A Professional Law Corporation
Philip Roggeveen: BS, JD (retired)
Vincent Tran: BS, JD, LLM
1816 Tully Rd., Ste. 280
San Jose, CA 95122
ph: (408)532-1600
fax: 1(866) 389-3609
vtranlaw
CORPORATIONS AND LLCs:
If you are operating your professional office (medical, dental, pharmacy, ect...) business or real estate investments as a sole proprietorship or partnership, your personal assets may be vulnerable.
One of many benefits of incorporating or setting up an LLC is to protect your personal assets from potential liabilities from your business or investments. This is also known as Limited Liability Protection. Without the protection provided by a corporation or LLC, creditors or other claimants may be able to attach personal assets including garnishment of personal salary, attachment of personal bank accounts, attachment of your home, and seizure of other personal assets.
By forming a corporation, professional corporation or LLC, and following all corporate formalities, you insulate yourself from various liabilities, including the negligence of co-workers. The only amount you have at risk is property and investment that you put into the corporation or LLC. Other benefits include certain tax advantages that are afforded to corporations and LLC.
PROFESSIONAL CORPORATIONS:
Many professionals, including CPAs, dentists, pharmacists, and physicians have retained our office to set up a professional corporation for limited liability protection of their practice. Aside from limited liability, there are various tax advantages available to a professional corporation.
LLCs:
Some businesses may prefer to set up an LLC instead of a corporation because of more flexibility afforded in an LLC. Attorney Tran can provide you a detailed analysis of whether an LLC or a Corporation is better for your business.
If you are investing in real estate, an LLC can provide you the flexibility of the partnership structure, and the tax advantages of a corporation; yet, having the protection of limited liability. Many of our clients investing in real estate have retained our office to set up their LLCs before and/or after purchasing their properties.
WHY INCORPORATE OR set up an LLC?
1816 Tully Rd., Ste. 280
San Jose, CA 95122
ph: (408)532-1600
fax: 1(866) 389-3609
vtranlaw