Los Angeles Business Entity Formation Services
Assisting Clients with Formation of LLCs, Corporations, and Professional Corporations
Business entities such as Limited Liability Companies, Corporations, and Professional Corporations are generally formed to limit personal liability when purchasing investment properties or conducting a business for profit. The limited liability protection these legal entities offer shields one’s personal assets – generally held in their living Trust - from liability arising out of the business activities, or from liability arising from use and occupancy of the rental properties owned by the business entity. The specific type of engagement would determine the type of legal entity that you would choose to set up. For example, investment real estate ownership lends itself to setting up an LLC, while Professionals, such as doctors, lawyers, veterinarians, architects, CPAs are mandated to form a Professional Corporation, and to register it with the respective Board governing the profession. We also work with your CPA in terms of filing an S-Election for a Corporation to avoid double-taxation of this entity when certain conditions are met.
Setting up a business entity can be a very valuable Estate Planning tool. Our firm can help you understand the various types of business entities, and help you select that which is right for your specific needs.
Business Succession Planning Matters
Business succession planning is essential to those who hold interests in corporations, LLCs, partnerships, professional corporations, etc. From Estate planning perspective, it is very important to “connect” the business entity with your living Trust. This is generally done by executing an Assignment of your business entity to your Trust, as well as by issuing Corporate (or Membership) Certificates to the Trust.
These steps are crucial to reflect the existence of the living Trust and to ensure that on the death of a business owner, both the family members of the deceased and the interests of the surviving business partners are protected by allowing the Successor Trustee the ability to transact on behalf of the business entity.
Schedule a Consultation Today
Failing to properly plan for the future of your business can result in the ultimate cost — regret. Contact the Law Offices of Maria N. Jonsson, PC to discuss how you should “connect” your business entities to your Estate plan.
Call our office at (310) 935-0706 to request your consultation today.
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