Legal Question in Business Law in Rhode Island

Re: Forming a LLC

Ms. Thorpe:

Many people believe that starting a business means that you just go and file some forms with the state, then sit back and watch the money roll in. The formation of a business is actually a bit more complicated. A Limited Liability Company (LLC) may be the best business structure for you and your business then again possibly a Subchapter -S corporation may be the way to go. The business structure you choose and set up is determined by first liability insulation and/or avoidance and second tax consequences. Spending a few dollars now with an attorney and later an accountant will save you hundreds if not thousands in the future. By way of real world example if a party planning company had planned a party a the Station Nightclub on the night of that tragic fire, the company would be exposed to significant liability., In addition if a minor is able to drink at a party planned by your company, once again there my be significant liability. As attorneys we not only help you select the proper business structure we also make sure you have the correct insurance coverage in place, continue to represent your company as the agents for service of process and we draft and file all of the required annual paperwork. Finally, at some point you may want to bring in additional individuals as business owners or you may want to franchise your business concept. These opportunities can be very lucrative for you, but are very complicated to accomplish without a lawyer who is familiar with your business.

My firm represents many companies that we have represented from idea to formation to sale. Please fell free to make an appointment with me to discuss you business needs. The initial consultation is free of charge.