Experienced Business Lawyers in Hamden and East Haven
New Haven County business law firm supports your success
Connecticut businesses face a challenging environment, so they can’t afford unforeseen errors. Legal missteps or oversights during formation can create stubborn impediments to your success. However, with insight and guidance from the experienced business lawyers at Gesmonde, Pietrosimone & Sgrignari, L.L.C., you can overcome obstacles and clear a path toward sustained success. For decades, our business attorneys in Hamden and East Haven have advised businesses of all sizes from around the state, from startups to conglomerates, on the prudent, decisive steps they can take to realize their business goals. If you want to enhance your prospects of building a smoothly operating organization, we’re ready to help.
Choosing the proper entity for your business
If you are thinking about starting a business, there are many questions to consider. Foremost among these is the type of business entity you should create. The answer depends on several elements of your business plan, such as what kind of goods or services you plan to offer, how you plan to account for revenue and pay taxes, how you want to raise capital to fund operations, the ownership structure, and the scale of your operations.
Depending on your business plan, you might choose to form:
- Sole proprietorship — This simple entity is appropriate when you’re starting small and running the company yourself. You report revenue on your personal income tax return. The downside is that you are personally liable for all the company’s obligations, including debts and legal judgments.
- LLC — The limited liability company is the most popular business entity in America. It is relatively simple, and allows for pass-through taxation like a sole proprietorship, but provides protection against personal liability for company debts.
- S-corp — The S-corporation is similar to a sole proprietorship in that shareholders report revenue on their personal tax returns. But as a corporation, it shields owners from personal liability for the company’s financial obligations. There are restrictions on shareholders, who must number fewer than 100 and be U.S. citizens. This type of business entity cannot be owned by another business.
- C-corp — A C-corporation is a more complex structure and more expensive to set up. It also presents the issue of double taxation, since revenue is reported on the corporate level and again on the personal level following profit or dividend distribution. But there are advantages, including the ability to raise capital more easily through lines of credit and stock sales, and to easily transfer ownership.
- General partnership — This arrangement involves partners who maintain personal liability and agree to be jointly and severally liable for business obligations.
- Limited partnership — In this entity, limited partners are only personally liable for obligations up to the limit of their investment in the business. There is one general partner who has operational control and is subject to individual liability.
Our business lawyers carefully explain your options and help you choose the most appropriate entity for your enterprise.
Trustworthy advice on Connecticut business formation
Choice of entity is only one of the questions facing entrepreneurs. We also assist clients with:
- Business plan drafting
- Formation paperwork and filing with the Secretary of State
- Ownership, partnership and shareholder agreements
- Company bylaws, handbooks and other operating documents
As you set out to launch your business, we help you set a solid foundation for future success.
Connecticut firm advises on compliance and corporate governance
Throughout the lifetime of your company, we help you stay in compliance with all pertinent state and federal laws relating to corporate governance, consumer protection, privacy, fair labor practices, unemployment, insurance, fair trade practices, environmental regulation and a host of other issues.
Contact a knowledgeable Connecticut business lawyer
The business lawyers at Gesmonde, Pietrosimone & Sgrignari, L.L.C. advise companies throughout Connecticut on various matters. For a consultation, please call 203-745-0942 or contact us online. We have offices in Hamden and East Haven.