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Corporate Attorney Farmington Hills


Corporate law involves, among other things, choosing the right type of entity through which to conduct business. Some of the types and characteristics of the choices are as follows:

Doing business as (DBA) – Business name used by a person or entity. You must file a Certificate of Assumed Name in the county in which the business is located. While this will give you the exclusive right to use that business name is that county, it does not prevent a competitor from registering that name in a neighboring county. Personal liability.

Sole Proprietorship - Business consisting of a single owner, not in a separately recognized business form. A sole proprietor is personally liable for the debts of the business.

Partnership – Business consisting of two or more owners. Each partner can bind the partnership and each partner is personally liable for the debts of the business.

Corporation – Business formed by filing Articles of Incorporation or Articles of Organization (if an LLC). The business name is registered and protected throughout the state. The corporation is recognized as a separate legal entity and, except in rare circumstances, the owners cannot be held personally liable. A corporation can sued or be sued in its own right. The ownership of the business is established by issuing shares of stock. Stock shares have voting rights and shareholders vote annually to elect a Board of Directors. The Board oversees the business. A corporation is taxed on its profits. If the shareholders received a distribution from profits (“dividend”), they are also taxed.

Limited Liability Company – Business formed by filing Articles of Organization. Owners are designed as “Members”. A limited liability company has the benefit of limited liability for its owners and pass through taxation. Profits as well as deductions (such as depreciation) are divided among the Members based upon their ownership interest in the company. There are fewer ongoing formalities to be followed.

Choosing the right entity depends on many factors. How is the business to be run? Financed? Will advantageous deductions be available? Will the business need to reinvest its funds to grow? I can help you choose what entity works best for your specific situation, draft the documentation to formalize your decision, and show you how to maintain the necessary formalities to protect you and your assets.


Corporate Attorney Farmington Hills

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map Elizabeth A. Silverman P.C.
30500 Northwestern Highway, Suite 500
Farmington Hills, MI 48334