merlynlawfirm1

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Business Formations, Contracts Entity Formation
and Contracts Lawyer in Chennai, India
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Merlyn Law Firms Contract Lawyers in Chennai
help clients in transitioning their
entrepreneurial ideas into fully functioning
businesses and we assist them in the effective
management of their time, money and resources.

• With an emphasis on new entity formation and
  drafting the inter-organizational documents and
  applicable business contracts, we also advise our
  business clients in establishing and emphasizing
  organizational structure and protocols.
• To avoid contracting in your individual capacity,
  you want to limit your liability to your other
  businesses. The best way to obtain this form of
  protection is to create separate entities and
  maintain the separation between yourself, and
  amongst the separate entities.
• Our expertise and counsel in corporate law aids
  our clients in designing and implementing various
  management tools to create and sustain a growing
  business, all within a legal framework

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• We help you determine the best entity form for
  your business, whether its a corporation,
  limited liability company, partnership, or sole
  proprietorship. Further, we help you set up your
  legal entity by drafting and filing the necessary
  paperwork with the Secretary of State.
• We also provide general counsel services to small
  businesses who require ongoing legal advice
  and/or services and would like the comfort and
  security of knowing that their business is always
  legally protected.

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WHAT ARE THE DIFFERENT TYPES OF BUSINESS ENTITIES?

• Sole Proprietorship
• This type of business form is the simplest form
  of business entity. It is run by a single
  individual for that individuals sole benefit.
  Sole proprietorships are not separate legal
  entities and do not exist apart from the owner.
• The owner is personally liable for all debts and
  claims of the business. Sole proprietorships are
  however considered separate entities for
  accounting purposes so that financial activities
  of the business must be separately maintained
  from the proprietors personal finances unrelated
  to the business. Sole proprietorships are
  terminated upon the owners death.

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• Partnership
• A partnership is formed when two or more people
  associate for the purpose of carrying on a
  business for a profit. Partnerships can be based
  on express, implied or oral agreements between
  the parties.
• Each partner contributes property, money, labor
  or skill to the partnership and shares equally in
  the profits and losses of the business, unless
  stipulated by agreement. Each partner is also
  personally liable, individually and severally,
  for the debts and liabilities of the business.
• Partners are also taxed on their share of the
  business and profits are filed on their
  individual tax returns.
• Limited Liability Company (LLC)
• Limited Liability Companies are a favoured
  business form for small businesses. They contain
  qualities of a corporation and a partnership
• The management and governance of LLCs has the
  same flexibility as a partnership, while
  maintaining the same limited personal liability
  as a corporation.

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• It is important to note that there are advantages
  and disadvantages to every business organization.
  The choice of business entity is formed and
  structured according to how our clients would
  intend to finance the business, likelihood of
  major profits and the number of individuals
  involved in the business. Other factors to
  consider are the flexibility of maintaining the
  business entity and taxation.
• Consulting with an account or a tax professional
  is strongly advised

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THANK YOU