Join VF&N’s litigation attorney Brett Callahan as she presents at the Oct. YPNOVA Success Series Seminar: Avoiding Litigation.
Ms. Callahan will cover common mistakes businesses make that can lead to or increase the risk of litigation related to contracts, real estate, employment, intellectual property, business formation, and compliance.
Open to the public, YPNOVA membership not required.
Join us for a free upcoming seminar: Employee Handbooks. Will Yours Make the Grade?
February 13th, 2020
Time: 8:30 am –10:00 am
Location: Paul Davis training room- 44601 Guilford Dr, Ashburn, VA 20147
In partnership with the Loudoun Workforce Resource Center, join Vanderpool, Frostick & Nishanian, P.C.’s employment law attorneys Kris Spitler and Brendan Cassidy for a presentation on how to create an effective and compliant employee handbook.
Whether you are creating a brand new handbook or revising your current handbook, spending the time to properly craft the policies in your employee handbook can help ensure that they fit your Company’s business needs, do not expose it to liability, and provide employers with defenses against common charges brought by employees.
To reserve your space, please complete the form below:
When forming a company or changing the organization of your current business, it is important to know the different options available to you. The legal entity that you are operating will determine what tax structure you will comply with and your legal liability as a business owner, among other things. This post will give you a general overview of three types of companies: corporations, partnerships, and limited liability companies (LLCs).
Incorporating your business gives you the highest level of personal liability protection available. However, it also comes with greater corporate responsibilities, particularly in regard to taxes. There are two types of corporations: c-corp and s-corp.
Both are distinct legal entities separate from its owners (“shareholders”), which protects their personal assets. Both require articles of incorporation, a registered agent, elected directors, issued stock certificates, and by-laws. Corporate responsibilities include annual shareholders meetings, periodic director meetings, recorded minutes, detailed financial reports, and separate income tax returns. In both cases, personal liability protection can be forfeited if corporate formalities are not followed.
Where c-corps and s-corps differ is how they are taxed. C-corps incur double taxation; profits are taxed both at the corporate level and at the individual level. In an S-Corporation, corporate taxes pass through to the shareholders’ personal tax returns.
A partnership is simply when two or more people operate a for-profit business. There’s no fee or process for starting a partnership, though you may need to register a trade name. The drawback is that partners are personally liable for any business debts or lawsuits. A partnership agreement is also recommended to reduce conflicts. There are three main types of partnerships: general, limited, and limited liability.
In a general partnership, each partner is equally liable for the business and the actions of other partners. In a limited partnership, at least one general partner has full liability in the company while a limited partner is only liable for his or her own portion of ownership. In a limited liability partnership, each partner is only liable for his or her own actions. It is important to establish a partnership agreement that defines each partner’s role and responsibilities.
Limited Liability Companies (LLC)
LLCs offer the tax benefits and simplicity as well as limited personal liability protection. Requirements vary by state, but in Virginia, forming an LLC requires filing articles of organization, a registered agent, an annual $50 registration fee, and regulatory compliance. An operating agreement is not required, but its highly recommended to prevent or reduce conflicts. The only corporate responsibilities of an LLC are to file an annual report with the secretary of state and pay quarterly estimated tax payments.
Want more information?
For more general information on forming a company, QuickBooks has a set of short, informative videos that explain the differences between various business types.
Additionally, many of our attorneys are also business owners, and they have a deep understanding of both the practical and legal realities of forming a company. They can help with your business’ needs; contact us here.
Disclaimer: this blog does not constitute legal advice
Prince William Law Firm, Vanderpool, Frostick & Nishanian, P.C. hosts free seminar on Religious Institutions and the Law. September 28th, 2017.
Manassas, VA, August 31, 2017– The law firm of Vanderpool, Frostick & Nishanian, P.C. is hosting a free seminar September 28, 2017 from 9:00 a.m. – 11:00 a.m. at the Manassas Park Community Center, on the topic of Religious Institutions and the Law. This seminar is specifically designed for leaders and administers of religious institutions who understand the need to prevent damaging legal liability.
Attendees will hear about topics regarding recent Supreme Court cases, corporate governance, real estate purchases, sales and leases, building, zoning, land use and more. “Religious Institutions face a number of potential legal challenges, but in my experience, they are often unaware of these problems until an issue arises” says Michael Vanderpool of Vanderpool, Frostick & Nishanian. “Our firm has handled cases for numerous religious institutions, so we’re very familiar with what needs to be done to protect and prevent legal liability within an institution.”
Michael Vanderpool, Rick Nishanian, and Karen Cohen, attorneys at Vanderpool, Frostick & Nishanian will be covering topics in which they have a unique expertise and experience, giving attendees the tools and knowledge they need to improve the security of their religious institution. The firm has represented many religious institutions in cases regarding leases, real estate tax issues, loans and financing, child protection policies, employment issues, real estate purchaser and seller, and zoning issues.
About Vanderpool, Frostick & Nishanian, P.C. Vanderpool, Frostick & Nishanian, P.C. has assisted clients with their legal needs for nearly thirty years. We are keenly focused on providing innovative solutions for religious institutions, businesses, individuals and municipalities. With twelve different practice areas, and a deep understanding of each, our legal professionals are equipped to handle our client’s most complex cases.