JANUARY 1, 2022

In Pennsylvania, there are many different forms of business entities that can be used to start a business, including a sole proprietorship, incorporation, limited liability company, limited liability partnership, limited partnership, general partnership, non-profit organization and joint venture. We can help you decide which form of business entity to select for your business or organization.

As a general rule, selecting to incorporate or form a limited liability company, limited liability partnership or limited partnership provides shareholders, members and partners the benefit of sheltering personal assets from claims of third parties and creditors. A properly set up and managed limited liability company, limited liability partnership or limited partnership can limit claims of creditors and third parties to the assets of the business and not the homes or other personal assets of the owners.

There are many decisions that need to be made by business owners. Will ownership be equal or will certain owners own a majority interest in the business? What happens if one of the owners dies or desires to withdraw from the business? Who will be the principal officers and decision makers that will make decisions regarding day-to-day operations of the business? Who will serve as members of the Board of Directors of a corporation and make decisions that are not part of day-to-day operations?

Stone LaFaver & Shekletski has been proving legal advice to business clients for over fifty years. We can assist you and guide you through the business formation process. We will search the corporate name that you want to use for your business to confirm that is it available for your use. We will prepare and file the paperwork that needs to be filed with the Pennsylvania Department of State Corporation Bureau. We will assist you in obtaining an employer identification number for your business which is necessary to open a business bank account. We will prepare your Operating Agreement, By-Laws, Organizational Minutes, Partnership and Shareholder Agreements, and issue Stock Certificates.

We guide our clients through the business formation process and offer ongoing legal advice in the future. We assist clients with making decisions about what needs to be done if there is a change in the goals or other matters involving their business. At Stone LaFaver & Shekletski, we look forward to establishing long-term relationships with our clients.

Some businesses that are running in loss need to estimate their value and prepare to sell a business in case they plan to liquidate.

Copyright 2012 by Stone LaFaver & Shekletski