Asset Protection Attorney – Long Island, New York City, Westchester
The Law Office of Eric Habib provides strategic business entity structuring for existing businesses, entrepreneurs, and startups throughout the New York area. Businesses can operate in a variety of structures, such as a sole proprietorship, partnership, limited partnership, corporation, or limited liability company. Each of these forms of incorporation provides certain benefits and also certain limitations. The legal structure of a business determines how it is managed, how it is taxed, and what regulations it must follow.
So how do you know what form of entity is the right one for your business? It depends. There are many factors that must be considered before choosing the right type of entity. That is why seeking the advice of an experienced asset protection attorney is important. Some of the important factors include the following: Is it a single person or family business? Does the company need to attract outside investors? Are there employees who require equity participation in the form of stock or options? Does the business desire to reinvest its profits or does it want to distribute them? Will there be passive investors? Will there be any foreign investors? Are special profit or loss allocations desired? Does the business involve managing real estate?
The majority of new businesses seeking liability protection organize as corporations, but limited liability companies (LLCs) are gaining favor. Real estate companies and investment funds are more likely to form as LLCs or limited partnerships, than as corporations. Some other companies elect to become LLCs because the corporate governance is easier. The downside to LLCs are that they are a newer concept (sort of a hybrid between partnerships and corporations). Eric Habib is an experienced asset protection attorney and can help you decide the most appropriate legal structure for your business.
While forming a corporation or limited liability company in the State of New York is a relatively straightforward administrative task, the choice made by business owners as to the proper entity form (or whether to form a legal entity at all) is a potentially complex one. Asset protection attorney Eric Habib will advise you on how to best structure transactions to limit both liability and tax consequences. We represent restaurant owners, real estate investors, physicians and other professionals, offering proactive legal counsel in business structure, operations, and transactions designed to anticipate and prevent legal problems.
The main types of business entities and asset protection planning strategies we use for our clients include a combination of the following:
Eric Habib, an
asset protection attorney, can work with you to explain the various benefits of each of these business entities – along with other potential options that you may wish to consider. Not only can we prepare and file the required documents with the appropriate governmental office, we can assist you in obtaining a federal employer ID number, file an S corp election if desired and appropriate, assist with State of New York licensing requirements and, of course, work with you to prepare the most appropriate company books and records. We can also provide you with practical advice and insight as to the most appropriate business structure for you.
If you hold assets in your own name, like through sole proprietorships or even general partnerships, you are vulnerable to attack by any creditor or lawyer wanting to file a lawsuit against you. A judgment creditor can swoop in easily and attach any assets you have.
It is important to protect yourself before you get sued; advanced planning is important. Don't forget that asset protection is a form of insurance - buy it before you need it. You will have many more options to work with if you commit to your financial self-defense program in advance and shelter your assets before you are in a tough spot. Protecting yourself will take time, effort, and money. But protecting your assets is your best possible investment.
Eric Habib, an asset protection attorney, is well versed with the laws and regulations governing business entity formation in the State of New York, and his advice can help ease concerns associated with this area of the law in the New York Metropolitan area, including Nassau, Suffolk, Brooklyn, Bronx, Queens, Staten Island and Manhattan. We have offices located in Nassau, Suffolk and New York counties, and we are available for evening and weekend appointments for the convenience of our clients. Contact the Law Office of Eric Habib. Let us help you with your asset protection planning.
