Huckabee, Weiler, & Levengood, P.C.

Business Formation Archives

Business structures that limit personal liability

Regardless of the nature of the business you plan to establish in Pennsylvania, you are going to run into areas where you face possible exposure to liability. Just how much it can hurt your personal assets when someone sues or files a judgment against your company will depend on the type of business structure you operate, with some business structures protecting your personal assets far better than others. At Huckabee, Weiler & Levengood, P.C., we understand the benefits and drawbacks associated with each type of business structure, and we have helped many people looking to create their own businesses determine which business type best suits their needs.

What is the difference between general and limited partnerships?

The prospect of forming a new business in Pennsylvania can be both exciting and overwhelming. Based on the goals you want to accomplish and how you want to operate, one of the first things you need to do is decide on a business structure. Business structures range from the simple (partnerships and sole proprietorships) to the complex (corporations and LLCs).

The importance of opening a business bank account

Some Pennsylvania small business owners may find it redundant or unnecessary to open up a bank account strictly for their business. Why go through all the trouble of setting up a new account when you can use your existing one to write checks and receive deposits? However, in reality, setting up a business account is both a wise and in many cases the legally prudent move.

Changing your sole proprietorship to a partnership

As someone who heads a Pennsylvania sole proprietorship, you may enjoy being your own boss. However, the possibility of forming a business partnership seems just too good to pass up. With a partner, your business can receive added expertise, more business connections and additional financing. But can you convert your sole proprietorship into a partnership? The answer is yes, though it requires a few crucial steps for the move to proceed.

The pros and cons of forming multiple businesses

You may have an exciting idea to start a brand new business in the state of Pennsylvania. However, many creative people do not have just one idea. What if a Keystone State entrepreneur has an idea for a printing company and a lawn mowing business at the same time? It would seem strange to form a business that offers both services, so the entrepreneur may choose to form two businesses instead. Like any business venture, you should consider the benefits and drawbacks to starting up two or more businesses at once.

What is the best type of corporation to sell?

Pennsylvania entrepreneurs unfamiliar with the various incorporation structures usually shy away from certain types of business formations. After all, there are some that seem to carry advantages above others. If you are considering these questions before you form your business, then you might already be a step ahead of your competition.

The pros and cons of going into business with a spouse

Some Pennsylvania couples decide that they can share a business just as well as they share a home, and many married couples do successfully run a business together. But is forming a business with a wife or a husband the right call for you? As with any business formation, there are pros and cons to working with your spouse that should first be considered.

Dealing with articles of incorporation

There are many ways someone might go about forming a business in Pennsylvania. Some of these are very simple, such as recording independent earnings and using those records to file as self-employed on annual tax returns to establish a sole proprietorship. Other methods could require applicants to compose complex documents and complete several stages of official approval.

The pros and cons of going into business with a friend

You may be planning to form a business partnership and are considering asking your friend to be your partner. There are sound reasons to approach a friend to be a part of your business, including familarity with that person and personal trust. However, while such a partnership can work out, joining up with a friend in a Pennsylvania business relationship can still present possible pitfalls.

What is a buy-sell agreement?

Whether you have an established business or are starting a new one in Pennsylvania, you should always have your eye towards the future. Things come up often that could drastically change your business. It is better to be prepared than be caught off guard. One situation you want to be ready for is any change in your partnership or owner status. You can prepare for this with a buy-sell agreement. 

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