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Business Formation

Business Taxation

A Denver business attorney at The McGuire Law Firm can form nearly all types of business entities. Couple this experience with a knowledge of tax law, and a business attorney at The McGuire Law Firm can provide you with the necessary counsel and assistance to form & structure your business. Part of the business formation process involves educating clients as much as possible to assist in their long term self-sufficiency and success. Additionally, if the client so desires, we provide ongoing legal advice, counsel and support throughout the businesses growth process.


Some of the entity options include:


1)      Corporation: This entity has the longest legal track record.  Primarily, there are two types of corporations, C corporations and S corporations, and both must follow specific corporate rules. These rules come with benefits, like legal protections, and burdens, like the necessity of holding shareholder meetings. Though similar, the IRS taxes C corporations and S corporations differently. The McGuire Law Firm can assist you in making the right choice to best fit your needs.


2)      Partnership: Two or more people can create a partnership when they start working together towards a common goal, sharing the benefits of the income and the burden of business debt. Unfortunately, people may not know that they do not need an official writing or agreement to enter into a “general partnership.” This type of partnership opens the partners up to an extreme amount of liability. Not only can creditors go after the business assets, but they may also go after the partners’ personal assets as well.  We help our clients enter into a partnership with more liability protection, a formal partnership agreement and an understanding of the tax consequences and implications of forming a partnership.


3)      Limited Liability Company: An “LLC” acts most akin to a limited partnership.  Members of an LLC limit their personal liability.  LLC members may choose to have the IRS tax the entity as a partnership or as a corporation. Absent a choice by the members, the IRS will tax the entity as a partnership. Other special rules apply to this entity adding to its flexibility and to its complexity. The McGuire Law Firm offers the experience necessary to properly establish this type of entity.


4)      Other entities: We also assist our clients in forming limited liability partnerships (LLP) and limited liability limited partnerships (LLLP) in addition to applying for non-profit status with the IRS if client puts forth a charitable business purpose.  Further, we can assist professionals create Professional Companies (P.C.) and a variety of other options. We customize our legal services to fit the needs of our clients.


We recommend any individuals considering forming a business entity consult a business lawyer and/or tax lawyer to discuss their options and the applicable implications.


To speak with a Denver business attorney, contact The McGuire Law Firm.


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If you are looking for immediate assistance with your specific tax situation, please give us a call to speak with an attorney today.

Free Consultation: (720) 833-7705

John@JMtaxlaw.com Mon – Fri 9:00-5:00


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