You’re a Pro Gamer, But When it Comes to Business Formation, It’s Game Over
No Worries: Geek Lawyers Have Your Back
The way that you set up your business will have a great impact on your company’s success. The business formation attorneys at the Geek Lawyer will discuss what entity is best and assist you in registering your business.
Our attorneys advise clients – including gamers – regarding some of the following types of business structures:
- C Corporation – a corporate business structure in which the owners are taxed separately from the business. The taxes of profits from a C corporation occur at both the corporate and personal levels.
- S Corporation – a “pass-through” entity that is only available to small businesses (those with 100 or fewer shareholders. S corporations pay no corporate taxes but instead pay their shareholders, who are responsible to pay the taxes due.
- Limited Liability Company (LLC) – a business structure that protects its owners from liability for its debts or liabilities. Limited liability companies consolidate the features of a corporation with those of a partnership or sole proprietorship.
- Close Corporation – a company whose shares are held by only a few people who are closely connected to the business. A close corporation is generally run directly by shareholders and is exempt from many of the formal rules that typically govern corporations.
- Professional Corporation (PC) – a corporation organized by one or more licensed individuals for the purpose of providing professional services. While an owner of a professional corporation is responsible for their own negligence, they but will not be held personally liable for the negligence of the other owners.
- General Partnership (GP) – a business structure in which two or more individuals agree to share all assets, profits, and financial and legal liabilities related to the business. General partnerships are common because they are simple to get started and for tax filing purposes.
- Limited Partnership (LP) – a business structure required to have both general partners and limited partners. General partners have unlimited liability and full management control of the business, while limited partners have little to no involvement in management, but also have liability limited to their investment amount.
- Limited Liability Limited Partnership (LLLP) – a flexible business entity that allows partners to work together while reducing their liability for the actions of other partners. LLLPs are required to choose managing partners to be held personally liable for the actions of the LLLPs, but none of the members of an LLC are held liable for the business’s actions.
- Sole Proprietorship – an informal business structure with a sole business owner. Although a sole proprietorship is the simplest type of business to form, it is not always the best choice for small business owners. An experienced Georgia business formation attorney who understands your situation will advise you as to the most appropriate structure for your business.
If you’re a noob at business formation, don’t worry – we’re here to help. For solid legal advice regarding business structure, contact the Geek Lawyer at our Griffin offices at 404-253-5639 or CLICK HERE to send us a message.