Business Formation Attorneys in Simi Valley
Various Types of Business Entities Are Available; We Navigate You to the Best Type for You
Sole Proprietorship/Partnership
Individual Person or Persons without Liability Protection. Taxation directly “flows” to the person and entity is created with expectations of financial gain or profit. Liability is joint and several to all partners unless “limited” status. Each partner shares equally in the profit and loss unless a contrary agreement in writing. Partnership agreement should be in writing and filed with the Secretary of State. Partnerships are more formal than a Sole Proprietorship.
Limited Liability Company (LLC)
One or more persons or companies or corporations formed together for a common business goal. Liability is limited to company assets unless LLC is not properly formed, managed or reported. Each member is liability is limited to the amount of money contributed to the LLC in form of capital contributions – contributions in return for stock shares in the LLC. Taxation “flow” directly to the members, usually, with a greater opportunity for deductions. LLC can be “Member-Managed” where all members, those with capital contributions, share in the management and operation of the LLC or “Manager Managed” where a person, not necessarily a member, directs the management and operation of the LLC. LLC’s can distribute the profits and losses in any manner, not necessarily on percentage of shares. LLC needs to be registered with the Secretary of
State and file annual reports. More formal than Partnership, less formal than Corporation. Can restrict the selling of shares outside of the Members.
Where Ethics Meet Excellence
See What Sets Dallara Law Apart
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Client-Focused Care
Each client receives personalized care and tailored legal strategies, ensuring your unique circumstances and goals are fully understood and addressed.
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Experience With Integrity
Dallara Law is built on a foundation of professionalism and ethical practice, ensuring clients receive honest, transparent advice without the typical lawyer stereotypes.
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Collaborative Solutions
We intentionally foster teamwork among our legal professionals, drawing on diverse expertise to provide comprehensive solutions for clients.
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Prioritizing Peaceful Resolutions
Committed to minimizing conflict and celebrating solutions, we emphasize mediation to save you time, stress, and costs associated with trials.
Flexible Purpose & Benefit Corporations
One or more persons or LLC’s or companies or corporations formed together for a common goal BUT this goal is not necessarily to only make money ; It is a combination of profitability and social consciousness. Benefit Corporations are formed for the entrepreneurs that are truly committed to the environment, or are seeking investors that are truly committed to the environment and sustainable purposes. Benefit Corporations are required to pursue a General Public Benefit – a “material positive impact on society and the environment, taken as a whole”. Flexible Purpose Corporations, on the other hand, need only pursue a specific purpose that has a positive effect on any of the following: its employees, suppliers, customers, creditors; the community and society; or the environment. Benefit Corporations are held accountable for their stated sustainable purposes, with extensive reporting requirements and shareholder oversight. Flexible Purpose Corporations, on the other hand, may waive the shareholder reporting requirements under certain circumstances, and where reporting is required, the annual report is far less onerous on company resources. This gives the entrepreneur the recognition of being a “socially conscience” company, as well as the benefit of being a “for-profit” enterprise.
Non-Profit Corporations
A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization’s debts. Some nonprofit corporations qualify for a federal tax exemption under § 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.
Get started with our team today by calling (805) 456-1066.
