Mansfield Business Development Attorneys
Let Us Help You Choose the Right Formation Strategy
At Crain & Wooley, our team of reliable and efficient attorneys understands that tax rates and asset protection are two major concerns for business owners. That is why our legal team is committed to helping clients in the greater Mansfield area determine the best structure for their business operations.
Is There a Difference Between an L.L.C. and S Corp?
A Limited Liability Corporation (L.L.C.) is a formal business structure that separates the owner’s personal and business activities. An S Corporation( S Corp) is a type of tax classification that corporations and LLCs use to save money and position the business for growth.
Why Do Business Owners Use L.L.C.s?
L.L.C.s benefit business owners because they protect assets and have a less complicated tax structure compared to a corporation. L.L.C.s are suitable for small business owners because they prevent personal assets from being seized to pay off debts accrued by the business. So if the L.L.C ends up filing for bankruptcy or defaults on loans, the creditors would not be able to garnish personal accounts or seize property to pay back debts.
L.L.C.s are considered a pass-through entity, which means the L.L.C. does not pay taxes itself and instead, passes the profits and losses of the corporation through to the owners, who are then taxed at their personal rate.
Why Do Business Owners Use S Corps?
S Corps aren’t taxed at the corporate entity level, which means corporate income, losses, deductions, and credits can pass through to shareholders for federal tax purposes. Since all financial considerations are assessed at the individual income tax rates of shareholders, S Corporations don’t have to worry about double taxation on corporate income.
A company must meet the following conditions to qualify as an S Corporation:
- No 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 has to file 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)).
"Very Professional, Thorough and Good Communicators"Justin and his staff were very professional, thorough and good communicators. They prepared every doc they committed to, and in a timely manner. I like the lump sum fee arrangement. I would definitely recommend them.- Bart Hubbard
"We are so grateful we did this."
We had been wanting to do and understand a trust for a long time. Once we received the meeting invite, the rest was easy. We learned about wills and trusts in an understandable way. Justin and his team are organized, thorough, friendly and helpful. They coordinated and explained each step of the process. We are so grateful we did this. The cost was invaluable. Thank you for everything.- Shelly Torti
"Would Definitely Recommend Crain & Wooley"
We attended a lunch seminar hosted by Shelly Joyner and her team to listen and learn more about our options with Trusts. Based on Shelly's presentation, examples, and knowledge of Trusts, we were sold on Crain & Wooley as the firm to prepare and manage our Trust.
The Crain & Wooley process from start to finish was fast, efficient and very professional. Throughout the progression, both Shelly and Steve Crosby communicated, answered all our questions, and provided various trust documents through the portal for our review /comments.
Would highly recommend the services of Crain & Wooley!!- Paul & Helen Cherry
"Made the Entire Process a Seamless Operation"
Finding a law firm to assist me in creating a "Living Trust" was very confusing. After interviewing three law firms, I chose Crain & Wooley.
They got back to me quickly after the initial consultation and made the entire process a seamless operation.
I highly recommend and will work with Shelly Joyner and Crain & Wiiley again in the future.- Ricky Ellis
"I would return for other legal issues and would highly recommend this firm for legal advice."I am very pleased with the professional services of Crain and Wooley law firm with the trust documents formalized on my behalf. The fees were fair and the result was done in a few weeks. Terms and legal explanations were understood. I would return for other legal issues and would highly recommend this firm for legal advice.- Alex Montanez
"I had a fantastic experience with your law firm and now I can relax!"I had a fantastic experience with your law firm and now I can relax because I have my affairs in order! It was a very easy process, very informative, easy to gather their information and get the awesome result of having all my documents into my trust. Very impressed with the professionalism of Shelly Joiner, Jessica and Steve. I highly recommend this law firm Crain & Wooley for all the estate planning needs. Thank you!- Wanda Echevarria
"Very Thorough In Explaining My Options"Shelly was very thorough in explaining my options in estate planning and reviewing the documents I did have. I appreciate the speed and ease in completing my documents and support in transitioning my home into our living trust.- David Smith
"We Felt Valued, Cared for and Appreciated"It was a pleasure working with Justin Crain, Shelly Joyner, Steve Crosby, and the entire staff at Crain and Wooley. From the moment we walked into their office, we felt valued, cared for and appreciated. Justin took the time to explain to us the benefits of creating a trust and patiently answered all of our questions. My wife and I particularly appreciated their educational emphasis. They provided us with videos and literature that deepened our understanding of the process and purpose of creating a trust. We never felt any pressure during our meetings with them to purchase any legal products or services. They educated us, encouraged us to ask questions, and let us make our own decision. We did decide to create a living trust, and we are very pleased with the results.- William Benninghoff
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.
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.
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.