Indianapolis Business Formation Attorneys
Lawyers for Business Formation and Litigation Matters in Indiana
Forming and launching your own business can be a difficult, time and resource-consuming task. One of the most important decisions you will make regarding your business is which type of business you register as. Each business type has unique requirements for licensing and laws pertaining to its operation. It is crucial that you understand these laws before you register your business with the state of Indiana.
An experienced business litigation attorney can help you understand these laws and how they will affect you and your business. He or she can also guide you toward the right type of business for your operation, depending on its size, scope, and business model.
The business litigation attorneys at Due Doyle Fanning & Alderfer, LLP, can help you through each step of the business formation process. Our attorneys provide extensive representation for professionals who wish to register their businesses and follow the appropriate legal channels.
Types of Businesses
The nature of your operation will determine the best type of business for you to register. Once you have worked out which type of business best suits your company's needs, you must register it with the Indiana Department of Revenue by submitting a business tax application. Once this is submitted and approved, the state recognizes your business and taxes it accordingly.
The types of businesses available to register your company as are as follows:
- Sole Proprietorship: In this type of business, an individual works alone and pays his or her personal income tax on the business profits;
- Partnership: With a partnership, two or more people work together in a business with each contributing work, skill, and other resources to its operation while sharing its profits;
- Limited Partnership: A limited partnership is similar to the other type of partnership in that multiple partners are liable for the company's debts and liabilities. However, with a limited partnership, each partner is only liable for the amount of money he or she invested into the company. This is why they are sometimes known as limited liability partnerships;
- Limited Liability Company: With this type of business, the members of the company can not be held liable for its debts or liabilities. They do enjoy the flow-through taxation to the members like those in corporations enjoy;
- Corporation: A corporation is a distinct legal entity from its owners. This means that the corporation may enter contracts, borrow and loan money, pay taxes, and own assets independently of its owners. With a corporation, shareholders may receive profits through dividends and stocks, but are not liable for the company's debts or liabilities;
- Nonprofit Corporation: This is a type of corporation that is organized to benefit the public, a specific group of people or cause, or the members of the nonprofit corporation. These corporations are tax-exempt; and
- Cooperative: A cooperative is a business that is owned and operated by the individuals who benefit from its services.
Business Formation Attorneys in Indianapolis
At Due Doyle Fanning & Alderfer, LLP, we are here to help you form your business. We represent both companies and individuals in various matters related to business formation and litigation. We are a litigation firm that will defend insurance companies and their insureds against various claims and take cases all the way to trial when necessary. Contact us at 317-635-7700 today.