Partnerships and Incorporation Law

Business Formation and Disputes Banahan Law offers experienced, and knowledgeable representatives. They can assist, and advise you in forming your business, which may include partnerships, corporations, and limited liability companies. In the event that it becomes necessary, Bernie and his staff will take an aggressive stance on your behalf, as well as an effective representation in contract disputes and litigation.

Partnerships:
In Arizona, two or more individuals who own a business together are, by default under the law, a partnership. Although a partnership requires no formal writing to be binding, and a written partnership agreement will not protect an indiviudal partner's assets from creditors, a partnership agreement will clearly define the roles each individual partner plays, including each partner's financial rights and responsibilities to the partnership.
Bernies'law office has many years of experience in drafting and reviewing partnership agreements to ensure protection for his clients. He has also represented partners in civil actions to enforce rights and obligations against other partners, with or without written partnership agreements.

Corporations:
In Arizona, business owners may incorporate their business as a way of legally distancing themselves from the real and potential liabilities of the business. A corporation is treated as a "person" under the law; that is, in most circumstances, it is solely responsible for its own debts, separate from those of the individual owners, or shareholders. However, holding a business as a corporation also means additional responsibilities for the shareholders. Certain formalities are required in order to maintain the corporate status. Banahan Law has not only incorporated numerous businesses, but also assisted corporations with post-formation issues.

Limited Liability Company (LLC):
In Arizona, the creation of limited liability companies as a form of business ownership has grown rapidly. LLC's combine the flexibility and favorable tax treatment of a partnership with the limited liability of a corporation. Limited liability companies also possess the pass through tax advantage, while maintaining no restriction on membership. Moreover, all members are granted limited liablity, i.e. their personal assets are protected. Bernie can assist not only the small business owner thinking of forming an LLC, but also currently operating LLC's, no matter the size.

Banahan Law Offices 3530 East Indian School Road, Suite 7 Phoenix, AZ 85018 Phone: 602-952-8299 Fax: 602-952-1473 Email: sabrina.showers@banahanlaw.com

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