Established Kentucky firm assists with business planning and formation
Effective legal guidance gives large and small businesses the ability to operate successfully and avoid unnecessary disruptions. However, not every company can afford the luxury of dedicated in-house counsel. Luxon & Himes, PLLC in Richmond gives Kentucky businesses knowledgeable advice on a wide range of issues while helping to maintain their flexibility and control costs. Whether you’re seeking the appropriate legal entity for a venture that you’re about to launch, looking for strong advocacy in a dispute or planning how to transfer ownership of the business, our accomplished attorneys have the skills and determination to protect your interests.
Knowledgeable advisers help companies select the right legal entity
A key consideration when starting a new business is selecting the proper legal entity for your needs and objectives. Options available under Kentucky law include:
- Corporations — Establishing a corporation protects business owners by creating a new entity that is wholly responsible for any debts that it accrues, so shareholders’ personal holdings cannot be reached by creditors. Certain formalities must be observed to maintain the corporation’s legal status, and the business itself is subject to taxation.
- Partnerships — Unlike corporations, partnerships and sole proprietorships don’t draw a legal distinction between the assets of a business and the individuals who own them. Though this means that income is taxed to the partners personally rather than the business entity, it also puts legal responsibility for judgments and other debts on the individuals.
- LLCs — For many startups, Limited Liability Companies (LLCs) blend the advantages associated with traditional corporations and partnerships. Under this framework, business owners are shielded from personal liability but must comply with the requirements Kentucky imposes on corporations.
- Tax status — Two types of corporations are recognized under Internal Revenue Service and Kentucky Department of Revenue regulations. Smaller businesses that qualify often opt for S corporation status so that tax liability is “passed through” to the owners. Should a company not choose to apply for S corporation treatment or fail to meet the pertinent standards, it is classified as C corporation and can be taxed as a legal entity separate from those who own it.
We have the experience to guide you toward the structure that is tailored to your situation and also assist with other startup concerns, such as obtaining necessary permits and securing commercial real estate through a purchase or lease.
Effective business litigators pursue favorable results for clients
Succeeding in a competitive marketplace is difficult enough without the costs in time and money of litigation. Sometimes, however, going to court is necessary to enforce your company’s legal rights or to defend against unwarranted claims. In cases stemming from contract, tort and other disputes, we provide assertive advocacy and press for efficient ways to resolve conflicts favorably. From the start, our experienced civil litigators outline the merits of each side’s position to give clients the information they need about how to proceed. From there, we skillfully develop arguments designed to achieve clients’ objectives whether the situation is handled through settlement negotiation, mediation, arbitration or litigation.
Skillful legal counselors help to develop business succession plans
As a business owner, it’s important to establish a clear, sound business succession plan to make sure that what you’ve built remains in good hands after you leave. Through buy-sell agreements, effective estate planning, detailed corporate governance documents and other methods, our firm sees that the businesses our clients have put so much effort into building are prepared for the future.
Contact an experienced Kentucky business lawyer to schedule a free consultation
Luxon & Himes, PLLC in Richmond provides sound advice and representation for all types of Kentucky businesses. For assistance with your company’s specific needs, please call 859-785-5725 or contact us online. We are located in Richmond and offer a free initial consultation.