A limited liability company (LLC) a business entity that may be taxed as a partnership, sole proprietorship, or, in some instances, as a corporation, which combines flow-through taxation in which owners include all business profits or losses on their individual tax returns with the limited liability of a corporation. Forming an LLC can benefit your business but the process is often complex. It is important to consult with experienced business lawyers who can help guide you through the process. There are several critical steps that must be taken to form an LLC: Choose a Name for Your Limited Liability Company Your LLC name must include the words "limited,” "company,” "limited liability company," or an abbreviation of one of these three options. Your business name cannot be the same as the name of another LLC or corporation on file with the Pennsylvania Department of State. File a Certificate of Organization A Certificate of Organization must be filed with the Bureau of Corporations and Charitable Organizations, along with a docketing statement. The certificate must include:
The certificate must be also be accompanied by a completed New Entity Docketing Statement. This form must include: the LLC's name, its purpose, name and address of person responsible for tax reports, effective date, and fiscal year end. Foreign LLCs organized outside of the state must also register with the Pennsylvania Department of State to do business in Pennsylvania. Appoint a Registered Agent A registered agent or registered office is an entity that agrees to accept legal papers on the LLC’s behalf. The registered agent must be a Pennsylvania resident or a company authorized to do business in Pennsylvania. Create an Operating Agreement Although an operating agreement is not required in Pennsylvania, it is advisable to have an attorney who is well versed with contracts create an agreement designed by company members that contains provisions for critical items and rules to run the company. Comply With Tax and Regulatory Requirements If an LLC has more than one owner, it must obtain an IRS Employer Identification Number. A single-member LLC must acquire an EIN if it is taxed as a corporation or has employees. If your LLC will be collecting sales tax, you must also register with the Pennsylvania Department of Revenue. File Annual Registration LLCs performing professional services must file a Certificate of Annual Registration by April 15th of every year. Failure to file Annual Registration can result in penalties, interest and additional fees. A Uniform Commercial Code lien may be placed against the business until all fees have been paid. Qualified business lawyers can help to make sure your business avoids the pitfalls of failing to file yearly. To see if an LLC is right for you, contact your local team of lawyers practicing in Montgomery County, PA who can help you protect your assets, grow your company and provide smooth sailing through the process of forming an LLC.
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Whether you are purchasing or selling a home, commercial property or land, it is important to consult with qualified and experienced real estate lawyers. Attorneys who specialize in real estate transactions can guide you through the process and make sure that your interests are protected. These tips will help you find the right real estate lawyer in Delaware County, PA. Determine Your Property Type and Legal Issue Not all real estate and related legal issues are created equal. Start your search for the right lawyer by identifying the type of real estate and legal issues you may have. Many real estate lawyers focus their practices on subcategories of real estate law such as:
Do Your Due Diligence Before you hire an attorney, it is essential to determine how much real-life legal experience he or she has, and whether he or she has worked on cases similar to yours. You’ll also want to make sure your attorney is well-versed in state and local real estate law. Ask for recommendations from friends, colleagues and family who have recently had successful legal work done on real estate matters. You can also contact attorneys you know in other fields and inquire about who would be suitable for real estate transactions. Your city’s chamber of commerce, local bar association and real estate bar association can be valuable resources when looking for an attorney in your local area. Once you have found a few lawyers, search the name of the attorneys and law firms on the internet. Here you can discover more about their backgrounds, credentials, specialties, business style, and contact information. Look for articles written by or about the lawyers. Experienced, top-notch attorneys are more likely to have written articles for publication, received awards or peer recognition, and served on law-related committees. Interview Once you narrow down a list of candidates, select a few attorneys to interview. Inquire about their education, background and years of experience. How many closings do they typically perform per year? How will they handle your case specifically? Do they have any conflict of interest? Ask up front what their fees will be. Depending on your case, they may charge hourly or flat fee. Get names and contact information of some of their clients as references. Get It in Writing Your lawyer should provide you with a retainer agreement–a document in which the attorney spells out what services he or she will provide and at what fee. Make sure that you fully understand the agreement it and its terms. Sound advice from seasoned real estate lawyers can save you from many potential difficulties as you buy, sell, or litigate your real estate issue. Do your research, ask questions and choose carefully to ensure your real estate transaction will be in good hands. In Pennsylvania, probate is the legal process that occurs after a person dies, regardless of whether the person has a valid will or not. Experienced probate attorneys in West Chester, PA can help guide you through the process and make a difficult time easier after the loss of a loved one. These six things will help you better understand what is involved in the probate process. 1. Pennsylvania offers a simplified probate process for small estates. Small estates are defined as estates that contain no more than $50,000 in assets. Generally, only assets that the deceased person owned solely in his or her name go through probate.The executor of the estate must file a request with the local probate court (sometimes known as orphans’ court) asking to use the simplified procedure. 2. Larger estates must conduct a formal probate proceeding. The executor of a will must file the will with the Register of Wills in the county in which the deceased person lived. If there is no will, an adult child or surviving spouse usually steps forward to serve as a personal representative of the estate. The executor also files a petition for probate, asking the local probate court to open a probate case. Experienced probate attorneys can accompany you to the Register of Wills office to ensure that the required documentation is filed, fees are paid and all legal bases are covered. 3. The executor must publish a legal notice in local newspapers. Pennsylvania law requires that the naming of the executor and administration of the estate be advertised once a week for three weeks in a general circulation newspaper and in the legal newspaper of the county of the deceased’s residence. This gives public notice that probate is beginning.It is important to have a knowledgeable probate lawyer help you with this step so the announcement is thorough and claims from debtors can be avoided after probate is closed. 