Concern about business entities by IGOR ROITBURG in New York

Many entrepreneurs are concerned about liability when starting their business. However, according to IGOR ROITBURG, many of these same entrepreneurs fail to follow through on those concerns.

Those concerns usually start with what style of business entity they must form. From a sole proprietorship to a company, entrepreneurs must understand what each of those entities will mean for them and their business.

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Identified • Typically identified as an "assumed name," it's the simplest way of operating a business under a distinct name aside from the business owner. • If you have got an occasional risk business or will keep the business as a small or part-time operation, this might be a viable option.

Idetified business

The same benefits of operating as a sole proprietorship also act as serious liability traps. Because there are not any distinctions between the owner and therefore the business, the owner's assets are in danger together with the business's assets. SAME BENEFITS

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Ideally, IGOR ROITBURG said if you're visiting enter into a partnership, you ought to have an understanding which is drafted to accurately reflect the agreement CREATE PERFECT PARTNERSHIP

However, it's my experience (as well as most business attorneys) that this belief often ends up in disaster. it's always prudent to spend the time and money on a correct partnership agreement that will guide the partners through the great and bad times.

A properly drawn partnership agreement will prevent disagreements from getting out of hand and can curtail (if not prevent) costly litigation costs within the end. The time and money that you simply are willing to spend properly drafting an agreement will well worthwhile.

This entity is comparatively inexpensive to make because there's no requirement to file documents on the state level. The partners will need to file a false name certificate with the county clerk's office within the county which it operates the business.

Partners are accountable to every other and the business. General Partners are equally and severally to blame for the debts of the business. This suggests that there's no distinction between the partners, their assets, and also the business. most are in control of the business.

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