Corporate Law

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The primary purpose for setting up a corporation or other business entity is to protect your assets and for tax purposes.  There are several different types of business entities that can be used depending upon your goals.  You should consult with your accountant regarding which business entity is best suited for your tax needs.  

The advantage of owning shares in a corporation or limited liability company instead of being a sole proprietorship is that the corporation itself is liable for its negligence.  Thus, the assets of the corporation are at risk instead of the shareholder's personal assets.  Whereas, if you are a sole proprietor and you are sued, your business assets and your personal assets are at risk.

For more information:

Court TV Legal Help - a comparison chart of different business entities

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