Business Formation

If you are starting a new business in Indiana, you have nothing to lose by seeking an Indianapolis business formation lawyer’s advice. You have a lot to lose by postponing it. If a business venture fails, you could be personally liable for the debts of the business. You could also miss out on important tax advantages.

Choosing a Business Entity

At the Law Office of Colby J. Leonard in Indianapolis and Muncie, we offer a free initial consultation to explain the various types of business formation options and to guide you in making a choice that fits your Indiana business’ goals. Business entity choices include:

  • Sole proprietorship
  • Limited liability company (LLC)
  • C-Corporation
  • S-Corporation
  • Partnership, limited partnership (LP) or limited liability partnership (LLP)
  • Not-for-profit/nonprofit organization

The appropriate choice for your start-up business depends on the assets you own, the potential liability you face, how many owners you have and your intentions for the business. Sole proprietorship is the simplest form of business formation. However, it does not protect your personal assets from the obligations of the business as an LLC or corporation would.

Setting up Multiple Corporations

In certain circumstances, you may need to set up more than one corporation. For example, if you own a commercial building and run a business in it, Indianapolis formation lawyer Colby J. Leonard can help you set up one corporation to manage the building and another corporation for your business.

Protecting yourself from liability: Once you start a business, business formation attorney Colby J. Leonard will help you get your employer identification number from the IRS and advise you on steps you need to take to protect your corporate shield. For example, commingling personal funds with business funds could create personal liability that otherwise would not have existed.

Did You Know?

  • If your business has tax debts, you could be personally liable for paying those debts if your business fails.
  • Filing bankruptcy, either individually or for your small business can help you avoid personal liability for the debts of a failed business.

Free Consultation With an Indiana Business Start-Up Lawyer

For more information about business formation, call 317-894-0626 or fill out the contact form on this website to arrange a free initial consultation with Indiana business formation attorney Colby J. Leonard at our Indianapolis or Muncie law office.