?
I would need to speak with you further to give you a complete answer. Of course, any entity you choose will give you the limited liability (with execeptions), which is the main reason small businesses incorporate. The other main considerations are how you want the company to be run and how you want to pay taxes. Most small business owners do not want to pay corporate tax. They want "pass-though" taxation, which means that you only pay tax once at a personal level. LLCs, or limited liability companies, are becoming more and more popular due to the flexible rules on running the business and the pass-through taxation.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
Confidentiality Notice
This message is being sent by or on behalf of a lawyer. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged or confidential or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately by e-mail and delete all copies of the message.
Related Questions & Answers
-
Offering a free services to build my design portfolio. I have a friend who's band... Asked 6/07/05, 10:06 am in United States Georgia Business Law
-
Bad Lawyer Back in July of 2004, my husband and I decided to have our wills done. We... Asked 6/01/05, 12:37 pm in United States Georgia Business Law
-
How to apply for 503 business status I am looking to open an adoption agency in... Asked 5/30/05, 2:51 pm in United States Georgia Business Law
-
Money If I gave someone power of attorney over all of my finaces and banking and... Asked 5/24/05, 11:12 am in United States Georgia Business Law
-
Information about a Business I am considering doing business with a pool company.... Asked 5/11/05, 2:54 pm in United States Georgia Business Law