At Buchanan & Stouffer, we understand that forming an entity that is in harmony with your business plan and in compliance with all state and Federal laws is critical to building a well-managed, profitable company. While business owners have to manage numerous factors that affect their success, one of the most significant choices that must be made is determining the type of entity when forming a business.
For more than 30 years, Buchanan & Stouffer has served the state of Colorado from our Lakewood and Durango offices, as a comprehensive legal resource for Colorado business owners. Our team of lawyers advises clients on the legal, tax and financial issues involving various business structures like limited liability companies (LLCs), partnerships and corporations. Our experienced attorneys will thoroughly analyze your business plan and help you understand the benefits and drawbacks of each type of entity:
Partnership: In general, a partnership consists of two or more individuals — or general partners — who manage a business and hold equal financial liability. There are several different types of partnerships, such as general partnerships, limited liability partnerships (LLPs), limited partnerships (LPs), limited liability limited partnerships (LLLPs) and family limited partnerships (FLPs). Learn more about partnerships.
Limited liability company (LLC): An LLC is a business entity most like a limited partnership. Owners involved in an LLC have limited liability for the entity’s debts and other financial obligations, while any taxable income and losses are passed through the owners. An LLC may choose to be taxed as a partnership or as a corporation. Learn more about LLCs.
Corporation: A corporation is a business entity that is separate from its owners. Owners — known as shareholders and stockholders — boards of directors and officers of the corporation are the three of parties that make up a corporation and hold differing degrees of financial and legal liability. Learn more about corporations.
In addition to providing expert legal service and counsel during the development and formation stages of your business, Buchanan & Stouffer provides ongoing legal guidance and support to help you monitor and grow your business. If appropriate, we will also assist you with the reorganization of your business structure so that your entity reaches its full potential.