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Category: Business Formations

There are four main types of business formations, and each one has its own advantages and disadvantages.

Operating a business as a sole proprietor

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Operating as a Proprietor Operating as a proprietor you own your business assets and personally operate your business. You are treated as one with the business for tax purposes. A sole proprietor is personally liable for the contracts and activities of the business. Your personal and your business assets are exposed to all personal and […]

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Phantom Stock: benefiting a hard working employee

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Phantom Stock: benefiting a hard working employee • Many small business owners wish to provide an incentive to a particularly hard working employee or several employees but prefer to keep actuall ownership of their business in the family. Formal employee stock option plans or 401(k) plans may be too expensive and involve complex rules. Phantom […]

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Shareholder may be liable for wages of corporate employee

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limitation of liability is not absolute Controling Shareholder liabile for employee wages A sole or controlling stockholder may be held liable for the wages of employees, even though the corporation is the actual employer, due to the Pennsylvania Wage Payment and Collection Law. 43 P.S. §§ 260.2a, 260.9a(b Best practices suggest that a close working […]

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Bankruptcy Attorney Scranton Pennsylvania

Statutory limitation of liability is not absolute

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Statutory limitation of liability is not absolute The limitation of liability of business owners and professional practitioners created by statute for corporations, limited liability companies, professional partnerships, and limited partnerships, differs from state to state and can be pierced under a variety of circumstances. The choice of a state usually constitutes a choice of the […]

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Professional corporation

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Professional corporation A professional corporation can be formed to allow licensed professionals to render services in the corporate form. The articles of incorporation are required to contain a heading stating the name of the corporation and that it is a professional corporation. Generally a professional corporation may be incorporated only for the purpose of rendering […]

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