4. Pennsylvania imposes an inheritance tax. Excluding the surviving spouse or a charity,anyone who inherits from the deceased must pay Pennsylvania inheritance tax and file a PA inheritance tax return within nine months. There is a five percent discount for paying the inheritance tax within three months. 5. The personal representative must inventory assets and pay debts and taxes before distributing the remainder of the estate. The personal representative must produce a final account of what the estate contained, how the assets have been managed, and present a plan for distributing remaining assets to beneficiaries. It is common for beneficiaries to approve the final accounting by signing a family settlement agreement. This document is an important tool that protects the executor’s liability, and must be prepared by an attorney well versed in Estate Planning. 6. An executor can be held personally liable for inaccuracies or omissions in administering an estate Being the executor of an estate is an obligation that requires commitment and accountability. Poor accounting and delays often result in legal disputes and family squabbling. Seeking the assistance of qualified probate lawyers can help you make sure the process is completed correctly and efficiently. A probate attorney will also make sure the estate is closed once all required steps have been completed. Carrying out your loved one’s wishes is the ultimate goal of executing a will. With experienced probate lawyers at your side, the process can be streamlined, allowing you to devote more attention to your family so you can all enjoy happy memories of your loved one in the years to come. If you own or operate a business, you know it is critical as well as difficult to find and retain a qualified attorney who has vast business, commercial and litigation experience. Many business lawyers focus on particular aspects of business law, making them experts in certain areas, but the downside is that their collective experience may not be comprehensive enough to suit all of your business needs. Other firms fall into a "jack of all trades" category, but may not have business lawyers who have the experience to handle all of your business needs. There are several key factors you should consider when searching for business lawyers: Structure The firm should be large enough to handle complex cases, but also small enough to offer you personal attention. Ideally, their business lawyers should be experienced in all critical business areas including:
They should offer a team of business lawyers that are experienced in each and who are committed to combining their skills and experience to best serve their clients. Communication It is equally important to ascertain how accessible their business lawyers are. Will they be there for you when you really need them? In times of urgency it is important that you are able to connect with your lawyers and that they return your communications promptly. Look for a firm where you will be able to reach your business lawyer during evenings, including weekends, if necessary. Business decisions sometimes need to be made during off-hours, so you need a firm that is committed to keeping in touch with you whenever you need help. Philosophy Find out what a particular firm's business philosophy is. Are their business lawyers committed to providing both competent and professional services, counseling and advice to you? Legal Affiliations Find out what legal affiliations your chosen firm has. By having membership in these various organizations, they are always expanding their knowledge and advancing their experience by engaging with other law professionals. Are they a member of their local bar associations or other societies specific to your business needs? Check to see if the firm or their lawyers are a member of the following associations:
References Lastly, but equally important, ask for references. Check with others who might have worked with the same business lawyers that you are considering and read any testimonials or reviews that you can find on the internet. Other clients have nothing to gain by sharing their experiences, so you should receive an honest and accurate portrayal of the service they received. Located in West Chester, PA, Carosella and Associates P. C. is a team of business lawyers with vast experience in business law. There are numerous facets to opening and maintaining a small business that the average entrepreneur is not familiar with. These include sometimes complex legal and tax requirements. By consulting experienced business lawyers prior to opening, you will be able to avoid many of the difficulties faced by new businesses. Entity Formation When creating a small business, it is important to properly determine the business structure you intend to register under. Different structures vary in legal and tax requirements. An experienced business lawyer can help you decide which structure best fits your small business. The following are the most common types of business structures:
Drafting Company Documents Even small businesses have a series of documents which need to be created. These documents include company by-laws, operating agreements, and any stockholder or shareholder agreements. Contracts with suppliers may contain fine print or complicated language which business lawyers are trained to sift through. Failure to address the fine print before signing a contract could cost your business far more money than you might have budgeted. Intellectual Property Your new business may have intellectual property which is unprotected. Intellectual property includes original concepts, such as a company mascot, slogan, or unique product. It is important to speak with business lawyers before exposing the public to your intellectual property to avoid the theft or reproduction of these valuable assets. Intellectual property may be trademarked or copyrighted in order to legally prevent others from copying your concept. Your business lawyers may also assist in drafting royalty and licensing agreements for outsourcing your intellectual property, as will as agreements to sell or transfer, if you so choose. Litigation Avoidance When starting a new business, it is not pleasant to think about possible lawsuits down the road. However, incorporating litigation avoidance into your business plan will help you avoid concerns if a lawsuit does arise in future. Matters of reputation or financial difficulties affect every business, and business lawyers are trained to address these issues before they become costly. A good lawyer will provide you with a Business Litigation Plan formulated specifically for your business. Items covered in this plan are:
In the hands of skilled business lawyers, the litigation plan creates transparent, easily audited documentation of all finances, roles, and responsibilities of anyone hired inside or in relation to your company. Final Thoughts Legal issues are an unpleasant reality in the business world. In order to avoid serious losses in the future, it is important to consult business lawyers prior to opening your small business in order to prevent liability issues in the future. Spending a lesser amount now could save thousands in legal fees later. Carosella & Associates treat every client as their only client, providing the best possible service. Contact us today to speak with one of our professional business lawyers and discuss what we can do for you. |
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