Own Your own business!
Breglio Law Office provides full-service on a variety of business entities that all business owners need. These includes LLCs, Corporations and Partnerships. We are not an online form generator. We advise and consult with our clients to create the correct type of entity that fits their business. Sometimes the focus is on tax reduction and other times it’s asset protection. We also incorporate our clients’ family plan into the corporate life.
Here are the types of structures we can create for you:
1. Standard LLC: This is a basic and simple LLC for a single person, a married couple or possibly other related persons, that can be used–depending on how we structure it–for either asset protection or tax savings.
2. Partner LLC: This starts off as a simple LLC but adds some additional documents to cover the relationship among non-related members. It can also be used as a business or asset holding vehicle.
3. Series LLC: This is a very specialized LLC that is authorized by state statute to create “series” within it. These “series” act as separate entities–separating liability–one from the other without having to file for a new LLC. Typically a Series LLC is used to hold multiple assets (like rental properties), but can also be used to run separate businesses.
4. Custom LLC: This LLC is designed to the exact needs of our clients. Usually, we create Custom LLCs for clients that have different classes of members, each with different rights and responsibilities.
5. IRA, LLC: This is a highly specialized LLC where the members are IRAs, not individuals or other entities, and is used for Self-Direction of retirement accounts. There are special rules regarding how this LLC is established and how it’s run. When we create this kind of LLC for our clients, it comes with special video education.
6. Corporation: This is a business entity has different rules about how it’s run, a few more hoops to jump through and isn’t as common as the LLC. But we still do create them. These are never asset holding entities. They are usually created for business and tax purposes.
7. Non-Profit Entities: These entities can be LLCs or Corporations, but then apply for special tax treatment from the IRS. We can help our clients get set up with these tax-saving vehicles.
8. “S-Elected” Entities: Both the LLC and the Corporation can “elect” to be taxed under Subchapter S of the tax code that provides tax savings for certain types of businesses. These are never asset holding entities.
9. Partnerships: These are formalized ventures between individuals and are established at the state. They are a separate taxable entity and provide asset protection like multimember LLCs.
10. Family Limited Partnerships: These are called “family” because historically they were created for families looking to protect their assets. It simple a partnership to hold assets among common owners and is used in asset protection structures.
10. Joint Ventures: These are written ventures between individuals and entities. It is not established at the state, is not a separate taxable entity and does not provide any liability protection. This is why we recommend that the venture be between entities, and not individuals.
11. Business Trusts: These specially designed trusts can be used in lieu of limited liability companies in some circumstances. There is an agreement of the beneficiaries that acts like a joint venture agreement.
12. Privacy Trusts: These are simple, beneficiary-directed, inter-vivos trusts (sometimes called “land” trusts) that can be used for privacy purposes in holding title to real estate.
13. Solo 401K Trusts: This is a self-direction tool. It’s a special type of trust that one of your other business entities sets up that can hold 401K retirement money that can then be used in real estate investment.