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)).
If you need quality legal advice before choosing a business formation, then please call Crain & Wooley today at (972) 945-1610 to request a free case consultation with our skilled legal team.
Satisfied Clients Tell Their Stories
-
"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:
-
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.
-
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.