ZOOM IS TOO FAST
The glossy advertisements and promotion for using Legal Zoom evidence that going too fast isn’t the best choice.
Going the cheapest is also dangerous.
Establishing an entity for a new business is much more than filing forms. There are many important decisions that should be part of any business entity formation.
Should the owners be individuals, partnerships, trusts?
If a corporation, should there be a 244 election?
Should the entity be taxed as a corporation, sole proprietorship or partnership?
Is the entity being formed truly going to insulate assets and equity and separate them from risks and claims?
If more than one person is involved, how are the limits of power and authority defined?
What is provided for control and succession?
These and many more questions require sound legal advice so that you get the maximum benefit from the formation of an entity that is going to be the owner of the business that you are investing in.
You may find it necessary to “zoom” to a qualified law firm to help you with these major decisions.
Gerald N. Jacobowitz is a Senior Partner and practices Business and Estate law. He can be reached by phone at 866-303-9595 toll free or 845-764-9565 and by email.