Trusted Indiana Law Firm Guides Clients Through Business Planning

Helpful Lake County lawyers assist with formation, taxes and liability

The way you set up and run your business determines your legal rights and responsibilities. At the Law Office of Weiss, Schmidgall and Hires, P.C., in Merrillville, Indiana, our attorneys consider your business goals before recommending plans for entity formation and growth. For more than a decade, we have assisted businesses of all sizes in the Gary area as well as throughout Lake County and Porter County. We will help you navigate filing requirements and draft the detailed documents necessary to establish your operational structure.

Focused advisers detail the requirements and benefits of each business type

Indiana and the federal government recognize several distinct types of business entities. A business may be classified as one of the following:

• Sole proprietorship — If you wish to run your business alone, you do not have to file as a business entity with the Indiana Secretary of State. However, a sole proprietorship means you alone are liable if your business faces litigation or overwhelming debt. Sole proprietors report their business income as personal income on tax filings.
• Partnership — You and one or more business partners may establish a general partnership, a limited partnership (LP) or a limited liability partnership (LLP). The liability of each partner depends on the type of entity established. Partners pay taxes on individual income earned from the partnership.
• Limited liability company (LLC) — An individual owner or a number of owners can form a limited liability company, or LLC. Each owner is referred to as a “member.” Members report LLC income on their individual taxes, and they have limited liability for the company’s actions.
• Corporation — A corporation is a separate entity from the shareholders who own it. The corporation itself is liable for its actions and debts. Income for a C corporation is taxed at the corporate and employee/shareholder level; income for an S corporation is taxed only at the employee/shareholder level.
• Nonprofit — A nonprofit corporation may enjoy tax exemptions from Indiana and the federal government. Shareholders or members cannot benefit from the organization’s financial profits.

Your attorney will work with you one on one to advise you on your options and assist with any actions you may need to take to protect yourself as an owner.

Skilled attorneys draw up operating plans and articles of incorporation

No matter why type of entity you wish to form, it is advisable to formally document your plans for the business. A corporation must file articles of incorporation with the state, declaring who owns the company and the company’s purpose for existing, along with other key details. The state suggests that all partners who co-own a business operate under an official partnership agreement, although this is not a legal requirement. Likewise, an LLC should have its own operating agreement, which sets forth guidelines for how the company will be run.

Our firm drafts the documents necessary to create a secure foundation for your business and guides you on the policies and practices to meet all relevant regulations while reaching for your goals.

Contact hardworking Merrillville business law attorneys for a free initial consultation

Our attorneys at the Law Office of Weiss, Schmidgall and Hires, P.C., in Merrillville, Indiana help with business planning and formation. To schedule a free initial consultation, call us at 219-293-8988 or contact us online. We serve clients in the Gary area and throughout Lake County and Porter County.