Business Entity Formation
New and existing businesses in DC Metropolitan area often struggle with the idea of incorporating or forming a limited liability company (LLC). They are confused with information from advertisements, the media and even entertainment sources praising the virtues of formal incorporation or similar business formation that would limit an owner’s personal liability and offer tax advantages. At The Law Office of Richard W. Hartman III, we help our clients sort through all the complicated forms of incorporation, LLCs and partnerships to help determine what the right form for their unique business is in the first place. For many businesses, start-ups and existing companies, the sole proprietorship or general partnership may still be the best business option.
We offer low or no cost initial consultations and the consultation includes a thorough discussion of whether or not a more formal business entity is right for their business, and if it is, which entity best suits their business goals. For most incorporations and LLCs, we charge a flat fee. More complicated matters require more attorney time, and in such circumstances an hourly fee is charged. However, The Law Office of Richard W. Hartman III is committed to efficient and cost effective representation.
Our business services include:
- C Corporation
- S Corporation
- Professional Corporation
- Limited Liability Company (LLC)
- Family Limited Liability Company (FLLC) – need to add description below
- Professional Limited Liability Company (PLLC)
- Limited Liability Partnership (LLP) – need to add description below
- Limited Partnership
- Family Limited Partnership (FLP) – need to add description below
- General Partnership
- Joint Venture – need to add description below
- Non-Profit Corporation – need to add description below
- Contract Negotiation and Reviews
- Registered Agent Services
A Corporation or LLC offers many advantages including protecting personal assets, reducing tax burdens (in some cases), providing group health insurance plans and pension plans, and creating a perpetual business entity that is often easier to raise capital for, finance and sell. Whether incorporation is right for your business depends on a number of factors and the ultimate decision is best made after consultation with an attorney and accountant.
Generally, the size of a business is an important consideration. Businesses with a large number of employees, multiple owners, and a significant capital investment will find that incorporation most often offers significant benefits. Smaller businesses are more likely to benefit from an S-Corporation, LLC or even sole proprietorship. The tax and limited liability advantages are generally less advantageous to the smaller business. The tax differential to single owners is most often negligible or non-existent, and new business owners that incorporate may find that their personal guarantee is still required for financing. Given the expense and time consuming nature of maintaining important corporate formalities, operating a sole proprietorship with adequate insurance is all that the small business owner may need.
To schedule a consultation, please contact The Law Office of Richard W Hartman III at (703) 255-7005.
Richard W. Hartman III founded The Law Office of Richard W. Hartman III, Attorney & Counselor at Law, PLLC to provide clients with honest, ethical, efficient, quality legal services.
Mr. Hartman began his career with a boutique trust and estate law firm, concentrating his practice in the administration of trusts and estates, which included the preparation of fiduciary accountings for trustees, executors and conservators. While working with that firm he also represented fiduciaries and beneficiaries alike in litigation involving challenges to the validity of wills and trusts, as well as protecting the interests of beneficiaries. Mr. Hartman also spent a considerable amount of his time with that firm assisting clients with guardianship and conservatorship matters.
Through those experiences Mr. Hartman came to desire a better way to serve clients and practice his profession. It became clear that offering his professional services directly to the general public was the best way Mr. Hartman could assist clients while maintaining the highest ethical and professional standards for himself, his work product, and his firm. This realization led Mr. Hartman to form The Law Office of Richard W. Hartman III, Attorney & Counselor at Law, PLLC.