Business Formation Attorney

for Creative Professionals and Start-Ups

You’re starting a business or you want to expand your existing business! Well first, congratulations and good on ya- entrepreneurship is no small task.

Oliva Law Group, P.C. will help ease the startup or expansion woes and works with you to establish the proper foundation through business formation and planning so you can focus on operating your business! Each business is as unique as the person starting it. Dani Oliva works with you to understand your business, your services or goods offering, and your goals to ensure you make the right legal decisions for your company’s future.

Dani helps clients determine the most effective entity for their business. Whether you want to operate as a sole proprietorship or desire the protection from liability of a corporation or LLC, he will explain the advantages, disadvantages, and requirements.

Oliva Law Group, P.C., also provides valuable legal services during the operation of your business, such as:

Filing an LLC
Filing an S Corp
DBA
Hiring a tax professional
Hiring a Bookkeeper

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How to select a business entity

Dani Oliva will work with you and a tax professional to outline the pros and cons of each type of business entity to determine which is right for your situation. Selecting the appropriate business entity can have a significant impact on the success of your business.

Sole proprietorships are the simplest and most popular type of business structure. With a sole proprietorship, one person is responsible for all of a company’s profits and debts.

Pros of Sole Proprietorship

Easy to start up, no registration with the Secretary of State.
No corporate formalities or paperwork requirements.
You can deduct most business losses on your personal tax return.
Tax filing is easy.

Cons of Sole Proprietorship

As the only owner, you’re personally liable for all of the business’s debts and liabilities – someone who wins a lawsuit against your business can take your personal assets (your car, personal bank accounts, even your home in some situations).
There’s no real separation between you and the business, so it’s more difficult to get a business loan and raise money (lenders and investors prefer LLCs or corps).
It’s harder to build business credit.

A limited liability company is a business entity that offers certain legal protections and rights to its owners. An LLC is neither a true corporation or a sole proprietorship/partnership. Actually, LLCs combine some of the best aspects of both.

Like other corporate entities, the owners’ personal liability is limited — meaning an LLC provides a layer of protection over the members’ personal assets

Pros of LLC

Owners don’t have personal liability for the business’s debts or liabilities.
Not as many corporate formalities compared to an S-corp or C-corp.
Protect you against lawsuits.
Reduce paperwork compared to corporations and other legal entity types.
Prevents your company from being taxed twice.
Make your business appear more credible to customers and creditors.

Cons of LLC

It’s more expensive to create an LLC than a sole proprietorship or partnership.

Your business is expanding and maybe you want to save money on taxes or…

Pros of S Corporation

Owners don’t have personal liability for the business’s debts and liabilities.
No corporate taxation and no double taxation: The corporation itself is not subject to federal income tax, and shareholders do not have to pay self-employment tax on their share of an S-Corp’s profits.
Investment opportunities. The company can attract investors through the sale of shares of stock.
Once-a-year tax filing requirement. Versus c corps, which must file quarterly.

Cons of S Corporation

S-corporations are more expensive to create than both sole proprietorships and partnerships.
There are more limits on issuing stock in S-corps vs. C-corps.
You still need to comply with corporate formalities, like creating bylaws and holding board and shareholder meetings.

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What Is DBA (Doing Business As)

A company is DBA (or “doing business as”) when they operate under a name that is different from their legal name. Filing a DBA allows you to do business under a name other than your name or the name under which your business is legally registered.

Does your business need a DBA?

Not all businesses do. It depends upon a combination of the business’s legal entity, locale’s requirements, and the business owner’s preference.

Corporations (both S-corps and C-corps), general partnerships, and limited liability companies (LLCs) technically don’t need to file a DBA.

If you’re a sole proprietorship or general partnership, you’ll need to file a DBA if you want your company to operate under a name that’s not your legal name or your partner’s name.

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