Dallas-Fort Worth Business Development Attorneys
Protecting the Interests of Business Owners
Whether you have only one rental house or a multimillion-dollar business, you must have the proper business structure in place to protect your assets and plan your legacy. So often, business owners are consumed with daily operations that they are unaware of the risks inherent in working without a professionally crafted business structure. Crain & Wooley excels in creating easy-to-manage, yet effective, plans that mitigate risk, protect personal assets, provide for succession planning, and more.
What Is the Difference Between an L.L.C. and S Corp?
We know that tax rates and paying taxes are major concerns for business owners, which is why we are committed to helping clients determine how to structure their businesses.
Many people, to their detriment, use the terms L.L.C. and S Corp interchangeably. An L.L.C. is a formal business structure that, protects the business owner’s personal assets by separating personal and business activities. An S Corp is a type of tax classification that can be used by both corporations and LLCs.
Why Do Business Owners Use L.L.C.s?
An LLC offers two main benefits: asset protection and a less complicated tax and formal structure than a corporation. Small businesses and individuals tend to use L.L.C.s for personal and investment purposes. An LLC will protect a business owner’s personal assets from being seized to pay off debts accrued by the business. This means that if the LLC files for bankruptcy or defaults on loans, then creditors could not garnish personal accounts or seize property to satisfy debts.
LLCs are considered a pass-through entity, so the LLC does not pay taxes itself. Instead, the profits and losses of the corporation are passed through to the owners and are taxed at the owner’s personal rate. LLC owners have the authority to continue making everyday decisions without encountering any unnecessary burdens.
Why Do Business Owners Use S Corps?
Although corporations are normally taxed at the corporate entity level, S Corps aren’t, and can pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Since all financial considerations are assessed at the individual income tax rates of shareholders, S Corporations avoid double taxation on corporate income.
To qualify as an S Corporation, the company must meet the following conditions:
- Can’t have more than 100 shareholders
- Must be a U.S. company
- Must meet certain shareholder qualifications
- Cannot be considered an ‘ineligible corporation’ under the law
If the company meets all the requirements listed above, then the corporation must submit Form 2553 no more than two months and 15 days after the beginning of the tax year the S Corp election is going to take effect (IRC 1362(b)).
Contact Crain & Wooley today at (972) 945-1610 or use our convenient online scheduler to discuss your options with our business development attorneys.
Contract Review & Negotiation
The devil is in the details. Whether a lease, a maintenance contract, a non-disclosure agreement, land sale, or any other type of contract, Crain & Wooley is here to serve as your trusted partner in drafting and reviewing contracts to reach your goals.
Our reliable attorneys are familiar with a wide range of business development contracts, and we can clearly explain all of your options so you can make informed decisions. With our comprehensive contract review and negotiation services, you can feel confident you won't have to waste your valuable time and hard-earned money on potential disputes and future headaches.
Continuity Planning
Without a carefully crafted succession plan, business assets are often frozen during a business owner’s incapacity and after their death. Many small business owners use LLCs for rental properties and service businesses because this structure offers great liability protection when paired with simple management.
However, the simplicity of LLCs can often create issues if the owner is incapacitated or dies. That is why is it is important to have an operating agreement that explains what happens, and who is in charge when the owner passes away or becomes disabled and unable to oversee business operations.
The following topics should be covered in a comprehensive operating agreement:
- The company’s contact information
- The names of each partner, as well as their roles and responsibilities
- A list of the percentage of shares owned by each partner
- Emergency operations policies and procedures
- Disability and death planning
- Guidelines for business meetings, taking votes, and financial decision making/accounting
Planning in advance for business continuity can allow the transition when an owner dies to happen with little to no disruption to the business. Business owners certainly have plenty on their plates to keep them busy, but that is all the more reason to have a business continuity plan ready. If you have questions about planning for your business to continue without interruption upon your incapacity or death, please reach out to our knowledgeable legal professionals.
Call our Texas law firm at (972) 945-1610 for help in Plano or Mansfield.
Do you need help choosing the right formation to properly develop your business? Then please contact Crain & Wooley today at (972) 945-1610 or use our convenient online scheduler to set up a free consultation with our business development attorneys
Satisfied Clients Tell Their Stories
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"Thank you and God Bless you"
Thank you for being my Living Trust and other Estate documents attorney. Due to our move and storage of business and personal documents, we had trouble locating & we took a lot longer to respond to your drafts, etc. You were very patient with me and my needing lots of explaining of legal terms and meanings. At my age, I was concerned about getting things done but wanting it all done right. You were very prompt in responding to my questions and I think by time of signing I felt confident we had things just the way we wanted to protect my heirs. Thank you and God Bless you.
- Donna V. -
"Very much appreciated"
I am very much appreciated your service If anyone like me needed your service I will introduce about you. Everything you did with in a week. Very much satisfied all your service.- Sarah P. -
"Smooth and easy"
Learning about trusts at the meal was easy and educational. The set down at the office was where the finer points of trusts was explained. That is where and when we decided to make it safe and easy for our heirs. Our final meeting where we signed everything and an explanation of each item was given went smooth and easy. All in all I would say the investment in the trust was worth it.
Thank you to Crain & Wooley office and staff- Anonymous -
"Professional and knowledgeable"
My husband and I recently had our living trust completed through the help of Crain and Wooley. Justin and his staffs are professional and knowledgeable. A special thanks to client education specialist Stephen. He is such a nice gentleman and always answers our questions clearly and right to the point, and always ready to help by answering your concerns promptly. We will certainly refer the law firm to our families and friends!
- Susan X. -
"Excellent, Highly recommend"
We went to seminar to just find out what we needed to do for a will, They gave us all the info we needed right then there. Offered a really good price if we signed up to get one that day. A few weeks later after our appointment we have a Living trust. They were helpful with all our questions and were very thorough with these explaining the whole process. They stuck with the price that we paid + let us call anytime if we had any questions. Excellent, Highly recommend this company.
- Linda B. -
"So good to finally have a plan"
After worrying about our lack of estate planning for years, it feels so good to finally have a plan in place. Thank you for making the process relativity painless and offering the educational support we needed.
- Leslie W. -
"5 Stars"
Me and my appreciate Mr. Crosby we think that he was very professional in doing his job and we give him 5 stars when it come to him doing his Job.- James A. -
"Overall experience was seamless"
We recently had the opportunity to attend a workshop hosted by Crain & Wooley regarding wills and estate planning. Based on the information provided we decided to proceed with our estate planning with Justin and his team. The overall experience was seamless and the process was clearly communicated. We had our homework and once that was completed, several iterations later we had our final walk-through and signed estate plan. We would recommend Justin to our family and friends.
- Earl B.
Designed for Your Comfort & Convenience
Estate Planning With Us Means:
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Flat-Rate Pricing*Finally, you won’t need a lawyer to understand your legal fees. We clearly communicate our pricing structure upfront, so you can feel comfortable with our service from start to finish. No surprises, no hidden fees. *Our flat rate fees apply only to proactive planning services.
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Optional Lifetime GuaranteeWith our optional lifetime guarantee, your will and trust will be automatically updated over the years to ensure it stays current with best practices, reflects your current wishes and minimizes future confusion for your family.
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Knowledgeable ServiceLaws change all the time. We stay up to date with all the latest information so that you’re covered. No one else in the region is as dedicated or educated in this area of law. We’re the experts so you don’t have to be.
